The stock of Alibaba Group Holding Ltd (NYSE:BABA) closed at $177.10 gaining 4.26% in yesterday’s trading session. This business guru is at the moment spearheading a $600 million funding round in SenseTime Group Ltd which focuses on coming up with surveillance systems. It leans more on the employment of facial recognition for commercial applications and law enforcement.
It is worth mentioning that currently in China there are three startups and each of them is valued at over a billion dollars. They exclusively specialize in facial recognition but the main point is that Alibaba has taken to invest in two of the three.
It was today that the Company went ahead to disclose that it had a short while back spearheaded a $600 million funding round at Hong Kong-based Company that provides facial recognition software to governments and businesses across China called SenseTime.
The truth of the matter is that at the moment quite little is known about SenseTime among consumers both outside and inside of China. However, it is worth noting that with the passage of time things seem to be changing pretty fast since it is rising go become a great player in the massive country’s artificial intelligence industry.
It is also crucial to mention that the company has over quite a long period of time focused on the development of the image-recognition algorithms and if all moves according to plan it might soon be selling it to a wide range of customers.
Fundamentally, most of them happen to be the private consumer-facing companies. It goes without saying that indeed the Chinese government is fundamentally the SenseTime’s most important client.
Another notable aspect is that the various government bureaus have been doing much in the area of deploying software from SenseTime in intersections, subways as well as in other public places.
Police in Guangzhou, Shenzhen and in most of the other cities have been depending on SenseTime’s tools quite much when it gets down to tracking down and catching criminals.
It was some time ago when the company together with KFC moved ahead to unveil a trail service which moved quite along way assisting customers pay for the meals they needed using their faces.