Hon Hai Precision Industry Co. Ltd., famous by Foxconn has announced its investment
of U.S. $20 million in Chinese start—up company, Megvii Technology which is into
image recognition. The investments has being executed through Foxteq Holdings,
company which has helped Megvii shares to rise up to 3.286% or 2.275 million stake
The share buying is part of a superior deposit rising round by Megvii that contains
additional unnamed stakeholders and are in the process of accomplishment, according
to one of the Chinese media reports.
Alibaba Group’s financial services affiliate, Ant Financial is one of the shareholders of
the start-up, but it’s not clear about the total funding or investment done by Ant Financial
Megvii is vendor to Ant Financial which provide its technology for face recognition,
permitting users to operate face recognition at the time of making payments online.
Megvii which was established in the year 2011 serves plenty services which includes
Face ID, Koalacam, Face++ & Image ++.
Megvii as a start-up, initially received precious funding by a Chinese incubator program
which was launched by Legend Holdings, Legend Star. It helped them to raise few
millions U.S. dollar in series A round from Innovation Works. In the year 2014, the
company completed series B funding of U.S. dollar $ 22 million from Innovation Works
& Qiming Venture Partners. The series B+ investors are still not disclosed, but they
have raised U.S. $25 million.