SoftBank's Vision Fund to invest $1 billion in China AI startup: Bloomberg

[July 20, 2018]  (Reuters) - SoftBank Group Corp's Vision Fund is seeking to invest almost $1 billion in SenseTime Group Ltd, a Chinese facial recognition technology developer, Bloomberg reported on Friday.

The fund and SenseTime are finalizing the terms of the deal and the details could still change, Bloomberg reported https://www.bloomberg.com/news
/articles/2018-07-20/softbank-fund-is-said-to-seek-investment-in-chinese-ai-giant?utm_source=google&utm_
medium=bd&cmpId=google citing sources.

SenseTime in May raised $620 million in a round of funding from Fidelity International, Hopu Capital, Silver Lake and Tiger Global, and $600 million in April led by Alibaba Group Holding Ltd.

A SenseTime spokeswoman declined to comment on the matter.

(Reporting by Shubham Kalia in Bengaluru and Sijia Jiang in Hong Kong; Editing by Gopakumar Warrier)

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