Chinese artificial intelligence (AI) startup SenseTime Group said on Wednesday it has sealed an investment from chipmaker Qualcomm Inc as part of a funding round that will close later this year. SenseTime and Qualcomm had announced a strategic tie last month to collaborate on AI, which will see SenseTime’s proprietary algorithms deployed in smart devices.
Qualcomm, in a statement, confirmed the investment in SenseTime. The two firms did not disclose the size of the investment.
Reuters reported earlier in November that SenseTime plans to raise about $500 million in a new funding round, in what would be the biggest ever such fundraising by an AI startup. The fundraising will value SenseTime at about $2 billion and has drawn interest from prospective investors, including Singapore state investor Temasek, the report said.