AI facial recognition startup CloudWalk Technology raises $75 million Series B

Commentary

Last week, CloudWalk Technology raised $75 million from several investors, including lead investors Shunwei Capital, Puhua Capital, and Oriza Holdings.  The company focuses on AI facial recognition and its offerings consist of biometrics recognition systems, smart door facial scanners, and binocular detection machines. Their applications can be found in over 100 financial offices, in 80% of airports, and in 23 provincial police departments in China. The startup has seen a huge demand for this type of technology from public entities such as the Bank of China and Civil Aviation Administration of China (CAAC).  What is promising is CloudWalk Technology’s interplay with the IoT space as it works with the National Development and Reform Commission’s (NDRC) smart AI Infrastructure Public Service Platform.  The facial recognition market in China is one of the world’s largest as it exceeded 1 billion yuan in 2016. This doesn’t seem surprising at all with the government’s bid to make China the AI global leader by 2030. 

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