SenseTime, a private Chinese artificial intelligence (AI) startup managed to raise USD 410 Million last July, valuing the Company at over USD 1.5 Billion. The Company is now considered the world’s most valuable AI startup after managing to secure an additional USD 600 Million from investors, including from the likes of Alibaba Group Holding Limited (NYSE: BABA). SenseTime has past partnered with companies such as U.S.A. based Qualcomm Inc. (NASDAQ: QCOM) and Nvidia Corp. (NASDAQ: NVDA).
The three-year-old startup is now valued at USD 3 Billion according to Bloomberg and worth even more according to Reuters, which values the Company at around USD 4.5 Billion. According to its Co-founder and CEO Li Xu, SenseTime is looking to accelerate “development of a global footprint with a larger ecosystem incorporating both domestic and overseas partners.”
The United States currently leads the world with the largest AI market. However, other countries are looking to pass the U.S. with their advancements in artificial intelligence. For example, the Chinese government is looking to make China a global leader in AI by 2025. According to PwC’s Global Artificial Intelligence Study, AI technology will add potentially USD 15.7 Trillion to the global economy by 2030.
As technological advancements progress in the modern era, artificial intelligence becomes more prominent. AI simulates human intelligence in machines that are programmed to imitate the way humans think as well as the actions they perform. The goals of artificial intelligence include learning, reasoning, and perception when executing given tasks.