Megvii Inc., a facial recognition development startup also known as Face++, raised about $460 million from the Russia-Chinese Investment Fund (which is backed by those countries’ sovereign wealth funds), Jack Ma’s Ant Financial, and SK Group, reports Bloomberg. With the massive infusion of funding, it’s now valued at at at least $1 billion. The startup’s technology has some powerful information at its disposal—“facial scans held in a Ministry of Public Security database drawn from legal identification files on about 1.3 billion Chinese.”
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