July 20, 2018 / 6:07 AM / a month ago

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

(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.

FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo

The fund and SenseTime are finalizing the terms of the deal and the details could still change, Bloomberg reported here 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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