Beijing-headquartered Aibee, an artificial intelligence (AI)-focused technology company, has raised $60 million in a Series A funding round led by Sequoia Capital and Red Star Macalline, China’s furniture retail chain, the Finance Asia reported on Tuesday. Others investors in the round included Lenovo Capital and Incubator Group, China Renaissance, K2 Ventures, Zhongli Fund Management and C Ventures.
Also known as AI2B, the year-old Aibee was founded by Dr Yuanqing Lin with an aim to upgrade vertical industries through AI total solutions such as the development of computer vision speech recognition, natural language understanding, image identification and big data analytics. Aibee’s technology solutions are used in the retail industry to help retailers improve operational efficiency and reduce cost. Lin was formerly the deep learning head at Chinese search engine Baidu, which is targeting to become a global AI developer. The departure of Lin was a huge set back for Baidu’s AI plans. Aibee has also roped in Zhu Shenghuo, former lead scientist with Alibaba’s Academy for Discovery, Adventure, Momentum and Outlook, to take over the firm’s machine learning business.
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