Chinese startup ‘SenseTime’ has become the world’s most valuable startup after Alibaba infused $600 million into the company. With the latest round of funding, the total valuation of ‘SenseTime’ has crossed $3 billion. SenseTime aims to lead China’s ambition of becoming the leader in AI by 2030.
Its other investors include Qualcomm, with industry partnerships with Xiaomi Corp., NVidia Corp., apart from Qualcomm. With over 400+ clients, the company aims to bring autonomous driving systems and is working with Honda Motor Co. to develop the same.
After investing in C+ Series round of funding, Alibaba Executive VC Joe Tsai said, “We are especially impressed by their R&D capabilities in deep learning and visual computing. Our business at Alibaba is already seeing tangible benefits from our investments in AI and we are committed to further investment”.
Currently, the US is leading the race, with over $18.5 billion invested in AI R&D. China is in the second place with over $3.5 billion investments in AI way ahead of UK in the third, which has investments worth $850 million in AI.
The demand for Qualified AI Engineers in millions, while there are only 325,000 according to a survey.