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TENCENT Holdings Ltd has offered to buy out and take private search engine Sogou Inc in a US$2.1 billion deal,...Macquarie Group, ICBC Asset Management (Global) and a wholly-owned subsidiary of the Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, also joined the new round, Megvii said in a statement.Reuters reported in December that Megvii was targeting raising US$500 million in a new funding round. ET Megvii's rival SenseTime Group has raised more than US$600 million from SoftBank and its Vision Fund, valuing it in the most recent round at US$7.6 billion. [LONDON] A lawyer for Meghan, the Duchess of Sussex, accused a British newspaper publisher in court on Wednesday of...The proceeds will be mainly used to strengthen Megvii's technology capabilities in deep learning, accelerate the commercialisation of its AI-enabled solutions, recruit talent and finance global expansion, according to the statement.INDUSTRIAL agri-food company Japfa's net profit for its first half grew six times to US$76.8 million, thanks to...Last year, Alibaba invested for the first time in Megvii, which provides the technology for Alipay, Alibaba's online payment unit, to use facial recognition to make transactions, Reuters reported.Megvii declined to comment further on its fundraising or IPO plans. The company said it has since found alternative suppliers for many of the parts it used to buy from American companies, but it couldn't find a good replacement for Google services.Artificial intelligence is the new frontier for many global tech leaders, with everybody from Google parent Alphabet to IBM plowing money into the burgeoning field.All of these companies have likely stockpiled supplies of computer chips and are working to develop alternatives, according to Triolo.Being banned from buying tech and components from US companies could slow that momentum. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. Tensions have also risen between Beijing and other countries over new security laws passed for Hong Kong, and a border skirmish with Indian troops led to an India government ban on 59 Chinese apps.Now China's top tech players are having contracts cancelled, products banned and investments blocked, with more restrictions on the horizon.China's foreign ministry said it encourages and directs the countrys “strong, reputable companies” to invest overseas in a compliant manner, and hopes other countries will safeguard the legitimate rights and interests of Chinese companies.Move smoothly between articles as our pages load instantly.Please enter a valid email address.Enjoy reading as many articles as you wish without any limitations.We brief you on the latest and most important developments, three times a day.Tencent Holdings has had some of its apps in India banned, but not popular games such as PlayerUnknown's Battlegrounds.
Megvii is currently pursuing a listing in Hong Kong, which could make it China’s first AI startup to go public. AI startup Sensetime, speech recognition firm iFlytek, and surveillance camera maker Hikvision, among others, were also included in the ban. Press Release Sensetime, MEGVII, WIMI AI + Visual Computing Competition, Depth Of Technology To Inspire AR Original IP Published: April 16, 2020 at 6:05 p.m. The US Commerce Department on Monday placed 28 Chinese government agencies and companies, including video surveillance gear maker Hikvision and artificial intelligence firms SenseTime and Megvii, on a trade blacklist over Beijing’s alleged treatment of Uighur Muslims and other predominantly Muslim ethnic minorities in the Xinjiang Uighur Autonomous Region. McKinsey estimates that the total market for AI applications will reach $127 billion by 2025. Megvii has been one of SenseTime's top competitors. The company recently launched a new California-based gaming studio and plans more such operations.To get full access, please subscribe.Printable version | Jul 30, 2020 2:05:02 AM | https://www.thehindu.com/sci-tech/technology/global-prospects-dim-for-chinas-tech-champions-as-great-powers-clash/article32200489.eceYour support for our journalism is invaluable.