July 20, 2018 / 6:11 AM / 4 months ago

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

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

(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.

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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