Chinese artificial intelligence startup Megvii announced on Wednesday that it has raised $750 million after closing the second tranche of its Series D equity funding, showing signs that public investors clearly remain committed to disruptive technologies despite a significant cooldown in China’s private equity market this year.
Among the investors in the Series D round are Bank of China Group Investment, a private investment arm of the state-owned bank, and ICBC Asset Management. Foreign investors such as Macquarie Group and a wholly owned subsidiary of Abu Dhabi Investment Authority, one of the state’s sovereign wealth funds, also participated in the latest funding round.
This brings Megvii’s total...
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