China artificial intelligence (AI) startup SenseTime has signed a strategic investment agreement with Qualcomm.
In October, SenseTime and Qualcomm subsidiary Qualcomm Technologies announced a collaboration for on-device AI solutions, which followed SenseTime’s July announcement that it had raised US$410 million in funding, setting the then-record for the highest single round of financing in the global AI industry.
Boosted by this collaboration with Qualcomm Technologies’ collaboration and pending investment from its Qualcomm parent, SenseTime’s proprietary AI algorithms will likely be deployed in even more smartphones and devices, with the “algorithm + chip” strategy behind the collaboration for the next generation of intelligent terminal devices.
“Qualcomm’s investment will enable SenseTime to invest more in AI research and development. Given our shared vision and customers, our collaboration will offer customers more integrated solutions, reduce the cost of deploying AI technologies for intelligent device OEMs, shorten the R&D cycle, and therefore rapidly upgrade the entire terminal device industry,” said Quinn Li, Vice President and Global Head of Qualcomm Ventures,
“With Qualcomm’s strategic investment and collaboration, SenseTime can bring AI technologies to more terminal devices and boost the development of the entire intelligent device ecosystem. We look forward to exploring more intelligent implementations with Qualcomm Technologies to offer partners a one-stop solution that covers the entire industry chain,” said Dr Xu Li, Co-founder and Chief Executive Officer of SenseTime.