SenseTime becomes most valuable AI company

China-based SenseTime Group has become the world’s most valuable artificial intelligence (AI) startup following a US$600 million from Alibaba Group Holding and other investors for a valuation of more than US$3 billion.

Started just three years ago and backed by Qualcomm, the company closed a Series C round in recent months in which Temasek Holdings of Singapore and retailer also participated.

The additional investments have doubled the company’s valuation in a few months.

SenseTime specialises in developing face recognition systems based on deep learning. It is also working with Honda to develop autonomous driving systems.