13 July 2017
Clifford Chance advises top Chinese AI firm on major fundraising
Leading international law firm Clifford Chance advised China's leading artificial intelligence (AI) firm SenseTime Group Inc. on its US$410 million Series B preferred share investments from renowned private equity funds and institutional investors, including CDH, Sailing Capital and China International Capital Corporation. This is the largest single round investment in an AI company globally.
SenseTime was founded by a group of scientists from the Multimedia Laboratory of the Chinese University of Hong Kong and offers advanced AI-based applications such as facial recognition and smart surveillance to clients including Huawei and China Mobile. This transaction highlights the booming 'AI First' wave in China amid the country's efforts to move towards a more innovation-driven economy.
Partner Fang Liu said, "We are excited about closing this milestone transaction in the AI sector for our client SenseTime, which once again showcases our strong technology sector capabilities in the region."
Fang Liu led the deal and was supported by counsel Zhang Hong, senior associates Huang Shan, Bernard Cheng and Tzi Yang Seow, and trainees Tammy Lai, Vicky Xiang and Lan Jiangzhou.