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SenseTime signs investment agreement with Qualcomm

Chinese AI company SenseTime has signed a strategic investment agreement with communications giant Qualcomm.
Last month, SenseTime and Qualcomm Technologies, Inc., a Qualcomm subsidiary, announced a collaboration for on-device AI solutions, which follows SenseTime's July announcement that it had raised USD 410 million in its Series B round of funding.

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.

The growth of intelligent terminals has driven the large-scale implementation of AI technology to new heights. While the performance quality of smart devices previously depended on the computing capabilities of chips, today's smartphones, cameras, robots, the Internet of Things (IoT) products, and other devices require extremely powerful processing in order to meet the demands of real-time data.

Quinn Li, VP and Global Head of Qualcomm Ventures said, "Qualcomm is investing great effort into researching ways to boost the development of on-device AI with 5G technologies by enhancing AI chip capabilities. 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."

Dr. Xu Li, co-founder and CEO of SenseTime, said, "SenseTime is dedicated to developing cutting-edge AI technologies to connect upstream partners with the downstream market. 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."
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January 17 2019 2:20 pm V11.11.0-1