Foxconn, also known as Hon Hai Precision Industry Co., Ltd., has invested US$20 million in Chinese image recognition start-up Megvii Technology, according to a disclosure filing.
The investment is done via a subsidiaries, Foxteq Holdings, which bought 2.275 million Megvii shares, or a 3.286% stake.
The share purchase is part of a bigger fundraising round by Megvii that includes other unnamed investors and are in the process of completion, according to Chinese media reports.
Ant Financial, Alibaba Group's financial services affiliate, is also a shareholder of the start-up, but it's unclear how much Ant Financial invested.
Megvii supplies its face recognition technology to Ant Financial, allowing users to utilize face recognition when making online payments.
Founded in 2011, Megvii provides a number of services, includi...
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