Moviebook, a Beijing-based startup that develops technology to support online video services has raised $199 million in series D funding round.
The round was led by SenseTime, the world’s highest-valued AI company., with participation by Qianhai Wutong M&A Fund, PAC Partners, Chinese media group Oriental Pearl, and Lang Sheng Investment.
Based in Beijing, Moviebook focuses on video recognition and online video technology. It also offers data collection, management and analysis services to advertisers. The company was quoted as saying that it will use the proceeds of the latest funding round for smart image technology optimization and to expand its research and development team.
Moviebook previously raised a 500 million RMB Series C in 2017, worth around $75 million. SB China Venture Capital (SBCVC) also took part in this new round alongside Qianhai Wutong, PAC Partners, Oriental Pearl, and Lang Sheng Investment.
In a statement in Chinese, SenseTime co-founder Xu Bing said the companies plan to use the vast amounts of video data from broadcasting, TV and internet streams to help unlock commercial opportunities in the future. He also stressed the potential to bring AI and new technologies to the entertainment industry.
With the investment, SenseTime said it also inked a partnership with Moviebook which will see the two companies collaborate on a range of AI technologies, including augmented reality, with a view to increasing the use of AI in the entertainment industry.
SenseTime itself has raised over $1.6 billion from investors, which include Alibaba, Tiger Global, Qualcomm, IDG Capital, Temasek and Silver Lake Partners.