Reconova Receives Investment from Intel Capital to Help Accelerate AI Implementation
May 9, 2018, Xiamen, China – Reconova, China's leading visual perception products and solutions provider, announced that it has completed its B+ series financing round led by Intel Capital, six months after closing its Series B funding in 2017. Proceeds will be used to develop visual perception applications and industry solutions to accelerate the implementation of artificial intelligence (AI) technologies. The Reconova investment was announced during the annual Intel Capital Global Summit in Palm Desert, California. Reconova was included among a group of companies that are helping to shape the future of artificial intelligence.
Reconova, one of the earliest AI startups in China, has advanced visual perception technologies and is also a leader in front-end intelligence. Reconova is supporting the evolution and transformation of traditional industries such as home appliances, retail and security by empowering enterprises with complicated machine vision algorithms embedded in front-end AI solutions. Such solutions have traditionally been constrained by performance, power and cost limitations.
Dennis Zhan, Founder and General Manager of Reconova, said: "With AI becoming an important part of China's national strategy, there exists a huge opportunity for Reconova. The new investment from Intel Capital creates a broader development platform for Reconova and will help us further expand our AI industry deployment, increase market share and strengthen our industry leadership position. With this added funding, we will accelerate the development of richer applications and better-quality solutions that will truly empower customers through AI and help increase industry valuations."
Anthony Lin, Intel Capital Vice President and Managing Director of Greater Asia and Europe, said: "Data pervasiveness is transforming the world and speeding us into an AI era. Intel Capital is committed to identifying and supporting companies that are unlocking the power of data by providing them with broader development opportunities and resources. Our investment in Reconova is aimed at helping the company develop innovative visual perception technologies to accelerate AI application implementation and the upgrading of smart industries in China."
About Reconova
Reconova (Xiamen, China) is a leading artificial intelligence company providing advanced visual perception solutions. Dedicated to the research of innovative computer vision and machine learning technologies, Reconova possesses a significant amount of core technologies in those fields. The company has achieved scale production and application across the smart retail, smart home and intelligent security markets.
About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous driving, workload accelerators, 5G connectivity, virtual reality and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.3 billion in over 1,530 companies worldwide, and more than 660 portfolio companies have gone public or been acquired. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
Media Contact:
Reconova
Eliza Lu, Manager
Tel:+86 592 5939517
E-mail:lulingyan@reconova.cn
Ogilvy PR
Joyce Li, Director
Tel: +86 10 8520 3305
E-mail: joycey.li@ogilvy.com
