Chinese AI cartoon maker Xmov raises massive Series A round

Big tech needs hefty cash.

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Shanghai-based artificial intelligence startup Xmov has closed its Series A equity financing round, pulling in several hundred million yuan (RMB 100 million is equivalent to USD 14.5 million), 36Kr reported on Tuesday.

The company, which was set up in 2017, revealed that this round’s investors included Sequoia China and Morningside Venture Capital, but did not specify which VC led the round.

Xmov features AI technologies that can capture a live actor’s movements, including gestures and eye movements, mapping them to generate three-dimensional cartoons that are performing the same motion.

Chinese AI companies raised USD 15.7 billion (RMB 105.8 billion) in 262 investment rounds in 2018, with the average amount raised topping USD 60 million, according to a recent report by Wuzhen Institute, a think tank.

This financing made up for more than 93% of investments in AI throughout Asia, and nearly 47% of global financing for the field, according to the report, which said that global AI companies have raised USD 78.5 billion in total as of 2018.

36Kr is KrASIA’s parent company.