CloudWalk has raised RMB 1.8 billion (US$254 million) in funding from a group of provincial and municipal funds in China to become the fourth most well-funded biometric facial recognition company in the country, according to a report in Chinese-language publication 36Kr covered by its English-language affiliate KrAsia.
CloudWalk intends to launch an IPO on Shanghai’s Star Market by the end of 2020, according to the report. The company has raised a total of RMB 2.8 billion ($400 million) so far.
CloudWalk provides facial recognition for numerous public agencies, including the Bank of China, Shanghai Pudong Airport, and China Mobile’s brick and mortar stores.
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