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- MEGVII
MEGVII Revenue, Valuation, Funding & Investors
MEGVII is valued at $4B as of May 2019, a 21.9x multiple on its last reported $183M revenue.
Last MEGVII valuation
$4B
Series D · May 2019
Last MEGVII funding round
$750M
Series D · May 2019
MEGVII revenue
$183M
Series D · May 2019
Key investors in MEGVII
Qiming Venture Partners
Sinovation Ventures
Foxconn
Macquarie Asset Management
Alibaba Group
Ant Group
About MEGVII
Megvii, also known by its Face++ brand, is a Beijing-based artificial intelligence company, founded in 2011 by Tsinghua University graduates, that develops computer vision technology for facial recognition, object detection, and related applications. Its systems are used in public security, mobile payments, and consumer devices by clients including Alibaba, Ant Financial, Lenovo, Foxconn, and Xiaomi, and its technology has supported thousands of arrests by China's Ministry of Public Security. The company has pursued a public listing in Hong Kong as it expands internationally.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Licensing
Revenue
$183M (May 2019)
Valuation
$4B (May 2019)
MEGVII Valuation
MEGVII is currently valued at $4B, based on its Series D in May 2019.
The $750M round was led by Bank of China Group Investment, with participation from ICBC Asset Management, Macquarie Asset Management, Abu Dhabi Investment Authority and Alibaba Group.
MEGVII's valuation has grown 2.0x from $2B at its Series C in December 2016 to $4B in May 2019, across 2 priced rounds.
MEGVII valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2019 | Series D | $4B | 21.9x |
| Dec 2016 | Series C | $2B | - |
MEGVII Revenue
MEGVII's latest recorded revenue is $183M, as of its Series D in May 2019. At a $4B valuation, that implies a 21.9x revenue multiple.
MEGVII revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2019 | $183M | $4B | 21.9x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
MEGVII Funding History
MEGVII has raised a total of $1.4B across 5 funding rounds.
MEGVII's first fundraising round was a $22M Series B in July 2014. The most recent completed round was a $750M Series D in May 2019.
MEGVII funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2019 | Series D | Bank of China Group Investment (lead); ICBC Asset Management; Macquarie Asset Management; Abu Dhabi Investment Authority; Alibaba Group | $750M | $4B | Megvii, a Beijing-based AI company known for its Face++ facial recognition technology, raised $750 million in its Series D funding round announced on May 8, 2019. The round was led by Bank of China Group Investment with a $200 million contribution, and included participants such as a subsidiary of Abu Dhabi Investment Authority, ICBC Asset Management (Global), Macquarie Group, and existing investor Alibaba Group. The funding lifted the company's valuation to just north of $4 billion, positioning it for an IPO later that year. Founded in 2011 by Tsinghua University graduates, Megvii provides computer vision solutions for public security, mobile payments, and corporate clients including Lenovo, Foxconn, Ant Financial, Xiaomi, and Vivo. Its technology has assisted China's Ministry of Public Security in over 5,000 arrests since 2016. Proceeds from the round were allocated to advancing deep learning capabilities, commercializing AI solutions, recruiting talent, and international expansion. The investment reflects growing interest in China's AI sector, with Megvii competing against peers like SenseTime. Investors highlighted Megvii's cutting-edge technology, scalable business model, and monetization track record as key strengths. |
| Nov 2017 | Series C | Ant Group (lead); Foxconn (lead); Sunshine Insurance Group; Russia-China Investment Fund; China Reform Holdings Corporation; SK Group | $460M | - | MEGVII, known for its Face++ facial recognition platform, raised $460 million in a Series C round in late 2017 led by Russia-China Investment Fund, with participation from Foxconn, Ant Financial (Ant Group), SK Group, and others matching the query investors. The company, founded in 2011 by Tsinghua University graduates, provides AI-powered computer vision solutions for facial recognition, object detection, and other applications to clients including Alibaba, Ant Financial, Lenovo, Huawei, businesses, and government entities. This round followed earlier funding like a $22 million Series B in 2014 and built momentum in China's booming AI sector. Financial traction showed strong growth, with prospectus data indicating revenue of 67.8 million CNY in 2016 and 313.2 million CNY in 2017, reflecting expanding adoption of its technology in public security, mobile payments, consumer devices, and more. The round proceeds supported further AI development amid rising demand, positioning MEGVII as a leader among Chinese AI unicorns. Post-round developments included subsequent raises: a $600 million round in 2018 and a $750 million Series E in 2019 valuing the company over $4 billion, with investors like Bank of China Group Investment and Alibaba. MEGVII competed with peers like SenseTime, focusing on deep learning advancements, global expansion, and commercialization while navigating scrutiny over biometric surveillance applications. |
| Dec 2016 | Series C | Foxteq Holdings (lead); Foxconn; CCB International; Qiming Venture Partners; Sinovation Ventures | $100M | $2B | MEGVII (also known as Megvii Technology or Face++) is a China-based AI company founded in 2011, specializing in computer vision and data mining technology for face detection, recognition, and analysis software. Its Face++ platform powers facial login features for companies like Ant Financial (Alibaba's financial services affiliate) and Lenovo's video call software. In late 2016, Foxteq Holdings, a subsidiary of Foxconn, invested $20 million in MEGVII as part of a funding round in the process of closing, acquiring just over 2% of shares (equivalent to about 3%). The round included additional unnamed backers, matching the queried investors like CCB International, Foxconn, Qiming Venture Partners, and Sinovation Ventures, with Foxteq as lead. This followed prior raises: $25 million Series B+ in November 2015 led by Innovation Works (Kai-Fu Lee's incubator) and Qiming, $22 million first Series B tranche in 2014, Series A in 2013 with Innovation Works, and angel from Legend Star. The company has grown significantly, reaching over 2,000 employees by 2019 with research centers in multiple Chinese cities and Seattle, pursuing a Hong Kong IPO. |
| Aug 2015 | Series B | - | $25M | - | - |
| Jul 2014 | Series B | Qiming Venture Partners (lead); Sinovation Ventures | $22M | - | MEGVII (also known as Face++) is a Chinese AI startup founded in 2011 by Tsinghua University graduates, specializing in facial recognition and computer vision technologies for applications like public security, mobile payments, and serving clients such as Alibaba, Ant Financial, and Huawei. Qiming Venture Partners invested in MEGVII in 2014 as one of its early projects, alongside partner Kuang Ziping, during the technological singularity of deep learning, positioning MEGVII as one of the 'Four AI Unicorns' at the time. Later funding rounds highlight MEGVII's growth trajectory. In 2017, it raised USD460 million, setting a global record in the sector at that time with investors including Ant Financial and Foxconn. By May 2019, MEGVII secured its largest round of USD750 million in Series D, led by Bank of China Group Investment, with participants like ICBC Asset Management, Macquarie Group, and Abu Dhabi Investment Authority, lifting its post-money valuation to over USD4 billion ahead of a planned Hong Kong IPO. The 2019 proceeds were allocated to enhancing deep learning capabilities, commercializing AI solutions, talent recruitment, and global expansion, including research centers in multiple Chinese cities and Seattle. Subsequent developments reflect Beijing's push for AI leadership and CCTV surveillance, with Megvii benefiting from investments by major entities like Alibaba. |
Who has invested in MEGVII?
15 investors have backed MEGVII across its funding rounds, including Qiming Venture Partners, Sinovation Ventures, Foxconn, Macquarie Asset Management, Alibaba Group and Ant Group.
Lead investors include Bank of China Group Investment, Ant Group, Foxconn, Foxteq Holdings and Qiming Venture Partners.
MEGVII Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Dec 2016 | ||
| 2 | Lead | Jul 2014 | ||
| 2 | Participant | Jul 2014 | ||
| 1 | Participant | Nov 2017 | ||
| 1 | Participant | Nov 2017 | ||
| 1 | Participant | May 2019 | ||
| 1 | Lead | Nov 2017 | ||
| 1 | Participant | Dec 2016 | ||
| 1 | Participant | Nov 2017 | ||
| 1 | Participant | May 2019 | ||
| 1 | Participant | May 2019 | ||
| 1 | Lead | Dec 2016 | ||
| 1 | Participant | May 2019 | ||
This data is available for Pro users. Sign up to see all 15 MEGVII investors. Start Free Trial | ||||
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Start Free TrialInvestments by MEGVII
MEGVII has invested in 2 companies to date.
Latest investment by MEGVII was on December 12th 2018. MEGVII invested in Fresh Your Life in their $20M Series B round.
Latest Investments by MEGVII
| Description | Beijing Xianlife E-Commerce is a Beijing-based business-to-consumer food e-commerce platform known as Fresh Your Life. The company sells fresh produce, groceries, and specialty foods directly to consumers across China. | Video++ is a Shanghai-headquartered video-streaming platform launched in April 2014 that enables seamless content delivery for users inside and outside China. The service supports live broadcasting, on-demand video playback, and social features tailored for mobile and web audiences, facilitating cross-border content access amid China's digital media landscape. |
| HQ Country | ||
| HQ City | Beijing | Shanghai |
| Deal Date | 12 Dec 2018 | 16 Apr 2018 |
| Round | Series B | Series B |
| Raised | $20M | $55M |
| Investors | Korea Investment Partners; Woori Bank; KNet Investment Partners; SBI Investment KOREA | YF Capital; Alibaba Group; Toutoushidao Capital; Shanghai Laiyifen; China Coal Xinji Energy |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all MEGVII investments and their VC round multiples. Start Free Trial | ||
MEGVII Competitors
MEGVII competitors include listed companies like Shenzhen Huaqiang, EquipmentShare.com, Shenzhen Intellifusion and SoundHound, and private ones like Terminus Technologies and Orby.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.7B | $161M | $3.5B | - | ||
| Private | - | - | $2.9B | - | ||
| Private | - | - | $2.5B | - | ||
| Publicly listed | $4.4B | $704M | $4.6B | 1.8x | ||
| Publicly listed | $200M | ($3M) | $3.1B | 14.6x | ||
| Publicly listed | $169M | $19M | $2.7B | 11.3x |
MEGVII Public Comps
MEGVII is still privately-owned, but its public comps include Tenable, XtalPi, Nordic Semiconductor, ThunderSoft, Goodix, CorVel, Shenzhen Huaqiang, WNC, EquipmentShare.com and Impinj.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $999M | $31M | 4.1x | 3.9x | 129.9x | 15.3x | |||
| $120M | $22M | 24.8x | 21.5x | 134.0x | (141.6x) | |||
| $668M | $56M | 5.4x | 4.5x | 64.3x | 33.5x | |||
| $1.2B | $151M | 3.0x | 2.6x | 23.1x | 20.2x | |||
| $706M | $154M | 4.1x | 4.0x | 18.8x | 24.2x | |||
| $959M | $175M | 3.5x | - | 19.1x | - | |||
| $3.7B | $161M | 1.2x | - | 28.7x | - | |||
| $3.5B | $229M | 1.1x | 0.8x | 16.0x | 11.8x | |||
This data is available for Pro users. Sign up to see all MEGVII competitors and their valuation data. Start Free Trial | ||||||||
Common questions about MEGVII
| When was MEGVII founded? | MEGVII was founded in 2011. |
| Where is MEGVII headquartered? | MEGVII is headquartered in Beijing, China. |
| Is MEGVII publicly listed? | No, MEGVII is a private, VC-backed company. |
| What is MEGVII's valuation? | MEGVII was last valued at $4B in its Series D in May 2019. |
| How much funding has MEGVII raised? | MEGVII has raised $1.4B across 5 funding rounds. |
| What was MEGVII's last funding round? | MEGVII's last funding round was a $750M Series D in May 2019, led by Bank of China Group Investment. |
| Who are MEGVII's investors? | MEGVII's investors include Foxconn, Qiming Venture Partners, Sinovation Ventures, Sunshine Insurance Group, Russia-China Investment Fund, ICBC Asset Management, Ant Group, CCB International, China Reform Holdings Corporation, Macquarie Asset Management and 5 others. |
| What is MEGVII's revenue? | MEGVII's latest recorded revenue is $183M (May 2019). |
| What is MEGVII's revenue multiple? | MEGVII's latest valuation implies a 21.9x revenue multiple ($4B valuation on $183M of revenue). |
| Which companies are comparable to MEGVII? | Companies comparable to MEGVII include Shenzhen Huaqiang, Terminus Technologies, Orby, EquipmentShare.com, Shenzhen Intellifusion and SoundHound. |
| How many companies has MEGVII invested in? | MEGVII has invested in 2 companies, including Fresh Your Life and Video++. |
| What was MEGVII's last investment? | In December 2018, MEGVII invested in Fresh Your Life's $20M Series B alongside Korea Investment Partners, Woori Bank, KNet Investment Partners and 1 other investor. |
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