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

MEGVII Overview

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

ChinaBeijing

Website

megvii.com

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
MEGVII valuation by funding round
DateStageValuationRevenue Multiple
May 2019Series D$4B21.9x
Dec 2016Series 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

MEGVII revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2019$183M$4B21.9xSeries 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

MEGVII funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2019Series DBank of China Group Investment (lead); ICBC Asset Management; Macquarie Asset Management; Abu Dhabi Investment Authority; Alibaba Group$750M$4BMegvii, 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 2017Series CAnt 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 2016Series CFoxteq Holdings (lead); Foxconn; CCB International; Qiming Venture Partners; Sinovation Ventures$100M$2BMEGVII (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 2015Series B-$25M--
Jul 2014Series BQiming 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

Investors in MEGVII by funding rounds participated
InvestorHQRoundsRoleFirst check
FoxconnTaiwanTaipei2LeadDec 2016
Qiming Venture PartnersChinaShanghai2LeadJul 2014
Sinovation VenturesChinaBeijing2ParticipantJul 2014
Sunshine Insurance GroupChinaBeijing1ParticipantNov 2017
Russia-China Investment FundRussiaMoscow1ParticipantNov 2017
ICBC Asset ManagementHong KongHong Kong1ParticipantMay 2019
Ant GroupChinaHangzhou1LeadNov 2017
CCB InternationalHong KongHong Kong1ParticipantDec 2016
China Reform Holdings CorporationChinaBeijing1ParticipantNov 2017
Macquarie Asset ManagementAustraliaSydney1ParticipantMay 2019
Abu Dhabi Investment AuthorityUAEAbu Dhabi1ParticipantMay 2019
Foxteq HoldingsChinaTaipei1LeadDec 2016
Alibaba GroupChinaHangzhou1ParticipantMay 2019

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Investments 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

Fresh Your Life
Video++
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 CountryChinaChina
HQ City
Beijing
Shanghai
Deal Date12 Dec 201816 Apr 2018
RoundSeries BSeries B
Raised$20M$55M
InvestorsKorea Investment Partners; Woori Bank; KNet Investment Partners; SBI Investment KOREAYF Capital; Alibaba Group; Toutoushidao Capital; Shanghai Laiyifen; China Coal Xinji Energy
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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MEGVII Competitors

MEGVII competitors include listed companies like Shenzhen Huaqiang, EquipmentShare.com, Shenzhen Intellifusion and SoundHound, and private ones like Terminus Technologies and Orby.

Public and private companies comparable to MEGVII
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Shenzhen HuaqiangChinaChinaPublicly listed$3.7B$161M$3.5B-
Terminus TechnologiesChinaBeijingPrivate--$2.9B-
OrbyUnited StatesSan Francisco, CAPrivate--$2.5B-
EquipmentShare.comUnited StatesUnited StatesPublicly listed$4.4B$704M$4.6B1.8x
Shenzhen IntellifusionChinaChinaPublicly listed$200M($3M)$3.1B14.6x
SoundHoundUnited StatesUnited StatesPublicly listed$169M$19M$2.7B11.3x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tenable$999M$31M4.1x3.9x129.9x15.3x
XtalPi$120M$22M24.8x21.5x134.0x(141.6x)
Nordic Semiconductor$668M$56M5.4x4.5x64.3x33.5x
ThunderSoft$1.2B$151M3.0x2.6x23.1x20.2x
Goodix$706M$154M4.1x4.0x18.8x24.2x
CorVel$959M$175M3.5x-19.1x-
Shenzhen Huaqiang$3.7B$161M1.2x-28.7x-
WNC$3.5B$229M1.1x0.8x16.0x11.8x

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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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