Asia news roundup: Alibaba bets big on SenseTime, Toutiao taken down, and more

SenseTime’s face clustering algorithm at work, using artificial intelligence to match different images of the same person. / Photo credit: SenseTime

Here’s what you need to know from the past few days in tech.

Artificial intelligence

Alibaba makes major AI bet as SenseTime raises US$600 million at series C (Hong Kong). The Hong Kong-based image recognition startup has said it reeled in a total of US$600 million in the Alibaba-led round. Other participants include Temasek and Suning. The company said the capital will be used to develop its AI platform and to explore a broader scope of industrial applications for its products. The firm raised US$410 million in its series B round last July. (SenseTime)

Media and entertainment

Toutiao and three other news apps disappear from app stores (China). Jinri Toutiao is one of four popular personalized news apps that have reportedly been taken down from online app stores, supposedly to “regulate the dissemination [of news] in a legal manner” after government agencies claimed the apps lacked the necessary broadcast permits. Jinri Toutiao will reportedly be suspended for three weeks, Phoenix News for two weeks, NetEase News for one week, and Tiantian News for three days. Authorities in China have repeatedly criticized Toutiao and other news apps for carrying supposedly offensive content. (Technode)

Tencent introduces in-game credit rating system (China). The internet titan launched a system that rates online gamers via their WeChat and QQ accounts, based on their in-game social behaviors like play time, gaming assets, and account information. Players with high ratings will be rewarded with things like virtual presents, or the chance to beta-test new games. (Technode)

Transportation

Authorities hit pause on Grab-Uber deal (The Philippines). The Philippines Competition Commission (PCC) has ordered both ride-share firms to operate separately until an antitrust investigation into the takeover deal concludes. The PCC has rejected Uber’s claim that it had already left the Southeast Asia market, and said the 27.5 percent stake it has agreed to acquire in Grab’s regional business reflected a merger, not an exit. Authorities in nearby Singapore, which is also looking into the deal, instructed the firm to continue operating its own app for another week. (The Philippine Daily Inquirer

Car-sharing business gets a boost from private equity firm (South Korea). SoCar, a car-share firm with 8,500 vehicles and 3.6 million users, announced an investment of close to US$55 million from private equity firm IMM. SoCar plans to use the funding to expand its presence, and develop autonomous vehicles and big data solutions. Earlier this year, it announced that it will begin operations in Malaysia. (Korean Bizwire

Fintech

Xiaomi founder Lei Jun / Photo credit: Xiaomi

Xiaomi rumored to be in talks to invest in ZestMoney (India). The Chinese smartphone manufacturer is reported to be talking to the fintech startup about a potential investment. ZestMoney has plans to raise about US$20 million in a funding round with other participating investors like PayU, a payment company. (The Economic Times)

Blockchain and cryptocurrencies

Bitfinex announces 12 new token listings on its platform (Taiwan). The cryptocurrency exchange operator has announced 12 new token listings, with a total market capitalization of US$1.1 billion. These include Aion (AION), IOSToken (IOST), Request Network (REQ), Raiden Network (RDN), Loopring (LRC), BnkToTheFuture Token (BFT), Cofound.it (CFI), WAX (WAX), SingularityNET (AGI), MedicalChain (MTN), ODEM (ODEM), and Dai (DAI). (Bitfinex)

Property and real estate

HappyCo closes series A round at US$10.8 million (Australia). The startup, which provides mobile and cloud-based apps for managing residential and commercial properties, secured the funding in a round led by Alium Capital Management. Tempus Partners and PieLab Venture Partners, together with Larsen Ventures and Sandalphon Capital, also participated in the round. HappyCo said the funds will be used to invest in R&D operations in Australia and the US, and to maintain its Asia-Pacific customer base. (DealStreetAsia

Investors, incubators, and accelerators

Marvelstone establishes AI-focused private equity fund (Singapore). The Singapore-based investment firm is launching a fund to invest in AI startups in Singapore, China, Canada, and the UK. Marvelstone is planning for a capital raise of US$20 million in its first stage, and will drive those funds into building an AI hub it plans open this year. (Marvelstone Group)