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Chinese artificial intelligence (AI) developer , commonly known as Face++, announced that it raised $750 million in fresh funding, at a valuation reportedly topping $4 billion, according to .

Megvii is also apparently prepping for an initial public offering for later this year.

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(BOCGI) Ltd., the state bank鈥檚 private equity arm, led the financing with a $200 million contribution, Reuters reported. , I. and a wholly-owned subsidiary of the Abu Dhabi Investment Authority, and existing backer also reportedly participated in this round.

Since it was founded in 2011, Megvii has raised , according to its Crunchbase profile.

The financing coincides with rising adoption of its facial recognition technology, along with concerns about . , also a China-based AI company focused on facial recognition, has raised over time. Last September, it brought in a $1 billion that valued the company at $6 billion.

As our Holden Page wrote in 2017, facial and image recognition technology has proven to be a critical capability in recent years. It鈥檚 a feature that has made its way as a main selling point in the iPhone, and startups involved in the space are banking large sums of money on their ability to identify users and their devices.

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