China-based image detection software developer Megvii Technology has secured a $20m investment from contract manufacturing company Foxconn, China Money Network reported on Wednesday.
Computer accessories manufacturer Foxteq Holdings, a subsidiary of Foxconn, made the investment, and acquired just over 2% of Megvii shares, equivalent to a stake of about 3%.
Foxconn invested in Megvii as part of a funding round that is in the process of closing, and which includes additional, unnamed backers.
Founded in 2011, Megvii uses computer vision…
