BEIJING, May 8, 2019 – Today, Megvii Technology Limited (“Megvii” or the “Company”) announced that it had closed the second tranche of its Series D equity financing, bringing the total proceeds received in its Series D round financing to approximately US$750 million.

Participants in the Series D equity financing comprise leading global institutional and strategic investors including Bank of China Group Investment Limited; a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA); Macquarie Group; and ICBC Asset Management (Global) Co. Ltd.

The Company expects to use the funds raised to further strengthen its technology advantages in deeplearning, to accelerate the commercialization of its artificial intelligence (“AI”)-enabled solutions, and to recruit top-notch talents to offer more customers even better services, and to pursue international expansion.

“We are excited to welcome these investors to Megvii to help us progress to the next phase of our growth, and we appreciate their faith in our strategic direction and potential,” said Yin Qi, Founder and CEO of Megvii. “Megvii is dedicated to creating AI innovations that solve societal and industrial challenges. With the help of our investors and customers, we aim to accelerate our development as a trusted global leaderin AI and IoT, empowering humans and enabling industrial progress.”

“Megvii is a global AI technology leader and innovator with cutting-edge technologies, a scalable business model and a proven track record of monetization,” said Andrew Downe, Asia Regional Head of Commodities and Global Markets at Macquarie Group. “We believe the commercialization of artificial intelligence is a long-term focus and is of great importance.”