09 August 2018
Moviebook, a leading Chinese video technology company, has completed its Series D financing raising RMB1.36 billion, which marks the largest single financing transaction in the AI video technology sector. The transaction was co-led by global AI giant SenseTime. Other investors in this series D round including SB China Venture Capital, Oriental Pearl Group Co., Ltd., PAC Partners, Qianhai Wutong M&A Fund, Lang Sheng Investment, and Weidong Ge. Moviebook also entered into an exclusive strategic cooperation agreement with SenseTime to further its breadth and depth in fundamental AI technology development such as data and video analysis and to accelerate AI applications in the entertainment industry.
As a leading video recognition company and the largest video technology company in China, Moviebook successfully opened up a brand new commercialization model for video recognition technology. With the largest amount of traffic, the highest number of active users and the broadest content coverage in online videos, Moviebook continues to lead the industry and is ranked first in market share.
Cathy Yeung, Global Co-Chair of Latham & Watkins’ Capital Markets Practice and Chair of the firm’s Greater China Practice, commented: “We are delighted to advise Moviebook on this successful transaction. This transaction will allow the parties to seize the market and trigger another round of technology advancement. It also further demonstrates the strength and breadth of Latham’s capability in the technology, media and entertainment sectors, and our focus on advising the players that are innovating industries.”
The Latham & Watkins team in Hong Kong was led by partner Cathy Yeung, with counsel Mandy Wong, and associates George Zheng and Carson Wong.