![]() ![]() Intellifusion has since gone public and has a market cap of 22 billion Chinese yuan, or roughly $3 billion. The letter said that from 2015 to 2021, at least 39% of the firm's AI deals were in that sector, including one investment in a now blacklisted company called Intellifusion. Walden, a smaller firm, was identified as a particularly significant backer of Chinese AI companies. GGV invested in Megvii in 2019 alongside Abu Dhabi's sovereign wealth fund in a deal that valued the company at about $4 billion. Megvii is backed by a number of major investors, including Alibaba, Foxconn and the Macquarie Group. The company "actively supports the surveillance of Uyghurs," the letter says. Gallagher and Krishnamoorthi identify GGV's investment in Megvii, a Beijing-based facial recognition software provider, as a point of concern. Even before that, it invested in Chinese e-commerce giant Alibaba, and subsequently backed TikTok parent ByteDance and ride-hailing company Didi. GGV has $9.2 billion in assets under management, and established operations on the ground in China in 2005. The letter identified 43 different investments in Chinese AI companies from 2015 to 2021, more than any other identified by independent researchers at Georgetown's Center for Security and Emerging Technology. The firm with the most potentially problematic investments, according to the letter is GGV Capital, which has offices in Silicon Valley, San Francisco, Shanghai, Beijing and Singapore. Qualcomm was one of Denglin's earliest backers, according to PitchBook, and invested in an additional 2022 funding round. Qualcomm's investment in Denglin Technology, an apparent competitor, also faces Congressional scrutiny. Silver Lake did not immediately return a request for comment. firms Tiger Global Management and Silver Lake, which were not mentioned in the letter, invested in SenseTime prior to its 2021 IPO.Ī person familiar with the matter said Tiger had since fully exited its position in SenseTime, which it had taken on prior to the New York Times reporting. In addition to Qualcomm, PitchBook data shows that U.S. One investment was in SenseTime, which a New York Times report linked to Chinese tracking and profiling of the Uyghurs. companies from 2015 to 2021, according to the letter. Qualcomm Ventures, for example, made 13 investments in Chinese A.I. In their letter, Gallagher and Krishnamoorthi linked dozens of particular investments to human rights violations and efforts to enhance China's military, which runs counter to American interests. Secretary of State Antony Blinken visited in June. Treasury Secretary Janet Yellen traveled to China earlier this month as part of a plan to stabilize relations with China. investments in China as tension swells between the world's two largest economies and national security concerns escalate. The outreach represents the latest bipartisan effort by politicians to step up pressure on U.S. Representatives from the four venture firms who received the letters did not immediately respond to requests for comment. "Semiconductors are essential for artificial intelligence, quantum computing, and other advanced dual use technology." "Like AI, the domestic development of semiconductors is a top priority of the Chinese Communist Party," the letter says. money have been linked to the profiling and tracking of Uyghur ethnic minorities in China. They also noted that some of the companies to receive U.S. Of particular concern to the lawmakers are investments in artificial intelligence, chipmakers and quantum computing companies in China. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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