China’s AI champions are already powering a mind-boggling array of processes and this will rise in 2020

  • “Formerly known as Face++ before rebranding in January 2019, Megvii has transformed itself from a facial recognition algorithm provider into a fully-fledged artificial intelligence of things (AloT) service provider
  • For personal IoT, Megvii technologies enable over 3.5 billion instances of facial identification and payments processes every day and its algorithms cover 70 per cent of the mainland China Android market.
  • Its supply chain IoT enabled the on-time delivery of over 1.5 million packages during the Singles’ Day shopping spree with the help of 400 robots”

Megvii AI Startup Files For Hong Kong IPO

  • “AI startup Megvii Technology has filed for a public listing on the Hong Kong stock exchange.
  • The Beijing-based company, known for its facial recognition brand Face++, reportedly plans to raise between $500 million and $1 billion
  • Megvii’s investors include Alibaba, Ant Financial and the Bank of China, and it has a valuation of more than $4 billion.”