Leading AI Startup Announces to go Public

Leading AI Startup Announces to go Public (1)| Business Magazine

Leading AI Startup Announces to go Public

Megvii Technology, backed by Alibaba and eminent for its facial recognition product Face++, has filed to go public in Hong Kong stock exchange. The company has not disclosed any detail about its IPO.

It has been noted that the Bank of China, Alibaba, and Ant Financial are participating as the investors in this latest sale of Megvii’s stock. Ant Financial and Alibaba are also in the clients list of Megvii, along with Lenovo, Chinese government entities, and China mobile.

The Founder of China Skinny, Mark Tanner states, “IPOs have been pretty disappointing in the past few months, but since Artificial Intelligence is a hot category at the moment it could ga-in more traction.” China Skinny is a research and marketing company headquartered in Shanghai.

Previously, Megvii has raised a fund of worth about $750 million in Series D at a total valuation worth of more than $4 billion. The firm had raised that fund for its global expansion, and for commercialization of its Artificial Intelligence services.

As per the statement mentioned by Yin Qi, the Co-founder and CEO of Megvii, in a letter that was attached in the company’s IPO filing, the company aims to include Artificial Intelligence in “engineering for good” globally. Yin stated that, “The ethical challenges that Artificial Intelligence scientists are facing and the debates that the world is having about Artificial Intelligence are not unique to China or to Megvii. As a pioneer of the AI industry, we have a responsibility to make sure our technology is engineering good in the world.”

Megvii is about to raise worth between $500 million to $1 billion with the investments of its stocks, and the IPO will be finalized in 4th quarter of this year, in a report Reuters listed.

Megvii has disclosed its growth and loss statistics, according to which the firm’s revenue recorded in 2016 was 67.8 million RMB, which had been increased, with about 359% annual growth rate, to 1.42 billion RMB as recorded in 2018.

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