AI Startup Company in China SenseTime Group currently has a market valuation of over $2 billion. The company is concluding plans for an IPO and is also looking to establish a research and development center in the U.S. The two projects are set to be done by early 2018 according to the founder of the company.
The company which has a base in both Hong Kong and Beijing is recognized for deep learning and was founded by Tang Xiaoou, a professor at the Chinese University of Hong Kong. The company is one of the fastest rising AI companies in China with demand from both government and private sector for their facial recognition technology pushing them to growth.
SenseTime offers its clients softwares for facial recognition, video analysis and other areas including autonomous driving. The company which is just three years old has clients in China with the biggest one being China’s Ministry of Public Security, China Mobile, HNA Group and Huawei Technologies.
Tang stated that “We are growing very fast, funding is never an issue. We can get as much as we want. Big-name investors are queuing to get in. So for us, we are not in a hurry to IPO. But at the right time, we definitely will.”
He further added that Hong Kong, the United States, and China will be first in line when the time comes for their IPO. “We don’t have a fixed timetable. It could be next year or the year after, depending on whether it makes business sense,” he added. Tang further added that the company is looking for a Chief Financial officer at this time,
SenseTime is valued above $2 billion and with the latest round of funding lasting till the end of the year, Tang mentioned that he would reveal how much was realized after that. To further develop its AI technology, the company has partnered with U.S. chipmaker Qualcomm to help them develop AI-enhanced chips.
Tang stated that the company is looking to open a research and development unit in The States by early next year. This is a move that will ensure that they work better with their partners in the U.S.
He further added that SenseTime had won a $100 million deal. The deal would see them develop autonomous driving technology with a partner even though he declined to name the partner.