The company continues to find applications in the domestic market, as a new “intelligent patrol screen” has been launched to SenseTime smart city platform SenseFoundry to monitor bicycle parking, litter and gathering crowds, Abacus reports. Potential IPO applicants had to postpone plans as investor meetings were canceled. Instead, the company said in an emailed correspondence “At this stage we do not have any new financial plans or information to share.”. Yixin also provides big-data analysis for the Chinese authorities, according to its website. Copyright ©2020 EqualOcean.com. HONG KONG/BEIJING – U.S. President Donald Trump’s latest salvo against China threatens to derail a $1 billion coming-out party for a prominent startup backed by Alibaba Group Holding Ltd., while curtailing the country’s broader ambitions of leading artificial intelligence in the coming decade. As the coronavirus outbreak hits the market, the Chinese artificial intelligence startup has joined many companies that have abandoned plans to sell shares. Qasim Khan The Japan Times LTD. All rights reserved. An authentication and a biometrics provider have each been planning initial public offerings on different continents, but one is expected to go ahead, while the future of another looks increasingly uncertain. Education, Auto, Sources: White House Allows AMD and Intel to Supply to Huawei, OPPO and Midea to Co-create Smart Home and IoT Ecosystem, Alibaba Cloud Launches 1.0 Version of PaaS for Cloud Gaming, Taking On Tencent, Huawei's Hubble Invests in VisionICs Microelectronics Technology, China's Smart TV: IoT, 5G and Smartphone Vendors Revitalizing 'Old' Market [1/2], Ask the author questions about the copied text. Trust Stamp also recently named a pair of former GCHQ technology leaders as advisors. SenseTime Delays Hong Kong IPO, Instead Eyes Private Equity Market to Raise USD 1 billion. International. It’s unclear how foreign investors may respond to Monday’s decision. In a speech at MIT in 2018, Tang Xiaoou (汤晓鸥宣), co-founder of Shangtang Technology, announced that his company defeated Facebook and its facial recognition technology achieved a near 99% success rate, making it one of the most advanced artificial intelligence solution providers. Hong Kong-based artificial intelligence startup SenseTime has postponed its IPO of up to USD 750 million in Hong Kong this year and has moved towards the private equity market to raise as much as USD 1 billion. Tickers … Nvidia Corp., for one, is a key supplier to both AI firms. That bars them from doing business with American companies without a U.S. government license. SenseTime has the highest market value of any AI startup in China, according to the article, but the firm’s inclusion on the Entity List could make a lucrative IPO impossible. Tools. According to Dealogic's data, Hong Kong was the world's largest IPO market last year, and the size of new shares issued in February decreased by 93% from the same period last year to USD 49 million. Chinese AI has raised hackles in Washington like no other segment of the country’s vast corporate machine, in part because of the welter of headlines daily proclaiming how it may surpass the United States. BTS fans have a new way to show their love: buying shares, 'Bad math': Leading expert challenges airlines' COVID-19 safety claims, A crash course in the language of driving, Spectator cap to be raised to 5,000 for November Basho. Tags Asia bilibili TC. The new Beijing Daxin airport is equipped with SenseTime's face recognition technology. Currencies. Global stock markets have lost nearly USD 20 trillion since their highs in mid-January. Anonymous sources suggest funding challenges for SenseTime. Why Is There No AI Unicorn Like SenseTime in the US? Synchrony, which provides credit cards issued by stores, was the company’s first major equity investor, followed by Mastercard, which supported Trust Stamp with its 2018 accelerator program, and holds an observer position on its board. May 24, 2020. Broadly defined as anything from autonomous driving and robot waiters to facial recognition systems, names like Megvii and SenseTime are joined by established players such as Huawei, Tencent Holdings Ltd. and Didi Chuxing Inc. in an effort that’s intended to seal China’s place at the nexus of the modern global economy. SenseTime won funding from global powerhouses from Fidelity International and Silver Lake to Tiger Global and SoftBank Group Corp., en route to a valuation of $7.5 billion. While the startup warned in its prospectus about the unforeseen circumstances of conflict between Washington and Beijing, it never publicly addressed the prospect of getting cut off from American technology or markets. 9 Xiaguangli, 10F Block A CEC Development Mansion, Chaoyang Dc, Beijing 100125, China, A002, 5F, Ai Tower, 701 Yunjin Road, Xuhui Dc, Shanghai 200232, China, 800 Third Ave, 28F, New York, NY 10022, USA. Both have enjoyed rip-roaring growth in recent years. “We would not be willing to issue new equity at this price,” he said. Tickers ASIA TC. SenseTime started a joint IPO with China Investment Bank and China International Capital Corporation last year, but its IPO plan met hurdles due to it being one of the eight Chinese companies blacklisted by the US. Megvii counts Qiming Venture Partners and Chinese AI guru Lee Kai-Fu’s Sinovation Ventures as backers. Groups of bicycles can provide a challenge to computer vision systems, but SenseTime claims to have developed a way for the system to spot a shoddy parking job. From TechCrunch. Learn how your comment data is processed. The company also plans to add features for detecting other urban issues, like water accumulation, or people hanging their clothes to dry in violation of local regulations. The planned IPO would be the first in Ireland during 2020, according to the Independent. Monday’s blacklisting could further decouple the two Chinese companies from the U.S. in terms of tech and funding. Further, SenseTime may find funding supply highly competitive, with other domestic AI firms like CloudWalk, Megvii, Yitu and iFlyTek all now on the U.S. restricted list. Already mothballed because of rising violence in Hong Kong, that offering now appears in question. Apart from SenseTime and Megvii, the Trump administration placed six other eight Chinese technology giants on its so-called Entity List. The company announced a successful beginning to a Series A funding round just last month, raising $1 million in two days. At the same time, only two companies were listed in Hong Kong in February, compared with 11 in the same month last year. SenseTime has expanded from facial recognition technology to financial security, robot deliveries and driverless cars. When it mothballed its IPO plans in March the company said that it would raise $1 billion in private funding. Revenue is still growing at triple-digit percentages, though it remains cash-flow-negative because of the need to invest in new areas such as AI chipmaking. Just months after SenseTime postponed its plans for a blockbuster IPO on the Hong Kong exchange, Digitimes is reporting that the company will have difficulty going public due to the ongoing trade hostility between China and the U.S., and the effects of the coronavirus epidemic, citing industry sources.

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