Security

Megvii Announces $935M IPO as China’s AI Dragons Prepare to Fly

“As a society, we have experienced three distinct industrial revolutions: steam power, electricity, and information technology. I believe artificial intelligence (AI) is the engine fueling the fourth industrial revolution globally, digitizing and automating everywhere,” says Kai-Fu Lee, chairman and CEO of Sinovation Ventures and author of ‘AI 2041: Ten Visions for Our Future’. “China is at the forefront in manifesting this unprecedented change.” The evidence suggesting China is leading the race to AI supremacy is growing. Last year China overtook the US in terms of AI-related academic citations for the first time, representing 20.7% of the total, against 19.8% for the U.S., according to a report from Stanford University. At the last Conference on Neural Information Processing Systems, a leading international conference on AI, researchers from China accounted for the largest share (29%) of the presentations, with the US in second (20%). While in the smart buildings sector, Chinese AI startups are far ahead in terms of funding and […]

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