China’s AI Quartet Walk Through the Valley of death

Specializing in facial recognition technology, the quartet account for nearly 60% of China’s highly competitive AI machine vision market

China’s leading artificial intelligence (AI) companies are racing for public share sales even as investors’ appetite for new issues is waning, making it harder for them to generate fresh funding to sustain growth.

The road to initial public offerings (IPOs) has been rocky for the country’s largest AI enterprises as the trade and technology face-off between China and the U.S. complicates their prospects. Broader market volatility and investors’ loss of patience with the new technology’s commercial outlook also pose challenges.

SenseTime Group Inc., Megvii, CloudWalk Technology and Yitu Internet Technology Co. Ltd. are the early leaders of China’s AI industry and are known as the “AI quartet.” Specializing in facial recognition technology, the four account for nearly 60% of China’s highly competitive AI machine vision market.

Source: Caixin Global