Chinese AI company Megvii launches public offering

Artificial intelligence
Megvii Technology wants to make an initial public offering on the Hong Kong market to raise funds for facial recognition and other AI research. (Pixabay)

Megvii Technology, a Chinese artificial intelligence company, has applied for an initial public offering on the Hong Kong market, according to reports.

The Beijing-based company is backed by e-commerce giant Alibaba and makes the Face++ facial recognition platform. It also builds traffic management software.

Two people who asked not to be named told Reuters that Megvii wants to raise $500 million to $1 billion in the IPO, when it first happens later in 2019. However, Megvii didn’t comment.

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Megvii raised $750 million in a funding round in early 2019. The investors included Bank of China Group Investment, a state-based investment group.

Its 2018 revenues were nearly $200 million but it also reported a loss of $470 million. Reuters said that Citigroup, Goldman Sachs and JPMorgan are joint sponsors of the IPO.

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