The company supported by Alibaba is one of the most precious avant-gardes of Chinese artificial intelligence
Megvii Technology, a Chinese company operating in the field of artificial intelligence, plans to invest 2 billion RMB (about $ 300 million) to develop logistic systems enabled by big data.
Through its new program called “Hetu” or “River Map”, the company plans to apply AI technology in a new area of intelligent logistics.
Primarily known for being a service company in the field of facial recognition, the company supported by Alibaba is one of the most precious avant-garde of artificial intelligence in the Chinese technology industry.
Megvii is ready to invest about $ 500 million in escalation
Megvii seems to be looking for loans worth around $ 500 million, with a valuation of $ 3.5 billion. Moving attention to the intelligent logistics sector can in fact help the company to distinguish itself from its domestic colleagues as Sensetime, the most precious AI company in the world, and Yitu.
To prepare for its entry into such a specific market, Megvii acquired Aers Robot completely in April 2018. The Chinese supply chain market was worth about RMB 280 billion last year, according to data published by the Chinese Academy of Social Sciences.
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