“Power humanity with AI”

Founded: 2011 in Qi Yin, China

Category: Artificial Intelligence

Primary office: Beijing, China

Core technical team: Beijing, China

Status: PRIVATE

Employees: 2,350 est.

Amount raised: USD$1.4 billion (7 funding rounds, May 2019)

OVERVIEW

  • Designs and implements image recognition and deep-learning software
  • Online image recognition across numerous sectors (including financial and retail)
  • Strong competencies in computer vision, deep learning, artificial intelligence
  • Additional focus on AIoT (Artificial Intelligence of Things)
  • Riding Chinese wave of the country becoming a leader in artificial intelligence
  • Company is largely known for its computer vision software and its use in public and private sectors

PERFORMANCE METRICS

  • Valuation: USD $4 billion (2019)
  • Estimated revenue: USD$200 million (2018)
  • Profit/Loss: Loss of $470 million (2018)

ACHIEVEMENTS

  • World’s largest provider of third-party authentication software
  • Chair member of the Intelligent Temperature Measurement Standard Working Group – formulate first intelligent temperature measurement standard in China
  • Secured six first place in 3 challenges at CVPR2019 (Conference on Computer Vision and Pattern Recognition)
  • Brain++ (proprietary AI productivity platform) recognized as one of the World’s leading scientific and technological achievement in the Internet section of the 6th World Internet Conference (WIC) – open sourced underlying deep learning framework MegEngine (2020)
  • First 3-peat champion at ICCV2019 (International Conference on Computer Vision)
  • Inauguration of BAAI-MEGVII Intelligent Model Design and Image Perception Joint Laboratory
  • 1,900+ granted and pending AI-related patents

Sells

  • Brain++ – Proprietary AI productivity platform (used to train algorithms)
  • Hetu – first AIoT (Artificial Intelligence of Things) operating system
  • Face++ – First online facial recognition system in China (high degree of accuracy based on analyzing 106-points)
  • FaceId – Cloud-based face recognition authentication system
  • FaceStyle – an AI-powered makeup and beauty solution supporting personalized shopping by virtually trying on makeup
  • Smart logistics solutions
  • Device unlocking solution powered by face recognition technology
  • Various AI-powered products in Internet of Things, supply chain and logistics

Channels

  • Numerous partnerships, including: China Telecom, Qiming Venture Partners, Ant Group, Foxconn Technology Group, Bank of China Group Investment, Foxteq Holdings, Macquarie Group, Abu Dhabi Investment Authority, ICBC Asset Management, Alibaba Group, Bank of China Group Investment, Boyu Capital, Alibaba Group, SK Group, Russia-China Investment Fund, Ant Group
  • MegEngine (open source deep learning framework underpinning Brain++)
  • Face++ (also open sourced; world’s largest open-source computer vision platform)
  • Extensive participation in conferences and associated conferences

Competencies

  • Megvii is well known for its expertise in computer vision and associated deep learning algorithms
  • AI products live on the cloud and processes substantial data
  • Marketing its technology across sectors, including financial, security, internet, retail, logistics
  • Significant competencies in building partnerships and acquiring funding

Distinct AI Features

Type

  • Proprietary deep learning framework
  • Deep neural networks that can be deployed in the cloud, mobile and edge computing platfor
  • Robotics

  AI use

  • Primary usage is for computer vision with extensive use through partners (e.g., financial, internet retail, security)
  • Products complement those of partners – world’s largest 3rd party authentication system
  • Extensively participates in leading conferences and challenges
  • Applying AI to Internet of Things (with a municipal focus)
  • Opened a R&D lab – Intelligent Model Design and Image Perception Joint Laboratory
  • Face/Human detection, face recognition, age/gender recognition, face attribute recognition, face search, face clustering, face anti-spoofing

Rate of return on customer’s investment to make AI work

Immediate:

  • Immediate return on identity and security – being used in finance, crowd security, authentication on personal devices

Long term:

  • Longer term return of vision and AI techniques being applied to the Internet of Things

Databases

  • Large databases for facial recognition (confirming identity) – a face has 106 data points

Quantum Computing

  • No explicit mention of quantum computing in Megvii collateral. Generically, quantum computing is expected to enable artificial intelligence by, for example, handling huge amounts of data, building better models and more accurate algorithms, and using multiple datasets (integrating datasets more quickly)

Resources

Assets

  • Kunlun – comprehensive platform for public security – City IoT, urban management – big data for portraits, analysis and combat, views, global views
  • Wanxiang – comprehensive platform for city governance – scenario detection and identification, city administration, social governance, environmental protection and transportations
  • Hetu – Robotics and IoT operating system for supply chain IoT (warehousing, logistics, manufacturing processes)
  • R&D laboratory
  • Various interfaces to Megvii applications such as Web APIs and mobile software development kits
  • Numerous patents awarded or pending

Processes

  • Extensive use of open-source paradigms to secure engagement and customers
  • Expanding core competencies (computer vision, deep learning) across various markets – including security, financial, retail
  • Active in developing new technology
  • Platform-based approach with various interface options

Priorities

  • Become profitable
  • Diversify given US sanctions
  • Focus on Covid-19 (use facial recognition to help detect whether someone is suffering from Covid-19)