Creepy Chinese government start-up expands plans to create powerful facial recognition technology

Daily Mail - Science & tech

A creepy surveillance start-up backed by the Chinese government is expanding its artificial intelligence-powered face-reading operations. Beijing firm Megvii has announced it is shifting its powerful Face facial recognition technology beyond China after securing a distributor in Thailand. Megvii's world-leading Face technology uses AI to identify people by their facial features, allowing police to spy on'anyone, anywhere' without them knowing. The software has already been used by Chinese police departments to arrest more than 3,000 fugitives by instantly scanning crowds of thousands in busy cities. The company says its software has many potential uses beyond law enforcement, including in financial services, retail, and identity verification.


Chinese government start-up expands plans for face-reading AI

Daily Mail - Science & tech

A creepy surveillance start-up backed by the Chinese government is expanding its artificial intelligence-powered face-reading operations. Beijing firm Megvii has announced it is shifting its powerful Face facial recognition technology beyond China after securing a distributor in Thailand. Megvii's world-leading Face technology uses AI to identify people by their facial features, allowing police to spy on'anyone, anywhere' without them knowing. The software has already been used by Chinese police departments to arrest more than 3,000 fugitives by instantly scanning crowds of thousands in busy cities. The company says its software has many potential uses beyond law enforcement, including in financial services, retail, and identity verification.


The Amazing Ways Chinese Face Recognition Company Megvii (Face ) Uses AI And Machine Vision

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Megvii Technology, a Chinese company, founded in 2011 and widely known for its Face system, is one of the world leaders in facial recognition and artificial intelligence technology. While they might be best known for Face, Megvii uses artificial intelligence and machine vision in a variety of amazing ways. Megvii was the concept conceived by friends and Tsinghua University graduates Yin Qui, Yang Mu, and Tang Wenbin. After tremendous success in China (especially since they were able to train algorithms from China's vast pool of data) with clients such as Ant Financial, Vivo (smartphones), Didi Chuxing (ride-sharing) and investments from Bank of China, the State-Owned Venture Capital Fund, China-Russian Investment Fund and other private investors including Ant Financial (Alibaba's payment affiliate), Megvii is ready to go global. They have projects slated in the coming year for Japan, Europe, the Middle East, Southeast Asia, and the United States and have secured a distributor in Thailand.


COMMENTARY: Limits to American Strategy to Blacklist Chinese AI Companies Coming Into View

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If the U.S. blacklisting of China's budding artificial intelligence companies is aimed at thwarting their progress, we already are starting to see the limits to that strategy. A strong signal came this week when Megvii Technology, a Beijing-based AI firm on the U.S. blacklist, made moves to test the IPO waters in Hong Kong. Numerous media reports said the company, known for its facial-recognition platform Face, is seeking to raise $500 million to $1 billion in a listing that is imminent. The move follows the early success of Alibaba's (NYSE: BABA) secondary listing on the Hong Kong Stock Exchange that may raise as much as $13 billion next week. The HKSE was the world's top bourse for IPOs last year, supplanting Nasdaq, and looks primed to win that race again this year despite the civil unrest there.


Facial recognition startup Megvii files IPO in Hong Kong

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Chinese AI firm Megvii Technology, backed by Alibaba, has filed in Hong Kong to conduct an IPO targeting proceeds of at least $500 million, two people said, just as the city faces political unrest and its first recession in a decade. Beijing-based Megvii, widely known for facial recognition platform Face, may raise as much as $1 billion in the initial public offering, said one of the people, who expect the share sale in the fourth quarter of the year. The filing comes as companies postpone or slow down listing plans in a recession-bound city blighted with nearly three months of anti-government protests, and where the benchmark Hang Seng share price index fell to seven-month lows this month. Reuters reported last week that China's biggest ecommerce firm, Alibaba Group, had delayed its up to $15 billion Hong Kong listing. Megvii has decided to press ahead with its IPO plans because it has little business in Hong Kong and expects the unrest to ease later this year, said a third person.