Key Sentence:
- A Chinese artificial intelligence professor is poised to join global billionaires when SenseTime, the fake intelligence company he co-founded seven years ago, filed for an IPO in Hong Kong.
Tang Xiao, AI Startup Goes Public received her PhD. she amassed a fortune of $2.3 billion, according to the 1996 Massachusetts Institute of Technology computer vision. The 53-year-old man, now the company’s CEO, according to Forbes calculations based on the company’s initial prospectus. Is the largest single shareholder and holds at least 21.7% and possibly up to 27%. from the company. According to local media reports and someone familiar with the matter. SenseTime was worth $12 billion in funding before its IPO late last year.
The Shanghai and Hong Kong-based companies declined to comment on Tang’s fortune. He did not provide a timeline on the list or the scope of the deal. Reuters has previously reported that SenseTime plans to raise to $2 billion.
Last year, SenseTime generated 3.5 billion yuan ($533 million) in revenue from AI, computer vision, and computing software sales, up 14% from 2019. However, the company’s net loss rose to 12.2 Billion yuan, including changes in exhibits.
The value of the preferred stock.
Tang, who continues to teach courses such as image processing and signal analysis at the Chinese University of Hong Kong, founded SenseTime in 2014 with two PhD students. Students Sue Lee and Sue Bing.
Co-founder and CEO Sue Bing, 31, is responsible for fundraising and strategic investments. The prospectus said that Tang’s brother-in-law, Wang Xiaogang, also participated and supervised the company’s research team.
Meanwhile, SenseTime is capitalizing on the increasing use of AI in China. Last year, the company generated 40% of its revenue from government-related sectors implementing. Their software to monitor traffic and public facility conditions and masking detection.
However, the company warned of uncertainty from the government’s new data protection law. Such regulatory requirements for data confidentiality are constantly evolving and may be subject to different interpretations or significant changes, leading to uncertainty about the scope of our respective responsibilities,” the prospectus said.