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Facial Recognition Provider, Megvii, Plans For A Stock Exchange Sale

One of China’s leading facial recognition providers has submitted documents for a listing on Hong Kong’s stock exchange. The company named Megvii is the pioneer of the “Face++ system” that is currently being used by many of the artificial intelligence (AI) companies. The face-checking tech is the most accurate compared to its competitors such as Amazon and IBM. The company had brought its product into the market when the facial recognition’s application for surveillance was being questioned. The White House had also considered adding Megvii in the trade blacklist with the hope of avoiding the use of US-origin software and components.

Face++ has been integrated into many of the consumer-focused hardware such as Huawei, Xiaomi, and Vivo smartphones; Lenovo laptops; Didi Chuxing’s ride-hailing app; smile-to-pay terminals in KFC restaurants; and dating website Jiayuan. The smart city applications like facial recognition and other security management applications in workplaces, educational institutions, and major events help it gather revenue. The technology has helped fight crime by helping police departments in China and other countries. The human face is detected through an image and later a pattern is formed using eyes, lips, chin, and up to 1,000 other key features. The pattern is matched with that of the owners or cross-referenced with a broad database that consists of unlimited facial maps. The face search also helps know the emotion, beauty score, body gestures, track eye-gaze, and health status of an individual.

Similarly, Megvii has recently decided to join hands with an Austrian firm named Ams to provide 3D-depth sensing facial recognition. Additionally, it has also created Hetu, which is an operating system designed for warehouse robots. Alibaba’s Tmall subsidiary has already started using it. Despite the 3.35bn yuan loss last year and a 5.2bn yuan loss at the start of this year, it still hopes to become an AI innovator by 2030.

Carmen Gomez
Carmen Gomez Author
News Journalist At Industry News Publisher

To offer the readers with a quality content to read is the common link that pushed Carmen to join Industry News Publisher’s content team as a News Journalist. While a majority of activities in the Business department are carried out under the supervision of Carmen, with her skill to handle every situation tactfully, she also sees that the department is functioning smoothly. It’s been 4 years now she is working with Industry News Publisher and enriching our readers by providing top-notch news reports along with her personal opinions on the current market scenario. Carmen has deep knowledge in the Business sector and has pursued an MBA in Marketing Degree.

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