Sensetime, a Chinese AI startup specializing in computer vision and deep learning, has been approved to list on the Hong Kong Stock Exchange and could become the most valuable AI unicorn in China.
Industry observers believe SenseCore, which is said to help realize industrial mass production of AI models, has made Sensetime stand out. With the AI infrastructure, the company has been able to develop and commercialize over 22,000 AI models across multiple industries. It also offers AIaaS to assist clients in producing AI models with minimal costs.
Founded in 2014, Sensetime provides AI software across industries in smart business, smart city, smart life, and smart auto. Although it has higher consolidated revenue than other major Chinese AI firms, it also has higher losses due to high research expenses. Between 2018 and the first half of 2021, the company saw a cumulative net loss of CNY 24.2 billion (US$3.793 billion), company data show.
So far, Sensetime has raised US$5.2 billion in 12 rounds of financing led by Softbank, Primavera Capital, Silver Lake, IDG, Cylion, and Ding Hui International. The company indicated that it expects a continual net loss in the short term since it is still establishing a more concrete footing in the market.
Meanwhile, Sensetime is actively expanding its smart auto business and has recently teamed up with leading automobile company FAW Nanjing to accelerate the development and mass production of a new generation of smart cars. In the last five years, it has partnered with over 30 automakers globally and has received orders for more than 20 million cars.
