MEGVII, China's AI unicorn specializing in facial recognition, is reconsidering its plan to go public this year, according to bankers and investors, because of the 'dismay' regarding AI stocks and the US-China trade tensions, as FT released. MEGVII denied comments.
The company focuses on facial recognition, with its distinguished detective and cognitive service brand face++. This technology highly advances smart security and smart city areas. On May 23, MEGVII announced, as a reply to the rumor of some surveillance companies being listed in US entity list, that no official notice received,
Earlier this year, MEGVII closed series D financing of USD 750 million, pushing its valuation to slightly over USD 4 billion. At the time, the company planned for an IPO in Hongkong later this year, targeting additional funding of USD 1 billion. So far, it has raised several rounds of funding of about USD 1.4 billion.