Alibaba-Backed AI Startup Sales Triple Enroute to IPO

Megvii posted 5.2 billion yuan in losses for the first half
The Alibaba-backed startup tripled revenue in that period

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Lulu Yilun Chen

August 26, 2019 at 3:46 AM UTC

Corrected

April 7, 2020 at 7:01 AM UTC

This article is for subscribers only.

Megvii Technology Ltd. for the first time revealed the stunning growth fueled by a nation’s obsession with security.

The Alibaba Group Holding Ltd.-backed startup tripled revenue to 949 million yuan ($133 million) in the first half. It generated more than 73% of those sales from AI services for major clients like government agencies, hospitals and real estate developers, the company said in a filing to the Hong Kong Stock Exchange.