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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
Corrected

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.