Friday, November 13, 2020

The qualitative change of the artificial intelligence of "Wastewood Giant"

 Will super AI come?

From Pinocchio and Edward to Bumblebee and Jarvis, humans' vision and pursuit of machine intelligence have never left the screen. In real life, the most noticeable is "Robot Commander" Marc Raibert. He is a professor at the Massachusetts Institute of Technology (MIT) and founded Boston Dynamics in 1992 to develop various intelligent robots.

In 2009, Boston's BigDog (big dog) appeared on the Internet. Although it is huge, it walks steadily and steers flexibly, and its bionic state is amazing. Four years later, the humanoid robot Atlas released by it is even more famous. The original product can stretch its arms to balance through the narrow "single-plank bridge"; later, it also has inverted, flipped, aerial splits and other actions, and even parkour poses are also very good. beautiful.

Every product of Boston Dynamics can become the focus of Internet celebrities. Raiport and his company have also become an industry model that cannot be avoided when talking about AI. Therefore, at the Corporate Innovation Ecosphere Conference held in Dongguan on November 4th, Lei Boer also participated in the conference remotely. He was talking to Zhou Xi, the founder of Chinese AI (artificial intelligence) company Yuncong Technology . The latter is also the backbone of the industry that has emerged from the Chinese Academy of Sciences.

A major background of the dialogue between the two tech giants is that the current artificial intelligence is slipping from another wave of peaks: the outside world always expects AI to be omnipotent, but in reality it is like a "scrap giant".

Take Boston Dynamics as an example. Even after acquiring the company, Google, which is full of exploratory spirit, couldn't sit still watching the slow commercialization process, and finally sold and changed hands. However, domestic AI still seems to remain in the direction of voice and face recognition that are not "sexy" enough in public perception.

Indeed, after more than sixty years of development, AI technology has been greatly improved, and even the academic community is worried that AI is too powerful to bring threats and dominate mankind. However, the reality is that there are still not many areas of mature commercialization, and the impact on society is relatively shallow. Therefore, the society generally believes that AI is like a "waste wood giant", which looks very creative and destructive, but it has nothing to do except for a large amount of rice (burning) (a lot of money).

So, how can AI get rid of the embarrassment of waste wood? How to show muscles, move fists, and exert strength without ruling humanity?


The father of artificial intelligence can be traced back to Turing, who made a code breaker in World War II, and the starting point of the industry was the summer conference at Dartmouth College in 1956, the world's first AILab laboratory. In the ten years since then, the AI ​​field has been booming: the US government invested millions of dollars, the checkers program was born and defeated human masters, text chat robots, expert systems, and robots that grab blocks according to instructions were born.

However, this wave of craze was poured cold and drenched by a report in 1973: So far, no discoveries in this field have had the significant impact promised. [1] Then the academic circle conducted a round of deep criticism and self-criticism, and AI research entered a calm stage.

In 1976, the expert system, which has been born for more than ten years, finally began to play a role in business, using the database to accumulate and participate in medical diagnosis and consultation. With the help of the expert system, the AI ​​renaissance is rapidly unfolding. The Japanese government allocated more than US$8 billion to support research and development, and the UK spent more than 300 million pounds to build an AI project. However, after another ten years, people regret to find that the machine experts are not good enough, and AI research and development is in a trough again.

In the 1960s and 1980s, the explosion and decline of the two industries, the ecstasy and disappointment of mankind, in the final analysis are one sentence: machines are not as smart as people expected.

In hindsight, the result is obvious. In terms of hardware, the integration of transistors and chips is still at an early stage, and it is also very difficult to obtain information such as vision and touch. In terms of software, the amount of data to support the establishment of the model is still seriously insufficient, and the algorithm rule concept is not advanced enough. It can be said that it is not that the machine is not smart enough, but that the human beings are not fully prepared for their homework.

The two round trips have deeply questioned the industry, is AI in the same direction? Will the future be good? Some people even began to reflect that elephants don't play chess at all (Elephants Don't Play Chess), but elephants can make judgments and reactions based on environmental changes. The way humans set rules may be wrong.

Fortunately, scientists have not stopped exploring. The seeds sown in the cold winter began to take root and sprout under the warm wind.

Interdisciplinary research: probability theory, statistics, control theory, engineering, neurology, etc., more and more disciplines cross-border into AI research, the cross-system breaks the idea of ​​setting rules in advance, and neural networks and deep learning technologies begin development of.

Hardware speedup: Driven by Moore's Law, chip integration has developed exponentially, and functional chips such as CPU, GPU, MPU, etc. emerge in endlessly. The birth of the cloud also allows the computing power to be expanded almost infinitely. The performance of optical lens, infrared and other sensors has also been improved, and the identification of the external environment and the capture of key information are also more efficient.

Software explosion wave: In the Internet and mobile Internet era, the amount of data generated has explosively increased, and the amount generated every year is equal to one million times the amount accumulated by humans in the past thousands of years. Real-world activities have been unprecedentedly recorded, providing sufficient models for building models. Material. In the Internet tide, the number of code farmers has also increased, and now there are about 30 million people worldwide.

Driven by these factors, the AI ​​industry once again swaggered: "Deep Blue" defeated the chess champion, AlphaGo completely abused human Go masters, driverless cars were also driving on the road, and AI even appeared on the US ban list. The explosive "singularity" of technology seems to be coming, so that bigwigs such as Bill Gates and Hawking have dissuaded them. Don't do it too fast, it is dangerous; AI will replace humans.

The actual situation is that this round of AI craze supported by machine learning, deep learning, and reinforcement learning technologies is not fast at all, and the evolution of pure deep learning algorithms has reached a desperate situation. OpenAI's GPT-3 model is expensive to train, but its IQ cannot understand the common sense of "whether the cheese in the refrigerator will melt".

After the 2008 financial crisis, in order to avoid another global crisis, the world's top financial talents began to revise the Basel Accord, and if it was handed over to GPT-3, it would have to experience thousands of financial crises before it could learn.

Zhou Xi believes, “At this time, we need another way. We call it expert knowledge. We must believe in the power of humans and combine artificial intelligence with humans. People can create creative ideas in a very complex environment with a small sample. Decided."

In this way, human-machine collaboration has become the inevitable direction of artificial intelligence evolution, and it is also an inevitable requirement for humans to use AI reasonably.


The movie "The Matrix" shows such a picture: human beings live in a virtual world, and the AI ​​system called the "matrix" creates and controls this world. Humans seem to be animals raised by AI, without real freedom. In fact, humans are just lines of code. However, what is even more frightening is that 99% of humans are completely unaware of the virtual world.

At the end of the movie, the hacker Neo defeated the rationality of the machine with human love, but the movie still makes the back chill, how does the human body resist the super body of AI. Although super AI is still too early, AI has begun to replace some human jobs:

For example, computers began to replace the work of crew members, responsible for scheduling flight schedules and analyzing abnormal reports; algorithms also replaced editing, and automatically pushed content to users; robots replaced search and rescue team members to work in dangerous places, replaced doctors for efficient diagnosis and treatment, and reduced errors; Radar and algorithms replace the human brain to judge vehicle distance and avoid danger faster. There is no doubt that the intelligence of AI is improving human life.

However, AI may not be a permanent long-chi energy. In 2010, a failure in the trading algorithm caused a flash crash on the New York Stock Exchange, evaporating trillions of dollars within a few minutes; in 2018, a computer failure caused serious delays or cancellations of 15,000 flights in Europe. [2] In addition to monetary losses, the overuse of AI is also impacting human civilization:

Cambridge Analytica improperly used tens of millions of user information and personal privacy was breached; while applications such as face changing brought by DeepFake were popular on the Internet, social order and public safety were greatly impacted. Even in the military field, a large number of AWS (unmanned command, autonomously find and kill targets) weapons have been developed, greatly increasing the brutality of killing.

When discussing the threat of super-intelligent AI to humans, some people will always say that it will not be enough to turn off the power at that time, but the strange thing is that the goal of AI is to overcome thousands of difficulties in order to complete the tasks assigned by humans. "Electricity" is obviously also a difficulty it believes needs to be overcome. Therefore, if AI is only set to achieve the "maximization goal", then the ultimate AI is super AI, which is to take over humanity in an all-round way.

After all, the fledgling AI cannot possess human social experience and value judgments in a short time. Based on this, artificial intelligence scholar Stuart Russell (Stuart Russell) believes that humans should devote themselves to the research and development of "Provably Beneficial AI" instead of human and superhuman AI.

Russell proposed three principles for AI: maximize the realization of human goals; maintain awe of humans; set machine preferences based on human behavior. Condensed into one sentence, a good AI should be "human-oriented human-machine collaboration": human beings are in a dominant position. Based on human experience, judgment and preferences, the development of AI that is subject to human interests is still "us". Neither do half machine half human kind, nor do human beings under the machine.

To make AI an assistant, there are a total of three steps: the first step is to achieve technological breakthroughs on multiple human-machine collaborative sensing ends, and liberate manpower from complicated work; the second step is the whole process of perception, cognition and decision-making Improve efficiency and help decision-making; the third step is to help creators in the human-computer interaction experience and enrich the content of terminal products and services.

This "three-step" strategy is logically rigorous and promising, but it is not easy to achieve. It requires every step to be counted, and every step must be taken steadily. Many domestic companies are taking the first step, and work on the perception side has become a race for precision. The second step is the first to complete the goal of human-machine collaboration faster. And this has a prerequisite: the market share has the final say.

As long as the number of sensing terminals distributed in the terminal is larger, the more data will be fed to the cognitive and decision-making algorithms, and the result of training feedback will also approach the optimal. This is also the basis for statistics and probability theory to play a role.

Many domestic companies are also doing this. Yuncong Technology, established in 2015, relies on the full development of the "industry expert + engineer" model, and Yuncong has the most extensive AI coverage for banks and airports. This ensures that when the company extends to the cognition and decision-making side, there is enough high-quality and massive data to use, which fully guarantees the second step of success.

Human-machine collaboration has become a close contact between humans and AI, and demand has become the key to AI competition and an advantage in China's AI development.


As of 2016, in the field of global deep learning, the total number of papers and citations in China ranks first, and the number of invention patents in the AI ​​field ranks second in China; and in terms of commercialization, Megvii, which was established in 2011, was established in 2012. Pictured, Shangtang, established in 2014, and Yuncong, established in 2015, have both risen rapidly in a short period of time. They are called China’s "AI Four Dragons". The capital rushing to invest money has been ranked from China to the United States. .

These companies basically started with computer vision technology CV, so the public generally believe that the so-called AI is nothing more than face recognition, chess, essay writing, or government integration outsourcing in the name of AI. Although the commercialization of AI is slow, there is no doubt that these impressions are still outdated.

A virtuous road to AI commercialization is taking shape.

Taking Yuncong as an example, AI has realized the closed-loop technology from perception (face, human body, object, voice) to cognition (semantics, knowledge graph, big data) to decision-making (risk control, recommendation, portrait). In addition, Yuncong's "3D structured light face recognition", commercial cross-mirror tracking (Re-ID), human body 3D reconstruction and other technologies are also in the forefront of technology and commercial stage.

Human-machine collaboration has long replaced computer vision and has become the new label of this small giant. Zhou Xi made a summary: every technological advancement is an increase in efficiency and an extension of people.

The past few scientific and technological revolutions were merely extensions of human limbs. The human-machine collaboration brings a new qualitative change-the extension of the human brain. Since human thinking has no boundaries, then in the direction of human-machine collaboration, artificial intelligence should no longer be constrained to concrete objects. It is able to expand infinite boundaries like thinking.

Take the application of AI in medical treatment as an example. If there are only traditional computer vision technology and speech recognition technology, AI can only look at CT at most, and help doctors enter cases by the way. However, for those patients who are struggling with death, the biggest difficulty they face is that there is only one academician Zhong Nanshan who can rush to the front line in his old age, and there is only one doctor Tao Yong who can devote himself to selfless dedication.

Human-machine collaboration can model and automate the knowledge and skills of Zhong Nanshan and Tao Yong by putting expert knowledge in the black box of artificial intelligence technology, solve more than 90% of the diagnosis and treatment information through AI, and assist doctors to spend 10% of their energy processing Other key issues, which in turn expanded the service capabilities of medical experts by more than 10 times.

In the customs supervision system, Cloud has begun to carry out the phased practice of human-machine collaboration, and has developed customs three-dimensional supervision decision-making command system, container full-process supervision and smart inspection systems, and digitizes, structures, and models the realistic scenes of customs supervision. To help customs experts make better decisions.

Beyond the cloud, SenseTime's algorithm platform and Megvii's Internet of Things have also replaced computer vision and become their new goals. China's AI industry is relying on the vast demand market and embarking on the world stage.

Regardless of whether it is a bank risk control expert or the chief doctor of a tertiary hospital, it is an extremely scarce resource in China, but the people's demand for high-quality services is real. Human-machine collaboration can not only benefit the people of high-quality products and services, but also avoid conflicts between human-machine positions.

For a populous country like us, the development of inclusive AI with human-machine collaboration and extending our wisdom is the trend of industrial development and an inevitable choice for the integration of engineer dividends and the needs of the masses.


Although firearms and cannons have been used in China for a long time, the artillery of the Qing Dynasty "only knows that the barrel is made of iron, and it is not scientifically measured, so it cannot be used with accurate head". [3] The inside and outside of the artillery are uneven. The largest depression, you can pour 4 bowls of water without overflowing. In the end, in the battle with the great powers, the Qing army was defeated and humiliated.

It is true that in today's world, it is no longer easy to break out large-scale wars, but it is undeniable that the competition and even confrontation between countries have never stopped. Science and technology, both in the Qing Dynasty and today, are the fundamental guarantee for self-reliance. In the field of AI, after several groups of people's efforts, China has been qualified to stand at the same stage as overseas companies. This is a precious achievement.

Ren Zhengfei once said that only by attaching importance to basic research for a long time can industry be strong, and artificial intelligence is the core variable that influences and shapes a country.

As China with a population of 1.4 billion, we need to improve efficiency to create more wealth, and we also need to focus on equality and common prosperity. Perhaps AI may seem like “waste wood”, but we cannot ignore the existence of “giants”. Tolerate innovation and tolerate those who explore, our basic education and our technologically powerful country will also be guaranteed.

Reference

[1] "LighthillReport", Science Research Council of Great Britain, 1973

[2] "AI Freshman", Stuart Russell (Stuart Russell), CITIC Press

[3] "Complete Collection of Chinese History", Xiao Feng, Liaohai Publishing House

Thursday, November 12, 2020

Dismantling Shangtang Technology:Pressure, Opportunity and IPO after 6+1 Financing

 As the unicorn company with the most financing and the highest valuation in the AI ​​field, SenseTime has the greatest opportunity and is also under the greatest pressure.

SenseTime is currently the last company in the "AI Four Little Dragons" that has no clear public listing plan.

A SenseTime technology financing plan recently obtained by a reporter from Caijing mentioned that SenseTime expects to be listed in both A+H shares within three years. An investor close to SenseTime told a reporter from Caijing that he is currently in contact with brokers. As for the specific listing situation, the relevant person in charge of SenseTime told the reporter of Caijing that he would not comment.

The investor revealed to a reporter from Caijing that SenseTime had just completed a round of financing this year, with a pre-investment valuation of US$11.3 billion, but this round of financing "is not a formal round of financing, and it will be completed after receiving the money."

SenseTime's last round of financing was in November 2018, with a joint investment of US$580 million by SoftBank Vision Fund, Fidelity International, and Mirae Asset. This round of financing was already the sixth round of SenseTime's financing. At that time, rumors about SenseTime's IPO in Hong Kong stocks had already appeared.

Up to now, SenseTime has completed a total of about 4 billion US dollars in financing, which is the one that "attracts the most money" among the four AI dragons. Among the other three companies, Megvii's total financing is approximately US$1.35 billion, Yitu is over US$400 million, and Yuncong is approximately RMB 3.5 billion. Both Megvii and Yitu have issued prospectuses, and Yuncong is also conducting IPO counselling.

It can be seen from the prospectus of Yitu and Megvii that the current common characteristics of AI startups are: high valuations, fast revenue growth, but low gross profit, and high debt-to-asset ratio, even if they have received high financing, Still facing financial pressure.

According to the financing plan data obtained by a reporter from Caijing, SenseTime's 2019 operating income was 5.06 billion yuan, with a gross profit margin of 43%, of which smart city revenue was 1.664 billion yuan, with a gross profit margin of 57.8%; smart business revenue was 2.681 billion yuan, with a gross profit margin. 23.9%. The relevant person in charge of SenseTime did not confirm to the reporter of Caijing whether this data is accurate. He responded that: “Financial data cannot be disclosed to the outside world at present.”

Before this, many people in the industry believed that Shangtang might become the "first AI stock." Business information shows that SenseTime was established in 2014, 3 years later than Megvii Technology. Intensive financing mainly occurred in 2017-2018. For investors, SenseTime is not in a hurry to go public.

However, valuation shrinkage has already appeared. An investor close to SenseTime told Caijing that SenseTime’s financing this year was a bit difficult because the previous financing speed was too fast and the valuation was too high. Many investors believe that now It's not worth investing in. In addition, the investor also mentioned that some old shareholders started to trade Shangtang's shares privately, but it was difficult to sell them. "The current valuation is $9 billion."

01 Common problems with low gross profit margin

Usually company financing is based on two purposes, one is lack of money; the other is that more funds are needed for development and expansion, but the existing business cannot support it.

The data in the financing plan shows that SenseTime's revenue in 2019 was 5.06 billion yuan, gross profit margin was 43%, gross profit was 2.16 billion yuan, and net profit and net profit margin were not disclosed. However, it disclosed the net interest rates for 2017 and 2018, which were 2% and 3%, respectively, and net profits were 11 million and 59 million, respectively.

An investor close to SenseTime told the Caijing reporter that SenseTime was not profitable in 2019, which is also one of the factors that affected SenseTime's financing this year.

The gross profit margin of 43% is low among the leading AI companies. Megvii's gross profit margin in the first half of 2019 was 64.6%, and Yitu's gross profit margin in 2019 was 63.9%.

Many investors who are concerned about the AI ​​field have expressed their concerns about the low gross profit of AI companies to Caijing reporters. Xiong Weiming, a partner of Huachuang Capital, once mentioned, “This is because they are mainly integrated in the industry. Lower gross profit margins.” The aforementioned investors familiar with SenseTime said that gross profit cannot rise mainly because of two factors: a large proportion of hardware and a heavy service.

The landing projects in the AI ​​field include a large number of non-standardized products and services, and there are obvious differences between each project, requiring a lot of effort to understand needs, field inspections, procurement and services.

SenseTime’s business is divided into smart city, smart business and other businesses, and other businesses include education and medical care. In 2019, the main revenue contribution is smart business, with revenue of RMB 2.681 billion, accounting for 53% of total revenue. This revenue figure has increased by 236% compared to 2018, but the gross profit margin has dropped from 51.2% to 23.9%.

In the business matrix of SenseTime, the business scope of smart business includes smart Internet of Things, smart traffic, identity verification and precise advertising. It is mentioned in the plan that the gross profit margin of this business has decreased mainly because many projects in the intelligent Internet of Things are in the infrastructure construction stage. In addition, in order to promote the sale of face recognition equipment, regional distributors are used to serve small-scale customers. Dealers make profits in exchange for channels and users.

In the industry cultivation stage, companies usually sacrifice some short-term benefits in order to obtain users, in order to open channels, establish brand awareness, and lay the foundation for subsequent rapid growth. However, many AI industry practitioners mentioned that the current competition among the AI ​​Four Dragons is fierce, and the price war will not stop in the short term, and there is no significant difference in the capabilities of basic products such as face recognition.

The gross profit of more than 40% is not low in many other industries. However, AI is a high-tech industry, and AI companies are facing long-term high-tech investment, the project implementation cycle is long, and there is pressure to pay back. Such gross profit margin will appear to be not high enough.

The plan mentioned that with the continuous implementation of multiple projects in the future, the gross profit rate can be increased to more than 50%, but SenseTime is not only competing with the AI ​​Four Dragons, but also information companies in various industries and comprehensive strengths. Stronger tech giants.

02The  battle for smart cities

The rapid growth of smart city revenue is also one of the business areas where SenseTime can flex its muscles. This prospectus takes smart cities as the main source of income for SenseTime in the future. In 2019, SenseTime completed a total of 1.664 billion yuan in revenue in the field of smart cities, a year-on-year increase of 147%, and its revenue accounted for 32.9%. Management predicts that in 2020, smart city revenue will reach 4 billion yuan, accounting for 42.7% of the revenue.

However, smart cities are also key businesses of Megvii and Yitu. These leading AI companies once regarded security as their main business, and now everyone has included security in the big basket of smart cities.

Not only are AI giants, smart cities are currently the most potential digital market, and they are also a battleground for technology companies. According to data from the consulting agency IDC, in 2019, China's smart city spending is 20 billion U.S. dollars, and the annual growth rate is expected to exceed 15%.

At present, SenseTime’s smart city revenue is highly concentrated. In 2019, the top five regions accounted for 74.3% of revenue. They are Shenzhen (389 million), Shanghai (263 million), Shandong (260 million), and Yunnan (195 million). ) And Guangdong (130 million).

Star Capital founding partner Yang Han Song told the "Financial" reporter, want to do good Chi Hui-city business, the core competitiveness is the ability to integrate resources, smart city involves a lot of supporting industries, real estate, finance and industry, AI techniques The proportion in the middle is not high. However, according to the data in the plan of SenseTime, the visual analysis part of smart city projects usually accounts for 10%-30%.

Shangtang has settled in many cities. In July 2020, SenseTime settled in Xi'an "SenseTime Xi'an Research Institute"; in December 2019, SenseTime established a regional headquarters in Qingdao; in August 2019, SenseTime announced that its China headquarters and global R&D headquarters will be located in Shanghai; 2018 SenseTime’s third regional headquarters was settled in Hangzhou in October, and the first and second regional headquarters were in Beijing and Shenzhen respectively; in May 2018, SenseTime registered and established a wholly-owned subsidiary in Chengdu Tianfu New District; in November 2017, Tang established SenseTime Southwest Headquarters and Southwest Research Institute in Chongqing. In January this year, the "Hunan Daily" reported that the docking between Changsha and Shangtang Technology is also underway.

It is mentioned in the plan that in 2018, SenseTime's smart city business has covered 78 cities, and it will increase to 127 in 2019. In the future, it plans to focus on developing second- and third-tier cities.

Some investors worry that to settle in multiple cities, laboratories and project teams need to be established locally, and personnel management may be problematic. But this can indeed quickly establish contact with local governments.

The smart city project sounds beautiful. The amount of smart transformation of a city is huge and it can quickly gain popularity, but the project cycle is usually more than 3 years. The process includes top-level government design, pilot projects, feasibility studies, project initiation, budget declaration, Detailed plan design, bidding, signing, implementation, installation and deployment, customized development, initial inspection, down payment, final inspection, payment collection, maintenance and after-sales service, etc. It is mentioned in the plan that Shangtang mainly participates in projects in phases at present, and is still working hard to increase its share in the project.

Head companies are more likely to gain a higher share of government projects. SenseTime is already well-known in the AI ​​field, but the other three companies are also well-known, have government relations, and have technical strength. Moreover, it is not only the AI ​​unicorns who have AI capabilities, their common competitors come from different tracks, and they are all very powerful. They include platform giants such as Ali, Huawei, Tencent, and Baidu , as well as IT giants.

03  Capital pressure and valuation bubble

Comparing the financial data of Shangtang, Megvii and Yitu, it can be found that the same problem faced by these three leading AI companies is that they have high debt-to-asset ratios. The prospectus shows that the asset-liability ratio in the first half of 2019 is 218.79%, and the asset-liability ratio in 2020 is 252.28%. In the financing plan, SenseTime's asset-liability ratio in 2019 is 102.35%.

Comparable listed companies, the Hikvision 2020 asset-liability ratio was 38.49%, ArcSoft is 10.64%, IFLYTEK is 42.33%.

In addition, at the end of 2019, SenseTime's inventory increased by 304% year-on-year, and there is also a certain amount of pressure to pay back. The plan mentioned that the payback period for government projects is about 348 days.

The high debt-to-asset ratio makes these AI unicorns feel the financial pressure. The aforementioned investors mentioned that SenseTime currently has about 20 billion yuan in cash on its accounts, which can support the listing in 2 years, but there is still a valuation. The problem is too high.

According to the financing plan, SenseTime’s current valuation has returned to a reasonable level due to revenue growth. The current P/S (market-to-sales ratio) multiple is 11.5. In comparison, it is about 30 times as shown in the figure. Is 13.3 times.

Usually when the company fails to achieve profitability , P/S is used for valuation. However, there are certain doubts about the income quality of AI companies.

SenseTime’s financing plan mentions smart education business. SenseTime first promotes smart education products and services to local education bureaus at the provincial and municipal levels, and then further promoted to the school level by the local education bureaus. Related sales and service contracts are passed through integrators. Sign and collect payment for products and services through integrators. On average, each student receives a fixed fee of 600-800 yuan per year, and a certain discount is provided based on the total contract amount.

Products and services mainly include educational platforms and teaching materials. The AI ​​textbooks displayed on Shangtang's official website are "Introduction to Artificial Intelligence" and "Basic Artificial Intelligence (High School Edition)". Whether book sales can be counted as AI-related income is still unconclusive.

Many investors mentioned to the Caijing reporter that AI companies are currently striving to expand their revenues in order to go public, but many of these revenues are not directly related to AI technology. Many times they use the concept of AI, or Do some basic data analysis.

Yang Ge mentioned that the current evaluation of AI startups should only look at the revenues related to AI. "Currently, corporate customers and government customers don’t have much demand for AI. In a project, how much revenue comes from AI? Coming from outside of AI, this is where the real strength differences of AI companies are reflected."

A large amount of capital has entered, allowing AI unicorns such as SenseTime to grow rapidly, but this momentum seems to have stopped, and investment institutions dare not to overestimate AI companies. Data from data service providers’ business cards shows that in 2020, the AI ​​sector’s financing enthusiasm continues to decline, and the amount of financing for a single project has declined significantly. Up to now, a total of 305 financings have been completed, with a total amount of approximately 24.33 billion yuan. In 2018, these two figures They were 523 transactions and 66.71 billion yuan respectively.

The valuation bubble in the AI ​​field is being broken. AI companies are trying to ease the pressure on valuation by expanding revenue, but revenue is not made out of thin air, and market demand is still in a slow growth stage.

From face recognition to security, to smart cities, Internet of Things, and chips, the AI ​​four dragons have begun to choose different development paths. There are human-based platform development, some are deep in the industry, and some open up new battlefields, but the core is still based on visual recognition. algorithm. At present, Yitu, Megvii, and Yuncong have all entered the listing process. The listing can broaden financing channels, reduce financing costs, and ease capital pressure. However, given various factors, the road to IPO of AI technology companies does not seem to be smooth. The technology IPO has lasted for more than a year, and there is still no substantial progress.

In the past few years of competition, the field of visual recognition has formed the AI ​​four dragons pattern, but a small track is difficult to support 4 companies with a valuation of several billion or even tens of billions of dollars. According to data from the Foresight Industry Research Institute, in 2019, the size of China's machine vision market is 6.55 billion yuan. Next, the competitive landscape in the AI ​​field will usher in new changes. Who will be out, who will be acquired, and who can win-take-all? As the AI ​​company with the highest valuation, SenseTime faces the greatest opportunity, and perhaps the greatest pressure that comes with it.

Boston Dynamics, the world's leading robotics company, changes ownership again? Proposed to be sold to Hyundai by SoftBank for $1 billion

 Sun Zhengyi couldn't wait.

At the end of 2017, a video of robots imitating the actions of gymnasts against the sky was popular on the Internet. In the video, a robot jumps on a platform half a meter high, then turns around and somersaults to the ground steadily, comparable to an all-around athlete.

This is the biped robot Atlas of the robot company Boston Dynamics, and the company’s robots that have super-strong motion control and hardware performance levels and become industry benchmarks include the Big Dog, the quadruped robot Spot, and the wheeled robot Handle. .

Six months before the video was released, Boston Dynamics was bought by SoftBank and became an important part of Sun Zhengyi's commercial map. Sun Zhengyi believes that robots, artificial intelligence, and the Internet of Things will be major technologies that will change the future of mankind. The number of robots in the future society will greatly exceed that of humans. But this time, the far-sighted Sun Zhengyi obviously failed to wait for the robot to become an indispensable part of human life, and intentionally sold it only three years after buying Boston Dynamics.

According to Bloomberg News , SoftBank is negotiating to sell Boston Dynamics to South Korean Hyundai Motor Company. People familiar with the matter said that the transaction value is as high as 1 billion US dollars, but the relevant terms have not been finalized, and there is no guarantee that the transaction will proceed smoothly.

Obviously, this is not the first time Boston Dynamics has been changed hands. In 1992, Marc Raibert, a professor at Carnegie Mellon University and Massachusetts Institute of Technology, founded Boston Dynamics. In 2013, Google's parent company Alphabet acquired the company for $3 billion and sold it in 2017.

Although it has anti-sky technology and every product debut will cause a sensation, commercialization has always been a problem for Boston Dynamics. From the current market situation, wheeled, crawler robots and fixed robots still occupy an absolute position in the market. Boston Dynamics is good at foot robots, which are beautiful and fun but not useful. Although some products have been tried to be applied in the military field, the effect is not satisfactory.

Since the acquisition of Boston Dynamics, SoftBank has been determined to accelerate its commercialization process. It is looking forward to this Internet celebrity robot company to reshape the industry. At present, logistics may be the best way out for Boston Dynamics, but SoftBank has no patience. And this year, affected by the epidemic, SoftBank's financial situation is not well-off. Two months ago, it sold ARM to Nvidia for $40 billion.

Representatives of Boston Dynamics, Hyundai and SoftBank declined to comment on this transaction negotiation. Hyundai Motor said in an e-mail statement, "It is constantly exploring various investment and cooperation opportunities." Boston Dynamics said, "(Our work) can continue to stimulate the interest of partners and allow them to establish deeper business partnerships with the company. ..."

Hyundai is good at manufacturing highly practical industrial robots suitable for factory use. In the past year, Hyundai Motor has shown a strong interest in autonomous driving technology and robotics. In October last year, Hyundai Motor invested US$2 billion to form a joint venture Motional with autonomous driving technology company Aptiv . The goal is to develop L4 or L5 autonomous driving by 2022 .

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