China Money Network Limited, the go-to source of Chinese smart investments and tech innovation news for millions of global investors, today launches the China Top 10 AI Ranking to highlight the country’s finest artificial intelligence companies.
China’s best artificial intelligence companies are engaged in a variety of industries including image recognition, voice recognition, robotics and healthcare. These companies, backed with billions of venture capital and staffed by an army of research staff, have a real chance to rival U.S. technology leadership if they continue to invest in research and development.
“There has never been a more exciting time in China’s technology sector, and we are launching the China Top 10 AI Ranking to capture those emerging technology giants that may potentially reshaping our future,” said Nina Xiang, executive editor and co-founder of China Money Network. “Hundreds of millions of people in China have used tools and functions facilitated by these tech unicorns, and their impact will only grow rapidly in the coming years.”
Chinese authors already pen more academic papers on deep learning, a key AI category, than writers in the U.S. By Sinovation’s estimates, around 43% of the most influential AI papers, taking up 55.8% of total quotations in the field, were authored by Chinese nationals or people of Chinese descent.
Venture funding in AI companies has exploded. In the 12 months ending June 30, 2016, 202 Chinese AI start-ups raised around RMB6.8 billion (US$1 billion) in total, a record high. The number of AI companies receiving venture funding and their aggregate venture financing during 2015 and 2016 outstripped both aggregate deal volume and deal value for all previous years combined, according to a research report co-authored by Netease. In comparison, over 550 startups using AI as a core part of their products raised US$5 billion in venture funding globally in 2016, according to data from CB Insights.
The China Top 10 AI Ranking is based on a simple metric: Total venture financing raised and revealed by each company. The quality of the investors in terms of their track record, performance and industry reputation are also considered. Government capital is not included as it may not be purely commercially driven. Only private companies are included. Those affiliated with publicly listed companies are excluded as well.
The final top ten list includes three voice recognition companies and two facial recognition companies, indicating strong demand by Chinese companies from refrigerator makers to smartphone manufacturers eager to incorporate these functions into their products. Three companies are robotics firms, as China’s strong manufacturing capabilities make the country an ideal place for making consumer-facing family robots. One company is in the healthcare sector while another provides AI-enabled marketing services.
(Source: China Retail News)