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Business
Megvii plans RMB 2 bln investment into robotics
CKN
2019/01/22 08:49:07
2,563
Megvii  ,  China

Jan 22, 2019 (China Knowledge) - Chinese artificial intelligence firm Megvii has announced plans to invest RMB 2 billion towards the commercialization of robotics after unveiling a system called “Hetu”. The new system launched by the company can be used to increase efficiency in the logistics sector.

The company aims to connect more than 1 billion robots through its system over the next 5 years. The huge investment of RMB 2 billion is said to show the company’s commitment towards this cause.

Megvii, which is also back by e-commerce titan Alibaba Group, have plans to diversify its business area. Therefore, it hopes to divert away from its core competency in facial recognition technology and focus on supply chain management and digital transformation.

The company has already seen its facial recognition technologies being used in areas such as smartphones, retail and governments. At the same time, its Hetu system is reportedly being currently used by Tmall’s warehouses to coordinate warehouse robots to boost efficiency by 40%.

The decision by Megvii to venture into robotics comes after its acquisition of Beijing Ares Robot Technology last year in April, signaling the first entry by the company into the robotics industry.

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