Caixin
Jan 17, 2019 06:45 PM
BUSINESS & TECH

AI Unicorn Wades Into Smart Logistics With 2 Billion Yuan ‘River Map’

Megvii operates the world’s largest facial recognition technology platform, with 300,000 clients around the world. Photo: VCG
Megvii operates the world’s largest facial recognition technology platform, with 300,000 clients around the world. Photo: VCG

Not content with being a leader in facial recognition algorithms, Chinese unicorn Megvii Technology has announced it will invest 2 billion yuan ($295.5 million) into developing big-data supply chain systems through its new “River Map” program.

Despite long being known as the world’s factory and having produced e-commerce giants like Alibaba Group Holding Ltd. and JD.com Inc., China’s supply chains are considered bloated and wasteful. Valued by the Chinese Academy of Social Sciences at an estimated 280 trillion yuan last year, they form about 14% of China’s gross domestic product, much more than in developed markets where the sector hovers around 8% to 9%.

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