Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.
Earlier this year, Megvii completed a $750 million funding round, reportedly putting its valuation north of $4 billion. Its closest rival, Sensetime, has a valuation at over $4.5 billion., and both companies are benefitting from that as the technology has been deployed in cities across China. The Chinese government is one of its key customers.
However, losses have continued to widen. Megvii made a loss of 3.35 billion yuan in 2018, compared to 758.8 million in 2017. In the first six months of this year alone, the company lost 5.2 billion yuan — more than the amount it lost throughout 2018. Megvii attributed this to continued investment in research and development.Megvii outlined a number of risks for its business, from ballooning research and development costs to negative publicity relating to facial recognition technology.
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