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IFEZ seeks to attract Sensetime, China's leading AI startup

According to Yonhap News,

(INCHEON=Yonhap News) Incheon Free Economic Zone (IFEZ) is to attract Chinese unicorn Sensetime, the biggest AI company.

IFEZ announced on February 18 that it signed an MOU with Sensetime at G-Tower, Songdo on February 15.

The MOU signed by IFEZ, Sensetime, and Yonsei University is to establish a Global AI Association in Songdo International City, establish AI School in Yonsei International Campus, and establish a Future Urban Research Center.

By actively pursing collaboration with Sensetime and Yonsei University, IFEZ seeks to create a new growth engine in Songdo International City, generate jobs for young people, and facilitate local economy.

Sensetime, founded by Xiao’ou Tang, a professor at the Chinese University of Hong Kong (CUHK) and several co-founders in October 2004, has grown into world's most valuable AI unicorn, driven by its facial recognition technology with 99 percent accuracy.

It has over 700 clients across the world, including Chinese Police and owns about 400 AI-related patents.

It received USD 600 million investment from Alibaba, and USD1 billion from Softbank, raising its value to about USD 6 billion (approx. KRW 6.7 trillion).

An official from IFEZ said "we will lead the strategic implementation of domestic AI R&D by attracting enterprises possessing core technologies of the 4th Industrial Revolution".

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Source Text

Source: Yonhap News (February 18, 2019)

** This article was translated from Korean.

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