Known as one of the world's most prominent AI unicorns, Xu Li, the founder of Shangtang Technology, recently visited Taiwan to attend the "AI4IA Application Exhibition and Trend Forum." His participation was driven by both a desire to share insights on the future of artificial intelligence and a strong interest in expanding into the Taiwanese market. Shangtang Technology is currently planning to introduce its visual identity solutions to Taiwan this year, with a focus on sectors like finance and retail.
Shangtang has been making waves globally, even if its name may not be widely known in Taiwan. As AI development accelerates, the company has grown at an impressive pace. In late 2023, it successfully closed its C-round funding round, securing $500 million from major investors such as Qualcomm and Alibaba, setting a new benchmark for AI unicorn financing.
The company’s rapid growth began with its A and B rounds, where it raised $120 million and $410 million respectively—both records in the AI industry. With the addition of top-tier investors in the C round, Shangtang has become a highly sought-after investment opportunity, now recognized as the largest AI unicorn in mainland China, with an estimated valuation exceeding RMB 10 billion.
Shangtang is particularly renowned for its cutting-edge facial recognition technology, which has earned numerous global patents. Despite being only three years old, the company has already secured partnerships with over 400 large enterprises, including Xiaomi, Huawei, and JD.com. Even the Chinese Ministry of Public Security has adopted Shangtang’s technology for security monitoring applications.
The company’s visual identity solutions have a wide range of applications, from urban security and smartphone integration to autonomous driving, healthcare, transportation, retail, and hospitality. For instance, Walmart in China has significantly reduced theft losses—over RMB 3 million annually—by implementing Shangtang’s face recognition systems in its stores.
In addition, with the massive population and high tourist traffic in mainland China, large transportation hubs often experience extreme congestion, similar to New Year’s Eve crowds. To address this, some local stations have introduced facial recognition at entry and exit points, allowing passengers to pass through in under two seconds. This has reduced manual ticket verification costs by more than 75%.
A key factor behind Shangtang’s rapid rise is the mainland’s aggressive AI strategy. The government has invested heavily in AI, including a $2.1 billion national AI park in Beijing, with a goal of achieving world-class leadership in AI by 2030.
During his recent appearance at the "AI4IA Application Exhibition and Trend Forum," Xu Li shared his vision for the future of AI. He emphasized that although many tech giants remain skeptical, AI still lacks the ability to control humans and should instead be seen as a powerful tool for boosting productivity.
Xu Li also highlighted that the next decade’s biggest AI breakthrough will likely be in replacing labor-intensive industries. By 2035, he predicts a 40% increase in global labor productivity. Looking ahead, Shangtang plans to continue leveraging its core deep learning technologies to support various industries, favoring collaboration over competition within the AI ecosystem.
To further drive AI innovation, Shangtang aims to seek top global partners. During his visit, Xu Li expressed particular interest in the Taiwan market and hopes to collaborate with local companies to bring its visual identification technology to the region. The company expects to expand into financial and retail sectors in Taiwan this year, aiming to attract more corporate clients.
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