FB pixel

Yitu wins Shanghai government contract and considers IPO on city’s new exchange

Yitu wins Shanghai government contract and considers IPO on city’s new exchange

Yitu Technology has reached a deal with municipal authorities in Shanghai as part of a campaign to increase artificial intelligence projects in the city, according to Intelligence Online. The report also suggests that Yitu is considering an initial public offering (IPO) on Shanghai’s new technology stock market.

The Dragonfly Eye facial recognition platform is used by provincial security offices and a number of cities in China, and at Chinese banks and borders, and is also used by police in Malaysia. Yitu opened a London office in 2018 to address the European market, and also recently launched an office and R&D center in Singapore. The company’s rapid growth in China parallels Beijing’s increasing surveillance network buildup as it seeks to monitor its 1.4 billion citizens, according to the report.

Yitu is supported by state players China Industrial Bank and Industrial and Commercial Bank of China (ICBC), as well as U.S. venture capital firm Sequoia Capital.

Right up until its inclusion on the U.S. Entity List last year, barring American companies from working with it, Yitu has continued to post impressive results in NIST testing.

Yitu is valued at $2.4 billion, according to Intelligence Online, and is part of China’s Artificial Intelligence National Team (AINT), a group of tech companies selected by the government to compete with the U.S. in the AI sector. Huawei, Xaiomi, Megvii and Hikvision are also part of AINT.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News


Groups reject expiry date for digital ID cards in Kenya as govt defends move

Some civil society organizations in Kenya say they want an explanation from the government with regard to the institution of…


Idemia forensic software extracts human faces, tattoos for investigative leads

Even when a facial recognition system is integrated within a state or federal investigative agency, human intervention is necessary. In…


Nearly three quarters of U.S. adults worry deepfakes could sway election: Jumio

The hour is ripe for political deepfakes. The U.S. presidential elections are still four months away, and the campaign has…


Controversial US privacy bill rewritten again, but path still unclear

The already controversial American Privacy Rights Act of 2024 (APRA), which was originally introduced in April by U.S. Senate Commerce…


Selective disclosure and zero-knowledge proofs: Examining the latest revision of ETSI TR 119 476

By Sebastian Elfors, Senior Architect at IDnow In July 2024, the European Telecommunications Standards Institute (ETSI) published an updated revision of…


Contractor needed for project to identify civil registration hurdles in Chad

A request for the Expression of Interest (EOI) has been launched for a consultancy firm to identify challenges that stand…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events