AI firm betting on latest smart logistics

Megvii, which is seeking initial public offering listing, expects revenue from its smart logistics business to grow rapidly this year, the AI startup said on Tuesday.

Megvii’s Hetu ecosystem, covering automatic mobile robot (AMR)  and management systems, is showcased at the four-day CeMAT Asia 2020 event which opened in Shanghai on Tuesday. 

Its new AGV MegBot-S800 has “a brain and eyes” to avoid obstacles and recognize products with the latest computer vision functions.

Megvii secured a deal for 140 AMRs with a new energy firm recently and revenue from its business in smart logistics to grow rapidly this year, Cheng Changshun, vice president of Megvii, told Shanghai Daily. 

Founded in 2014, the company is regarded one of the most promising artificial intelligence startups in China, along with firms such as SenseTime and Yitu. 

Last year, it applied for a Hong Kong Stock Exchange IPO and may list in Hong Kong or the Shanghai-based STAR Market.