Yitu banks on AI growth

Yitu Technology seeks to expand its artificial intelligence services into the medical and finance industries, the Shanghai-based startup said yesterday.

Zhu Long, chief executive and co-founder of Yitu, said the AI market demand of the medical industry will be at least 10 times bigger than that of the security industry.

Yitu, which is tapping facial recognition technology as one of the hottest sectors of AI, offers portrait comparison system for the public security bureaus in 20 provincial areas across China as well as customs.

Yitu has offered AI services for ATMs of banks like China Merchants Bank, and also used AI to help radiologists “read” X-rays in several hospitals.

China’s blueprint envisages the value of its AI sectors to exceed 150 billion yuan (US$23 billion) by 2020 and 400 billion yuan by 2025, the State Council said recently.