A new list of China’s top 50 artificial intelligence companies indicates that the majority of them enjoy the backing of either the government or the country’s incumbent tech giants.
The China AI Top 50 Ranking was unveiled by China Money Network at the World Economic Forum in Tianjin, China on Wednesday.
According to China Money Network founder Nina Xiang the report looked at more than 1,000 companies in the Chinese Ai sector and involved the participation of a broad range of industry experts.
Companies were assessed on the basis of 12 items across five areas, including tech capability, maturity of products, fund-raising, business fundamentals and future potential.
The report revealed that 27 out of the top 50 Chinese AI companies were backed by either government-associated funds or the leading tech giants of Baidu, Alibaba and Tencent.
14 of the companies on the list are unicorns valued at USD$1 billion or more, with a collective value of $40.5 billion.
The report further indicates that around 80% of the top 50 Chinese AI companies have at least completed series B investment rounds, as compared to 81% of companies in the sector as a whole that have just completed series A rounds.
Top investors in China’s leading AI companies include Alibaba, Sequoia Capital China, Sinovation Ventures, Tencent and Zhen Fund.
Companies featuring on the China AI Top 50 List
Quotient Kinematics Machine