A new report indicates that the vast majority of China’s artificial intelligence firms are still struggling to turn a profit.
Iyiou (亿欧公司) released its “2018 China Artificial Intelligence Commercialisation Research Report” (2018中国人工智能商业落地研究报告) at the 2018 Global Smart + New Commerce Summit held in Shanghai from 13 – 15 June.
According to the report companies in China’s AI sector obtained over 50 billion yuan (approx. USD$7.77 billion) in financing in 2017.
The total revenues from AI commercialisation by the 100 leading firms in the sector was less than 10 billion yuan, however, with over 90% of Chinese AI enterprises posting losses.