Founder of China’s AI Giant SenseTime Dies at 55

Introduction

Tang Xiao'ou, the billionaire founder of China's AI giant SenseTime, passed away on Friday due to undisclosed health issues. SenseTime, a partly state-owned company, announced the death of Professor Tang, who was a renowned artificial intelligence (AI) scientist and director of Pujiang Lab and Shanghai AI Lab. The company did not specify the nature of his illness or whether it was previously known.

SenseTime: A Controversial AI Company

SenseTime, founded in 2014, was once the world's most valuable AI startup. It gained its reputation through direct connections and funding from the Chinese government. The company specializes in developing AI technologies such as facial recognition, object detection, and video and image analysis.

Accusations of Artificial Revenue Inflation

Just weeks before Tang's death, a US-based short-seller called Grizzly Research accused SenseTime of artificially inflating its revenue. The report suggested that the company engaged in questionable revenue round-tripping schemes, where funds were provided to customers who then used them to purchase goods from SenseTime, possibly without receiving the products. SenseTime's stock was significantly affected by these allegations, with a nearly 10% drop and total losses of over 40% this year and over 80% since its IPO.

Tang's Legacy

At the time of his passing, Tang had a net worth of $1.1 billion, solely from his shares in SenseTime. His death is a significant loss for the AI community and the company he founded.

Source: Business Insider

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By: ktangalakislippert@businessinsider.com (Katherine Tangalakis-Lippert)
Title: Founder of China’s AI Giant SenseTime Dies at 55
Sourced From: www.businessinsider.com/tang-xiaoou-billionaire-founder-china-ai-giant-sensetime-died-mysteriously-2023-12
Published Date: Sun, 17 Dec 2023 07:32:32 +0000