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BEIJING (Reuters) – Lost Chinese AI firm SenseTime Group said on Tuesday it had completed a major organizational restructuring aimed at advancing AI technology.
The Hong Kong-based company, which previously focused on computer science and analytics technologies, has helped its transition into AI output by following the industry’s growth spurt with OpenAI’s ChatGPT.
SenseTime was one of the hottest AI companies in China but has lagged behind its competitors in the AI boom. Its shares are down 61% from their value three years ago.
The company aims to develop artificial intelligence (AI) for its core business to improve growth, profitability and financial stability, it said in a filing to the Hong Kong stock exchange.
The restructuring comes as SenseTime’s computer business is in decline, with its “AI” division down 50.6% in the first half of this year. The company has yet to turn a profit since its inception a decade ago.
SenseTime launched its main programming language, SenseNova, in early 2023, saying it can match OpenAI’s latest version of GPT.
In 2021, the United States placed SenseTime on an export control list saying it had developed facial recognition software used to suppress Uyghur Muslims. The company said at the time that the lawsuit was unfounded and legal.
SenseTime’s restructuring creates multiple business units, with separate CEOs, including smart cars, home robots, healthcare, and smart commerce, the company said in a filing.
