SenseTime restructures to focus on generative AI
Company’s bold leap into generative AI amidst challenges in traditional sectors.
Chinese AI company SenseTime Group, which has struggled to keep up with rivals in the generative AI sector, announced a major organisational restructuring on Tuesday to shift its focus toward generative AI technologies. The Hong Kong-listed firm, which was once a leader in computer vision and surveillance, has faced a 61% drop in its share price since its IPO three years ago.
As part of its transformation, SenseTime is pivoting to make generative AI its core business, aiming to drive future growth and profitability. This comes as its traditional AI business, especially in computer vision, has seen a significant decline, with revenues from its ‘traditional AI’ segment dropping by more than 50% in the first half of the year.
SenseTime launched its own large language model, SenseNova, in early 2023, positioning it as a competitor to OpenAI’s GPT models. The company’s restructuring involves the creation of several new business units, each with its own CEO, focusing on sectors like smart healthcare, robotics, and smart retail. Despite its challenges, SenseTime continues to push for a shift toward more profitable, cutting-edge AI technologies.
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