There are 1,070 artificial intelligence companies in Beijing, accounting for 26% of the total number in China, according to the AI Development White Paper published by the Beijing Municipal Commission of Economy and Information Technology, The Paper reported.
As of May 8, the number of AI enterprises in China hit 4,040, while those with venture capital reached 1,237 — 35% of them based in Beijing.
Zhong Guan Cun, the technology hub in Beijing, has become the AI innovation highland of the country. But more than half of Beijing’s AI firms are still in the initial stage.
At least 29% of them are in A-round, followed by 6.7% in Pre-A round. About 18.5% and 2.7% have received funding from angel investors and seed investors, respectively.
Though Beijing is equipped with academic resources and a strong talent pool, the development of the AI industry still face problems, such as the lack of original innovation capacity when compared to US counterparts.
Also, the lack of high-end chips, key components and high-precision sensors may post a great challenge in the future to the development of the sector, the report says.