May 17 2019
China’s Dragonfly Eye Facial Recognition Can Identify People in Seconds, to Expand Globally
In China, facial recognition technology — biometric computer applications that automatically identify an individual from a database of digital images…
In China, facial recognition technology — biometric computer applications that automatically identify an individual from a database of digital images — is a part of daily life.
Already about 200 million surveillance cameras are scattered around the country — to track big spenders in luxury retail stores, catch identity thieves, prevent violent crime, find fugitives, catch sleeping students in the classroom and even snag jaywalkers. In fact, nearly every one of its 1.4 billion citizens is in China’s facial recognition database.
AI companies believe surveillance and face recognition technology will make the country safer, and in the U.S. the tools are increasingly being used with law-enforcement agencies. But civil liberties advocates believe the issues of error and privacy may outweigh the security value.
Nevertheless, China has been plenty vocal about its plans to be the global leader in artificial intelligence by 2030, a market where the facial recognition piece alone is expected to garner $9.6 billion by 2022, according to Allied Market Research.
One of the companies making huge strides in this space is Shanghai-based YITU Technology, which has gained wide recognition for its Dragonfly Eye System, a facial scanning platform that can identify a person from a database of at least 2 billion people in a matter of seconds.
Ranked No. 20 on CNBC’s 2019 Disruptor 50 list, YITU has raised more than $400 million from investors, such as China Industrial Asset Management, ICBC International Holdings and Sequoia Capital, and is currently valued at $2 billion. The security surveillance market is $120 billion in China alone, and the company now wants to export its product globally. (Read More)