By South China Morning Post | Created at 2024-11-27 09:11:25 | Updated at 2024-11-27 11:41:17
2 hours ago
The founder of Beijing-based artificial intelligence (AI)-based image recognition firm DeepGlint has stepped down as general manager, as the company grapples with widening losses this year amid fresh competition from generative AI firms.
Zhao Yong is stepping back from day-to-day operations but retains his role as chairman, according to a corporate filing from the Shanghai-listed company. The 45-year-old entrepreneur holds a 17.55 per cent stake in the company. Before founding DeepGlint in 2013, he worked for Google after receiving a doctorate from Brown University in the US.
Wu Yizhou, who joined the company earlier this year as an assistant general manager, has taken over as general manager, according to the filing.
The reshuffling at DeepGlint, known as the first AI stock on the Shanghai Stock Exchange STAR Market, came after the company reported that losses for the year through September reached 136 million yuan (US$18.8 million), exceeding the 90 million yuan in losses for all of 2023.
The company’s computer vision technology has been losing its edge to a new breed of generative AI (GenAI). Its shares fell to 15.72 yuan by midday trading on Wednesday [update with EOD figure], nearly half of its 39.49 yuan listing price in March 2022.
