"the focus of commercialization is on smart life and smart health care."

This article is for IPO to know the original.

Author | Stone Jin

According to IPO, Yunzhisheng Intelligent Technology Co., Ltd. (hereinafter referred to as "Yunzhisheng") formally submitted a prospectus to the Hong Kong Stock Exchange on June 27th, 2023, with China International Capital Corporation and Haitong International as co-sponsors.

Founded in 2012, Yunzhisheng is one of the first companies in Asia to apply deep neural network algorithms to speech recognition products and launch a commercial cloud speech recognition engine based on deep learning.

Since 2016, Yunzhisheng has built an artificial intelligence technology system for large-scale business applications, including an Atlas artificial intelligence basic platform that supports expanding artificial intelligence model training and optimization, and an enhanced knowledge graph platform focused on the artificial intelligence model industry, and provides it with professional knowledge.

Shortly after the breakthroughs of Transformer in 2017 and BERT in 2018, Yunzhisheng used its R & D expertise in interactive AI and the market insight gained since its inception to launch its first UniCore and related AI solutions based on BERT language model to more customers in vertical industries. In early 2019, Yun Zhisheng upgraded BERT to improve its cognitive ability, adopted relevant capabilities in the medical knowledge graph of medical record quality control products, and gradually completed the transition from providing a single product solution to an industry-wide solution.

In 2022, Yun Zhisheng began to explore the innovative application of generative pre-training big language model; in May this year, Yun Zhisheng released its own generative pre-training mountain and sea model, which greatly enhanced its ability on the basis of UniCore and adopted it in intelligent medicine and intelligent life products.

At present, Yunzhi brain, the key technology platform of Yunzhisheng, includes its own mountain and sea language model and various AI components-among which the mountain and sea model is the core of Yunzhi brain, which has more than 60 billion parameters.

It is worth noting that in terms of commercialization, Yunzhisheng has strategically focused on the smart life and smart medical industry, which entered the smart home vertical industry through cooperation with Gree in 2016. In the same year, Yun Zhisheng cooperated with Peking Union Medical College Hospital to launch voice electronic medical records for the hospital. As of December 31, 2022, Yunzhisheng's solution has been applied to medical, home, commercial space, hotel, transportation and other industries. In 2022, Yunzhisheng's solution serves 538 customers.

Specifically, in the field of smart life, Yunzhisheng provides AI products and solutions for smart housing, commercial space, hotels, transportation and other intelligent life scenes. With the enabling of AI solutions, enterprises can provide customers with immersive intelligent products and services, improve operational efficiency and service quality, and reduce management costs.

In 2022, Yun Zhisheng's smart life solution has provided support to 373 customers. In addition, Cloud Zhisheng provides AI large language modeling capabilities to developers and enterprises on demand through MaaS. The main products include public cloud-based AI capability API, customized own AI technology service platform, AI model embedded chips and Internet of things hardware modules. In 2022, the monthly usage peak of external users of Yunzhisheng's AI capability is 916 million. In the same year, Yunzhisheng sold 12.8 million AI chips to developers and customers.

In the field of smart medicine, Yunzhisheng provides AI-enabled medical solutions such as medical record voice input, medical record quality control, single disease quality control and medical insurance payment management, which can not only help medical staff improve efficiency, but also standardize medical service process and decision-making, so as to reduce medical errors, improve medical service quality and protect patients' rights and interests. At the same time, such AI solutions also help prevent unreasonable health care spending, support health care reform, and improve the utilization and efficiency of health insurance. In 2022, Yunzhisheng provides AI solutions to 165 customers.

According to Frost Sullivan, Yunzhisheng is the fourth largest AI solution provider in China in terms of revenue in 2022 and has the fastest growth among enterprises with annual revenue of more than 500m yuan.

Financial data. From 2020 to 2022, Yunzhisheng's revenue was 261 million yuan, 456 million yuan and 601 million yuan respectively, with a compound annual growth rate of 51.7 percent, and gross profits were 89 million yuan, 145 million yuan and 240 million yuan respectively, with a compound annual growth rate of 63.9 percent.

Since its establishment, Yun Zhisheng has received investment from QiMing Venture Partners, Trustbridge Partners, Pangu Venture Capital, China net Investment, JD.com, CLP Health Fund, China Capital, 360, Qualcomm Inc and other well-known institutions.

Prior to IPO, QiMing Venture Partners held a 9.41 per cent stake in Yunzhisheng, making him the largest institutional investor.

Yun Zhisheng said in the prospectus that the net funds raised by IPO will be mainly used to improve R & D capabilities; invest in emerging business opportunities and improve the adoption and penetration of products in the industry vertical and scenarios; international expansion and strategic cooperation; and for working capital and general corporate purposes.

Source of this article: IPO knew