Former Google scientist Li Zhifei, founder and CEO of Mobvoi Information Technology, is up early these days to capitalize on the popularity of generative AI technology in China. Mobvoi is one of many Chinese start-ups that have capitalized on large language models (LLMs) this year, following the success of generative AI technology like ChatGPT. Li compares the popularity of GPT models in China to the way people regarded the internet in China in 2010, believing it to be the next big thing. According to a government research agency, China already has 79 large AI models with over one billion parameters, mostly in language and visual recognition areas. Mobvoi’s Xuliehouzi model has tens of billions of parameters, according to the company, competing with OpenAI’s 175 billion parameter GPT-3.
Mobvoi has applied itself to monetizing its technology in multiple ways over the past 10 years, releasing products like the Mobvoi mobile app, the TicWatch line of smartwatches, and the TicPods line of wireless smart earphones. Recently, it also developed an AI voice dub assistant for content generators. Li believes that the last decade of experimentation has resulted in building blocks that have allowed the company to be where it is today. Mobvoi’s model has been so successful that the company is submitting its IPO plan to the Hong Kong stock exchange this year. According to their prospectus, the company has had increasing revenue, with ¥500.2m in 2021, and the company is currently working with China International Capital Corporation and China Merchants Bank International to raise up to US$300 million in the IPO.
