Shenzhen-based AI technology company SenseTime Group has reported a remarkable surge in revenue from its generative AI business, which has overtaken traditional AI for the first time. According to the latest financial report, SenseTime’s total revenue reached 1.74 billion yuan (approximately $250 million) in the first half of 2024, marking a 21% year-on-year increase. The company’s generative AI revenue surged by an impressive 256%, reaching nearly 1.1 billion yuan, accounting for 60% of the total revenue.
Key Highlights of SenseTime’s Mid-Year Performance
Revenue Growth: SenseTime’s overall revenue for the first half of 2024 grew by 21% compared to the same period last year. The significant growth in generative AI revenue can be attributed to the strong demand for large models and intelligent computing services in the Chinese market, as well as the rapid improvement in the SenseNova large model’s capabilities and the decline in inference costs.
Market Position: SenseTime’s generative AI business, which includes the SenseNova large model and other related solutions, has become the company’s leading business, contributing 60% of the total revenue. According to recent market share reports by IDC, SenseTime’s large model platform and applications rank second in the industry with a 16% market share, while its intelligent computing services hold the third position with a 15.4% market share.
Smart Driving: In the smart driving field, SenseTime’s Jueying intelligent vehicle business revenue doubled, with deliveries reaching 2.6 million vehicles. The company has participated in multiple overseas projects for Chinese car manufacturers and has gained increasing international influence. The end-to-end autonomous driving solution UniAD has completed real-vehicle testing under high difficulty conditions, showcasing its strong intelligent driving capabilities.
Product Development: SenseTime has launched the 5.5 version of SenseNova, which has seen its comprehensive capabilities improve by about 30% compared to the 5.0 version. The multi-modal capabilities of SenseNova have been significantly enhanced, providing a real-time interactive experience comparable to GPT-4o. The overall call volume of SenseNova has increased by 400%, with user numbers and average call sizes both experiencing significant growth.
Social Responsibility: SenseTime is committed to practicing green development and using AI technology to build a sustainable future. The company has taken multiple measures to improve the energy efficiency of its intelligent computing services. In the field of intelligent healthcare, SenseTime has launched nearly 40 AI medical applications, assisting over 10 million people in disease screening and diagnosis treatment. The company has also been recognized internationally for its efforts in using AI technology to achieve sustainable development goals.
Future Outlook
SenseTime’s executive chairman and CEO, Dr. Li Zhi, expressed optimism about the future of generative AI. The generative AI sector is entering a golden period of development, and we are well-positioned for the next wave of growth, he said. SenseTime’s core advantage lies in the deep synergy between ‘large-scale infrastructure’ and ‘large models,’ enabling us to build world-class large models. With unique advantages in native multi-modal, video stream natural interaction, and low-cost model inference architecture, we are able to stand out in the fierce market competition.
SenseTime is poised to continue its strong growth trajectory in the generative AI sector, leveraging its cutting-edge technologies and innovative solutions to meet the evolving demands of the market.
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