Lead: The investment in artificial intelligence is very difficult to invest. Our investment strategy is to regard artificial intelligence as a manufacturing-related field.
[Ai Rui Net Live] On August 30, 2017, the 2017 Eric (Shenzhen) Annual Summit hosted by iResearch Group was held at the St. Regis Shenzhen.
With the rapid development of the Internet era, the business model is constantly iterating rapidly, and it is more important to base on the fundamental and the way of thinking at the source. The theme of this summit is to focus on “original intelligenceâ€, “artificial intelligenceâ€, “big dataâ€, “innovative marketing†and other industry hotspots, bringing together industry leaders and big coffee to explore the Internet together. The direction of the line!
The following is a speech by Cheng Weihe, founder and chairman of Tongchuang Weiye, entitled “The Venture Capital Opportunity Behind Artificial Intelligenceâ€.
Zheng Weihe, founder and chairman of Tongchuang Weiye
Zheng Weihe: Recently, Sun Zhengyi of Softbank mentioned in his speech that the arrival of the era of artificial intelligence made him feel that sleep is superfluous.
This year at the China Digital Summit Forum, Ma Yun, Ma Huateng and Li Yanhong conducted a lot of discussions on artificial intelligence.
Some opinions of Ma Yun are recognized. He holds a very neutral view on artificial intelligence. He thinks that from the perspective of physical fitness, cars have already run faster than people. Computers are faster than human brains. Alpha. The dog won the human race, but it was created by humans after all. So from this point of view, the ability of the machine to exceed the human intelligence and physical fitness is very normal.
Can artificial intelligence defeat humanity? This topic is a false proposition, but artificial intelligence has indeed created many myths in the field of investment.
Nowadays, the most prominent representative enterprise of artificial intelligence in the world, it should be said that NVIDIA (NASDAQ: NVDA) has a market value of about 100 billion US dollars, but the price-earnings ratio is only 50 times.
The most representative company of artificial intelligence in China is Keda Xunfei (002230), with a price-to-earnings ratio of 200-300 times and a market value of 800 to 90 billion in the first two days. A vice president of Cheung Kong Graduate School of Business analyzed its earnings. Last year, the sales amounted to 3.3 billion, and the profit was 497 million, of which the government subsidized 180 million, the investment income was more than 100 million, and the real actual profit was more than 200 million.
This is the difference between Chinese artificial intelligence and the world's artificial intelligence, including I have also invested in a VR company, recently took 270 million orders, and of course the world's largest VR order.
Yesterday, I and a friend exchanged views with the Chinese representative of Japan’s Softbank’s $100 billion Vision Fund. He participated in the acquisition of ARM. He asked the company: What is your gross profit? The company said it reached 30%. He said that ARM's net profit margin is 97%. This comparison is very surprising. This is the difference between China's top artificial intelligence and the world's top artificial intelligence companies. From another perspective, this is actually our investment opportunity.
Today, I mainly want to share with you my observations and insights about the market.
The most popular artificial intelligence company in China's current venture capital field is Shangtang Technology. Many years ago, I knew that he was engaged in artificial intelligence, but when Shangtang Technology’s equity was valued at about $1 billion, it was only a financing, diluted less than 10%, and most people voted for it. The value is more than 1 billion US dollars, the company's valuation is the highest.
Tsinghua and Silicon Valley have five or six hundred top doctors in the world working for Shang Tang. At present, Shangtang Technology mainly performs image recognition. Now many artificial intelligence companies have business dealings with two security companies in Zhejiang, one is Haiwei and the other is Dahua. In fact, Haiwei and Dahua mainly do security products, which are actually government needs. At present, many areas of artificial intelligence still remain at the stage of serving government demand.
Of course, artificial intelligence also involves perception, cognition, and feedback. These Mr. Kai-Fu Lee may understand better. He mentioned that China can do three simple ideas of artificial intelligence:
Li Kaifu's three viewpoints
First, there are many Chinese people, and many people who do artificial intelligence are advantages;
Second, Chinese people love to make money, artificial intelligence is the most profitable industry, so Chinese people are good at artificial intelligence;
Third, artificial intelligence is the most extensive in China.
Because of some government investment, the government's needs are the most in artificial intelligence. Unlike the United States, the United States is investing more in drones.
Of course, the Alpha dog thing, I think it is indeed a very big event, but it does have a lot of impact on our lives.
I have invested in a lot of projects related to smart homes more than a decade ago. This project is particularly numerous in Shenzhen. I don't know what a smart home is. When I live in a hotel, I open the curtains with one click. I think this is the biggest artificial intelligence.
My thoughts on artificial intelligence can be discussed from the following aspects.
We like to look at the industry when we invest. I think it might be better to put the artificial intelligence field in our field. Because these fields are considered from a technical point of view, these technical perspectives are a very important model. For example, transportation, the current success of unmanned driving is not a lot, but many people in China do, I think this piece is more burning.
There is also a traditional manufacturing industry, which is the focus of our attention, with special attention to opportunities in traditional manufacturing and high-end manufacturing robots. In my words, I invest in you. From what year can you make a profit, can you give me a timetable of IPO after three years? We think there are more opportunities in high-end manufacturing or security.
Education, law, finance, medical care, these are more optimistic, especially in the medical field, we see that the market value of the recently listed Huada is also surprising to everyone, I am an investor in Huada, I am I didn't think that Huada's market value would reach 50 billion. Including Huada, one founder is Wang Jun. He is engaged in artificial intelligence in the medical field. The initial valuation is about 5 billion yuan.
Investment in artificial intelligence is very difficult, either expensive or not. Of course, our investment strategy is that we may regard artificial intelligence as a manufacturing-related field, and our current layout strategy is not in the financial sector.
In the field of writing, this year we are optimistic about a project with Dachen, a team in Canada is also doing it, and finally did not vote for it. Many similar projects are now related to overseas scientists. In fact, they are not too far in the country. In fact, in this concept, there are not many good scenes and applications.
I think the field of artificial intelligence is indeed a big trend now, but the whole project valuation is relatively high. Many projects are basically 1 billion and 2 billion. This is a relatively cheap project. It is very difficult for us to vote for such a project. Starting.
Second, in the process of doing this, we invested in a project like Shangtang Technology. We are the angels of the investment, which is Shanghai’s Tulin Technology. It mainly produces automatic image recognition for production and reduces labor. From this point of view, commercial landing is better.
We especially value the ability to commercialize. Because we have created more than 300 companies in the same industry, there are many listed company resources in this area, especially manufacturing enterprises, their demand for artificial intelligence is particularly large, I think this is a relatively important breakthrough area.
Of course, I mentioned two important points: one is the government-related needs, and the other is the demand related to the B-end.
On the whole, I think artificial intelligence is such a big opportunity. There are tens of thousands of new three board listed companies. We also inspected the company that is doing artificial intelligence. For now, China is still in the growth stage, yet To a relatively mature stage.
We say that NVIDIA, or ARM, is a world-class high-tech company that is often in the field of segmentation - high-tech chips have applications or breakthroughs. The valuation of $10 billion is the threshold for the success of artificial intelligence companies. It is hoped that China's representative enterprises such as Shangtang Technology and Tulin Technology will achieve this goal as soon as possible. I will express these views above.
thank you all!
(This article is the original original manuscript reprinted by iResearch, please indicate the source)
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