What happened: The facial recognition algorithm solutions offered by Chinese AI startups took the top five spots in the leaderboard for Facial Recognition Vendor Test (FRVT) organized by the US National Institute of Standards and Technology (NIST). YITU Technology’s algorithm is ranked first place by achieving over 99% accuracy rate, followed by another algorithm submitted by the company in June. SenseTime took the 3rd and 4th place. Shenzhen Institute of Advanced Technology and Megvii took the 5th and 8th spot in the leaderboard.
Why it’s important: The benchmark results of FRVT are recognized as the golden standards of the global security industry in practice and serve as the official guideline for U.S. government purchases. The news shows that Chinese startups are taking a leading role in the AI-powered facial recognition industry. The technology has been applied in a variety of areas such as security, payment, and entertainment. Market leaders like YITU, SenseTime, and Megvii have been raised to unicorn status thanks to the market boom.