Chinese tech veterans jump into AI start-ups amid ChatGPT frenzy
- Meituan co-founder Wang Huiwei was among the first Chinese tech veterans to jump in, announcing in February AI start-up Guangnian Zhiwai to rival OpenAI
- However, start-ups face many challenges in developing generative AI services when compared to Big Tech firms like Baidu and Alibaba, according to analysts
China’s experienced technology entrepreneurs are rushing into artificial intelligence (AI) start-ups to ride the wave of ChatGPT, hoping to become a major force in the country’s quest to match US leadership on generative AI.
As China’s Big Tech firms – from search engine Baidu to e-commerce giant and Post-owner Alibaba Group Holding – go public with their ambitions to provide services similar to ChatGPT from OpenAI, entrepreneurs including co-founders of Meituan and Sogou are also jumping on the bandwagon.
Wang Huiwei, who “retired” from Meituan in 2020, was among the first Chinese tech veterans to jump in with a February announcement that he was launching AI start-up Guangnian Zhiwai to rival OpenAI. The Chinese start-up is currently valued at US$1 billion.
Wang Xiaochun, founder and ex-CEO of Sogou, a local search engine that once rivalled Baidu, launched a venture in generative AI technologies, taking advantage of his experience in deep learning.
Lee Kai-Fu, the former head of Google China who later co-founded Sinovation Ventures, one of the earliest venture capital funds in China with a heavy emphasis on AI, is the latest high-profile tech veteran to take part in the Chinese ChatGPT frenzy. Lee, 61, said in a private WeChat post in mid-March that he was “personally helping prep for the launch of Project AI 2.0, a global company that aims to produce AI-first productivity tools,” according to local media Yicai.