China’s WiMi Hologram Cloud has announced a new subsidiary known as VIYI Technology to accelerate the development of AI algorithms and cloud computing services.
VIYI will be led by new CEO Yi Chengwei, who previously served as the CTO of WiMi.
“This is an exciting opportunity for our team to more aggressively unlock value for WiMi by accelerating our development and by more effectively leveraging our existing AI and cloud computing assets and IP, as we move beyond the terminal + cloud model,” said Mr. Yi.
To meet their long-term goal of becoming the global leader in the central processing unit AI algorithms, VIYI Technology will focus on low latency cloud computing and data service growth, supporting a wide range of data-centric applications from gaming, multimedia entertainment, to online and mobile advertising, and PaaS cloud services.
“Having a company laser focused on one set of objectives will give us a considerable advantage as we work to capture a greater share of the rapidly growing AI and cloud computing markets, which will in turn, create added value for our customers, WiMi and our shareholders,” added Mr. Yi.
WiMi believes it will be able to deploy its advanced AI product advertising, gaming platform and support services more broadly and more quickly, as 5G networks continue to be deployed around the world.
At the same time, WiMi will continue to invest in core technologies in the fields of intelligent analysis and processing of large-scale heterogeneous data, as it works to further improve the value and efficiency of its customers’ data.
The company said it will seek to constantly innovate technology breakthroughs to foster deeper connections with industrial chain partners to jointly build a scientific and technological service ecosystem in the field of cloud computing.
This is the second subsidiary WiMi has created in recent months. In August, the company announced the establishment of Lixin Technology, a company that will focus on holographic vision intelligent robots and fabless semiconductor technology.
WiMi also announced the appointment of Shuo Shi as CEO and a Director of the Board, following the resignation of Fanhua Meng for personal reasons on October 16 2020.
Mr. Shuo served as WiMi’s Chief Operating Officer since September 2018.
Following these announcements, WiMi stock was up by almost 13%. WiMi primarily makes money by creating advertising campaigns for its clients and by processing mobile app payments through its middleware software.
Image credit: Reuters