Shanghai-based Xiao-I Corp Eyes Global Expansion With AI Chatbot
Shanghai-based Xiao-I Corp, which developed the world's first chatbot in 2004, is eyeing global expansion with its new AI chatbot.
The company, which is backed by Alibaba Group Holding, generated US$32.5 million in revenue in 2021 and is looking to expand its foothold in the enterprise market.
Xiao-I's chatbot is powered by a large language model (LLM) which can recognise, summarise, translate, predict and generate text and other content based on knowledge gained from massive data sets. The company believes that LLMs have the potential to revolutionise the way businesses interact with customers.
"I think AI's benefits in reducing costs and improving efficiency in all walks of life may far exceed those in the first three industrial revolutions," said Xiao-I Chairman and chief executive Yuan Hui.
ChatGPT has also significantly raised the expectations of clients, according to Yuan. "In the beginning, customers expected just one question and one answer at a time. Later, they asked for more complex, multi-round interactions," he said. "Now, they expect a chatbot like ChatGPT to provide more natural and complete services based on large AI models."
Xiao-I will launch its own LLM in June, along with "brand new applications". With the IPO proceeds, the company is also looking at international expansion. Yuan aims to have Xiao-I sales outside mainland China account for over 50% of the company's total revenue in the next five years, from about 10% at present.
"The curtains have been drawn: we are standing at the beginning of a golden decade for AI," he said.
Xiao-I Corp is a Shanghai-based AI company that developed the world's first chatbot in 2004.
The company is backed by Alibaba Group Holding and generated US$32.5 million in revenue in 2021.
Xiao-I is eyeing global expansion with its new AI chatbot, which is powered by a large language model (LLM).
LLMs have the potential to revolutionise the way businesses interact with customers.
Xiao-I will launch its own LLM in June and is looking to expand its international sales in the next five years.