Chinese AI firm Xiao-I, a company that recently completed a successful IPO, generating an impressive sum of US$39 million, has set an ambitious goal of global expansion. The company aims to achieve up to half of its total revenue through international sales.
Xiao-I, the brainchild of Yuan Hui, has made remarkable strides since its inception two decades ago when it introduced its first chatbot. Over time, this Shanghai-based company has witnessed significant growth, currently boasting a valuation of over US$400 million and earning its place on the prestigious Nasdaq stock exchange, thanks to the ongoing ChatGPT fever. The company is backed by Alibaba Group Holding.
Looking ahead, Xiao-I is now determined to extend its reach across the global market, signaling its ambitious plans for expansion. As the chairman and chief executive of Xiao-I, Yuan Hui has been the driving force behind the company’s success.
Yuan Hui’s motivation to develop a chatbot dates back to the tumultuous times of 2003 when China grappled with the outbreak of severe acute respiratory syndrome (SARS). It was during this period that Yuan recognized the potential of chatbot technology in providing efficient and reliable information to users. This realization spurred the company to release its first chatbot in January 2004, which swiftly gained popularity among users.
In the early months of 2004, Xiao-I introduced what they proudly proclaimed as the first-ever chatbot in the world. This groundbreaking creation was accessible through popular messengers like MSN and QQ, captivating a significant number of users and enjoying widespread popularity.
Xiao-I’s innovative chatbot was so impressive that by 2007, Microsoft’s MSN recognized Xiao-I as its exclusive partner in the field of robotics. The recognition from such a prominent industry player further validated Xiao-I’s pioneering position.
The success story of Xiao-I continued to unfold, as, by 2008, their products had amassed an impressive user base surpassing 100 million worldwide. Xiao-I has successfully served over 1,000 business clients spanning more than 50 industries. While primarily focusing on mainland China, these clients include major players such as the country’s prominent telecoms network operators, leading commercial banks, and renowned tech giants like JD.com and Huawei Technologies Co.
According to Xiao-I’s IPO prospectus, the company demonstrated substantial growth in 2021, reporting a revenue of US$32.5 million. This marked a remarkable increase of nearly 135% compared to the previous year, showcasing Xiao-I’s ability to capture new business opportunities and deliver value to its clients. In addition to impressive revenue growth, Xiao-I managed to achieve a net profit of US$3.4 million in 2021. This turnaround in profitability is significant, considering the net loss of US$7.1 million recorded in the previous year.
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