HONG KONG, Aug. 24, 2021 (GLOBE NEWSWIRE) — Recently, TickerWin, the leading market research firm, has released a research report “VIYI Algorithms and Venus Merged SPAC Listing, Explaining Several Highlights in Detail”. On June 10, 2021, VIYI Algorithms, Inc. (“VIYI Algo”), a Cayman Islands exempted company operating in China announced that it would go public through a merger with Venus Acquisition Corporation, a special purpose Acquisition Company (SPAC). In connection with the transaction, VIYI algorithms is valued at $400 million. Upon completion of the transaction, Venus will be renamed MicroAlgo Inc. The listing merger will be completed in the third quarter of 2021.
Public Information display, VIYI is dedicated to the development and application of bespoke central processing algorithms. VIYI provides comprehensive solutions to customers by integrating central processing algorithms with software or hardware, or both, thereby helping them to increase the number of customers, improve end-user satisfaction, achieve direct cost savings, reduce power consumption, and achieve technical goals. The range of VIYI’s services includes algorithm optimization, accelerating computing power without the need for hardware upgrades, lightweight data processing, and data intelligence services. VIYI’s ability to efficiently deliver software and hardware optimization to customers through bespoke central processing algorithms serves as a driving force for VIYI’s long-term development.
Leading bespoke central processing algorithm service provider in China enjoying first-mover advantages and rapid revenue growth
VIYI ranks as one of the top five Chinese companies for central processing algorithm services. According to the CIC Report, as of 2020, VIYI has captured 5% of the market share for central processing algorithm services provided to internet advertisement and online gaming acceleration industries.
VIYI is ideally positioned to grow its revenue quickly as a leading central processing algorithm service provider in China. According to the CIC Report, VIYI is the only company amongst its competitors to provide central processing algorithm service solutions in both internet advertisement and online game acceleration industries. As a result, since 2017, VIYI’s revenue growth has been increasing on a cumulative basis, specifically, VIYI has achieved a year-on-year revenue growth rate of 31.9% in 2018, 52.6% in 2019, and 176.8% in 2020.
VIYI derives its revenue primarily from (i) central processing algorithms services for the internet advertisement and internet gaming industries and (ii) intelligent chips and services, including software development.
VIYI’s revenue from central processing algorithms for the year ended December 31, 2020 was RMB 307.8 million, which represents an increase of RMB 196.6 million, or 176.8%, from VIYI’s total revenues of RMB 111.2 million for the year ended December 31, 2019. VIYI’s gross profit for the year ended December 31, 2020 was RMB 125.2 million, representing an increase of RMB 61.1 million, or 95.3%, from RMB 64.1 million for the year ended December 31, 2019. VIYI’s net income for the year ended December 31, 2020 was RMB 91.5 million, representing an increase of RMB 48.1 million, or 110.7%, from RMB 43.4 million for the year ended December 31, 2019.
Research and Development
As of May 1, 2021, VIYI’s research and development team consisted of 91 full-time staff. The professional background of VIYI’s team members include computer, software, computer graphic processing, data algorithm, and neural networks. VIYI’s research and development team has extensive experience, averaging 5 – 8 years of working experience, and is responsible for the design and development of solutions for VIYI’s central processing algorithms services such as digital graphic lightweight, algorithm, data intelligence, and image synthesis.
VIYI is committed to continuously strengthening and updating VIYI’s information technology infrastructure and other technologies according to VIYI’s annual development plan and based on VIYI’s assessment of market demand. The process of VIYI’s self-development research and development is as follows: (1) research and development personnel raises new ideas for research and development based on the market situation and customers’ needs to complete the investigation report and decision analysis; (2) project approval and formulate product research and development plan; (3) development of product technology; (4) product testing and review; (5) launching of new product; (6) promotion and application of the new product.
Since its inception, VIYI has always attached importance to technology research and development. Intellectual property rights are critical to VIYI’s success and competitiveness. VIYI relies on a combination of trademarks, patents, domain names, copyrights, and employee confidentiality agreements to protect VIYI’s intellectual property rights. As of May 25, 2021, VIYI owned:
• Trademarks: 23 registered trademarks in the PRC;
• Patents: 37 patents in the PRC;
• Layout design of integrated circuit: 18 items in the PRC;
• Domain names: 19 domain names in the PRC;
• Copyrights: 3 works of copyrights in the PRC;
• Software copyrights: 270 works of software copyrights in the PRC;
• Under application: 45 model patents all of which are material to VIYI’s business. Notably, the quantity of intellectual property in VIYI’s possession is the highest out of all VIYI’s competitors, according to the CIC Report.
The PRC government highly values the advancement and industrial development of internet information technology, and the new generation of internet information technology has been levelled up to the national strategy. The market outlook of the central processing algorithm industry is promising. With the gradual maturity of artificial intelligence technology, the in-depth layout of industry giants such as technology and manufacturing industry, and the continuous expansion of application scenarios, there is ample space for the central processing algorithm industry to experience a rapid growth.
In 2019, the State Council issued the 2019 Government Work Report, which mentioned, “to accelerate the development of information industry, deepen the research and development and application of big data and artificial intelligence, cultivate emerging industrial groups such as new generation information technology, high-end equipment, biomedicine, new energy vehicles and new materials, expanding the digital economy.”
In August 2020, the State Council published the Several Policies on Promoting the High Quality Development of the Integrated Circuit Industry and the Software Industry in the New Period, which mentioned that great policy support will be given to the chip and software industry.
TickerWin is a leading market research firm in Hong Kong. They have built a proprietary research platform in the financial markets. TickerWin focuses on emerging growth companies and paradigm shifting companies. TickerWin has a team of professionals with a proven track record in market research reports, industry analysis and financing trend analysis. For more information, please visit: https://tickerwin.com
Terry Chan, Head of Research Dept
TickerWin Market Research
A: 12A, 22/G, Sheung Wan Municipal Services Building, 345 Queen’s Road Central, Hong Kong