The Chinese ai series Meituan-liaotechcrunch is set to attract investors and manufacturers from around the world. It is expected that more than 50 of the country’s leading manufacturing companies will ally with it. Considering this, it’s only natural that the Chinese government will encourage this trend. Hopefully, this will encourage more companies to follow in its footsteps and begin to build a new manufacturing model in China.
Investors in the Chinese ai series
China’s AI industry is growing rapidly, and it is attracting attention from US President Donald Trump. The country’s State Council has formulated a three-step plan to help businesses reach their ambitions in the field. This includes the establishment of an ethics council, a set of societal concerns, and a framework for testing AI products. In July, the State Council called on businesses to achieve leadership in the field. It has also announced plans for a national champion of AI technology to drive the development of AI innovation platforms in areas such as medical diagnosis and voice intelligence.
Several companies have already made significant investments in the Chinese AI industry. Sequoia Capital China, for example, invested in 199 Chinese AI startups in 2021, the most of any investor. But it mainly participated in funding rounds at the pre-IPO and Series B and C stages. Although the full amount of its funding rounds is not publicly known, it is likely that the firm’s contributions were relatively modest.
Another major player is GGV Capital, which has funded many of the largest Chinese tech firms. It has invested in companies in various industries, including health care, TMT, and consumer & entertainment. These include Alibaba and XPENG Motors.
Another AI company is Momenta, which recently completed a Series C+ financing round of over 500 million USD. Its leading investors are Toyota, General Motors, and Tencent. Global strategic investors such as Temasek, Mercedes-Benz AG, and Cathay Capital are also on board. Matrix Partners China, an affiliate of the US venture capital firm Matrix Partners, has also stepped up to the plate. Since its founding in 2000, the firm has invested in over 300 U.S. and Chinese companies, as well as in some emerging markets.
Sinovation Ventures is led by Kai-Fu Lee, an artificial intelligence guru. He has been active in the AI industry in China for several years. He has established a presence on the mainland, and he is actively pursuing funding opportunities in the United States. Previously, he had been based in Silicon Valley, but he has decided to open an office in Shanghai, which is where he will continue his work.
Flexiv, meanwhile, is an AI-based robot manufacturing company. The company has already established partnerships with more than 300 manufacturers in China. It has sent over 100 robots to customers in the country. Now, it’s raising money to expand its product portfolio and develop new technologies. Among its most well-known partnerships, it has joined forces with Meituan Liao Techcrunch. After years of testing out robotics technology, the company has established itself as a trusted partner for a number of giant factories in China.
While some Chinese AI start-ups focus on improving clinical outcomes, others are working to transform business models. Investing in the field in China has been largely motivated by the abundance of investment capital and favorable government policies. For example, the government has set a goal for the domestic AI industry to reach $150 billion by 2030.
Plans to ally with more than 50 manufacturing giants from China
China has a long list of things to be proud of, but its AI 100m series plan, which is a mammoth task by China standards, might be the most impressive. The plan, which stretches from now to 2020, includes a number of achievments, including developing a “new generation” of AI theory, technologies and applications, as well as a “big data” strategy to leverage the country’s burgeoning digital savvy. However, despite its burgeoning tech sector, the country has struggled to develop indigenous high-tech suppliers.
This has not stopped the country from making the most of its vast pool of talent and infrastructure. In the past few years, the country has embarked on a series of bold initiatives, including a massive push into life sciences, robotics and healthcare. To spur the best and brightest to converge, Beijing has rolled out a suite of incentives, including an AI prize, a multi-million dollar fund to attract start-ups, and a slew of tax breaks. One of the more exciting aspects of the program is the fact that the government has decided to make its little known tech companies more visible to foreign investors. A hefty dose of bureaucracy notwithstanding, China is making a concerted effort to woo foreigners. As a result, a host of AI aficionados are taking a closer look at China’s tech behemoths.
Although it’s hard to tell whether or not China is on par with the United States in terms of technological prowess, the country is definitely on its way to becoming an industrial powerhouse. Its high-tech sector is set to expand by double digits in the coming years, thanks to a string of major breakthroughs, including a quantum computer, a self-driving car, and an array of autonomous drones. But as of yet, China’s R&D budget is measly, and its indigenous high-tech suppliers are lacking. Thankfully, a little help from international partners will likely go a long way.
Flexiv’s potential to attract key companies from all over the world
Flexiv, an AI driven enterprise software company, recently scored a notable victory by receiving funding from top tier VCs. The company was founded in Silicon Valley and has offices in China and the United States. In a recent round of funding, the company received $100 million from investors including the Meituan-Dianping Group, YF Capital, Meta Capital, and Jack Ma’s YF Capital.
While the company’s patented Rizon robot is the company’s latest offering, the company also has some big plans for the future. As Flexiv is building the AI engine that will power its next-generation products, the company will also invest in AI engineering and testing. It’s the company’s goal to expand its footprint into Asia and North America. By leveraging AI and machine learning, the company hopes to create a scalable enterprise productivity solution.
One of the many innovations that the company has been able to implement is the ability to perform computer vision, teleoperation, and force-controlled manipulation. These features enable the robot to be highly adaptable, which is important for a company looking to save time and money in their manufacturing processes. Other features include a low-downtime, integrated force control system, and the ability to learn and improve its performance over time.
Another notable milestone is the ability of the company to create an artificial intelligence based order management system. For instance, the Flexiv RDK system has already been adopted by over 400 customers. In fact, the company has also been successful in implementing this technology in several major Chinese cities.
Flexiv has also made a significant splash at the World Artificial Intelligence Conference, the world’s largest annual automation and robotics event. At the show, the company showcased its industry-ready robotic solutions, as well as the Rizon, the company’s latest creation. A fully automated covid testing robot is also on display. Besides showing off its wares, the company also demonstrated the latest robotics technologies, such as a robot masseur. Among its other innovations, the company announced a partnership with Sycodal, a Quebec-based automation integrator that will provide its Canadian customers with access to the company’s line of adaptive robotics. This is the largest such deal that the company has made.
Although the company’s most important achievement is the ability to deliver the aforementioned Rizon robot, Flexiv has made a number of other accomplishments, notably the aforementioned ability to perform the aforementioned AI-powered feats. With this partnership, the company will be able to bring its expertise in AI to bear on the Canadian market. Not only will the company benefit from the company’s expertise in integrating new technologies, but they will also be able to take advantage of its ability to offer a holistic support package that goes beyond the device itself.