The Chinese artificial intelligence (AI) startup Flexiv AI just announced the close of its Series A round at 100 million RMB. It raised the money from the two major players in China’s AI space, Meituan and Liaonuotai Capital, as well as other investors including Banyan Capital and ZhenFund. The Series A will be used by Flexiv to enter the commercial stage and advance towards the realization of general-purpose full stack artificial intelligence (AGI).
The Flexiv Chinese AI 100m Series is a new round of fundings led by Meituan, one of the two largest e-commerce players in China. The funding will be used to advance the development and promotion of artificial intelligence technologies.
Traditional internet companies in China are running into a lot of trouble these days. The whole industry is going through a dramatic transition from an era of internet + to an era of AI +. As a result, some internet companies are coming up with new strategies and new ways to tackle the problem. The latest example is shown by the recent partnership between flexiv chinese and meituan. They have launched their own series of funding called flexiv chinese 100m series, which targets emerging tech companies with at least 20 million RMB in annual revenue.
Chinese tech giant Meituan and its partner Liaotechnologies have announced a $100 million investment in Flexiv, a US start-up developing artificial intelligence (AI) technology for the e-commerce sector. The funding will be used to build a joint research institute for AI related technologies in Shanghai. The company said it has developed an autonomous path planning system that can optimize warehouse layout and scheduling. It uses deep learning algorithms to organize products by category and shelf space so that retailers can reduce the time needed to replenish inventory.In addition, Flexiv is using unsupervised machine learning to analyze customers’ behaviors on sites like Amazon and eBay in order to provide more relevant product recommendations.
Large market potential – China is one of the largest markets in the world, with more than 1.3 billion people and $6.5 trillion of consumption power. Mobile phone penetration rate is above 80%, and nearly 400 million people are using WeChat every day. The Flexiv Chinese AI series aims to provide a platform for those who want to realize the potential of the new economy in China. The Flexiv 100m series will create a big data analysis system that gives enterprises unprecedented insights into consumer behavior, enabling them to make better decisions about their products and marketing campaigns. This will have far-reaching implications for global companies as well as local businesses in emerging markets across Africa, Latin America, and Southeast Asia.
Meituan and Liaoning have entered into a strategic partnership to jointly invest RMB100 million in equity funding for Flexiv. The investment, which will be made through Meituan’s new mezzanine fund, is the first of its kind in China and signals the importance of artificial intelligence (AI) in driving business innovation. The two companies will also explore cooperation opportunities across their respective platforms to offer new services to customers.
The conclusion of this blog post is that the flexiv chinese ai series funding, in the form of the flexiv Chinese AI 100m Series, will help with progress in China’s artificial intelligence industry.