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Sinovation Venture's New AI Solutions Firm Wins RMB 100 Mln Angel Funding

NetEase Tech, 5/22/18

Chinese technology-focused venture capital firm Sinovation Ventures recently announced that it has formed a new AI solutions firm called Chuangxin Qizhi Technology, which will focus on applying AI technologies in new retail, manufacturing, and insurance industry scenarios under a "technology products + industry scenarios" dual-driver model. Chuangxin Qizhi Technology has already completed more than RMB 100 mln in angel funding led by Chengwei Capital with participation by Sinovation Ventures.

Xu Hui, CEO at Chuangxin Qizhi Technology, said that in the retail domain the company has already developed complete retail solutions including smart store, smart store operations, smart customer management, and smart supply chain services. In the manufacturing domain, the company offers AI-based smart manufacturing solutions for enterprises such as product quality management, predictive maintenance, and production optimization services. In the insurance industry, Chuangxin Qizhi Technology offers smart recommendation, risk control, underwriting and claims verification, and customer service solutions. Xu said that the company has already formed partnerships with many enterprises including Taiwanese electronics manufacturer Foxconn (2038.HK; 2354.TW), Hong Kong-based China Merchants Group, and Chinese hypermarket and supermarket operator Yonghui Superstores (601933.SH).

Keywords: Chuangxin Qizhi Xu Hui hardware funding software angel funding Chengwei Capital Sinovation VC artificial intelligence

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