Shenzhen-based artificial intelligence company Malong Technologies has secured 220 million yuan ($33 million) in its B round funding, as it plans to expand its business overseas.
The investment was led by SoftBank China Capital, making it the first Chinese AI enterprise to obtain funding from the venture capital and private equity firm.
The capital will be used to further promote technological innovation and commercialization of AI-based product identification, expand the application of AI technology to more traditional fields and accelerate its pace to expand overseas.
Just as e-commerce helped upgrade traditional businesses in the internet age, Malong aims to upgrade traditional industries with AI in the new technological revolution, helping businesses enhance efficiency and save costs, said Huang Dinglong, the company's co-founder and chief executive officer.
ProductAI, a product recognition and image search platform launched by the company in October 2016, already has been used by over 200 enterprise customers, covering a variety of fields including fabric, home furnishings, retail, food and beverage.
"As a leading promoter of AI technology commercialization, Malong has great development potential. We are happy to invest in the company and expect to see it march into international markets and serve global customers," said Song Anlan, managing partner at SoftBank China Capital.
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