In the news release, Moviebook Completes $1.975B Financing, Setting a New Record Among Chinese Video Tech Startups, issued on Aug. 13, 2018 by Moviebook over PR Newswire, we are advised by the company that the in the headline and the first paragraph, the financing should be “$197.5 million” rather than “$1.975B” as originally issued inadvertently. The complete, corrected release follows:
Moviebook Completes $197.5 Million Financing, Setting a New Record Among Chinese Video Tech Startups
BEIJING, Aug. 13, 2018 /PRNewswire/ — Moviebook, a leading visual technology companyÃ‚Â in China completed the D round financing of $197.5 million, setting a financing record in the field of artificial intelligence image production. The investors included SenseTime, SBCVC, OPG , PAC, Qianhai Wutong MA Fund, LanXESS, Ge Weidong and other investment institutions and strategic partners. Moviebook alsoÃ‚Â signed an exclusive strategic cooperation agreement with SenseTime, whereby the two parties will carry out in-depth cooperation on the underlying AI technologies such as augmented reality and video analysis to jointly build a commercial channel for AI technology that is geared towards the large entertainment industry.
Ji Xiaochen, founder and CEO of Moviebook, said that the funds raised in this round will be used for the optimization, research and development of intelligent imaging technology, application and expansion of AI+ large entertainment industry and building up and improvement of talent team. As a strategic investor, SenseTime will provide comprehensive support for the underlying AI algorithms such as augmented reality and video analysis to develop in-depth cooperation and build up a strategic partnership in a vertical business domain based on Moviebook. As the largest industrial “marriage” in the field of artificial intelligence, the cooperation between Moviebook and SenseTime will accelerate the industrial ecological layout of the two parties and create a new era enabled by AI Technology.
As the representative of the current round of financing for Moviebook, SenseTime Co-Founder and Head of Strategic Investment, Xu Bing said that there were huge video data in the broadcasting and TV and Internet video industries, and new business scenarios will emerge due to the breakthroughs in new technologies such as video analysis and augmented reality.Ã‚Â The combination of SenseTime and Moviebook in the field of large entertainment will seize these new market opportunities as quickly as possible and promote the technological upgrading of the entertainment industry.
Dr. Hua Ping, Managing Partner of Softbank China,Ã‚Â said that artificial intelligence is setting off the fourth wave of scientific and technological revolution in the history of human development, and China has become one of the fastest growing countries in the global AI field. In light of such historical opportunities, it is very important to quickly complete the integration of the AI technology and the industry. As a benchmark enterprise that promotes the rapid landing of artificial intelligence technology in China, Moviebook allows us to see the grand vision of technology development. We hope that MoviebookÃ‚Â will play a more leading role in promoting the development of artificial intelligence technology.
As a leader in computer vision and the largest intelligent image production technology company in China, Moviebook has created a new business model for visual technology. As the intelligent video production platform with the largest traffic volume, the highest number of active users and the largest coverage of resources in the vertical field of Internet video, it continues to lead the industry and its market share continues to rank the first. With the first-mover advantage in technology and commercial exploration, MoviebookÃ‚Â has become one of the most successful companies in the commercialization of artificial intelligence.
The founding team of Moviebook came from the world’s leading computer vision technology development and research institutions. With more than ten years of experience in international and domestic intelligent imaging projects, it has more than 100 independent intellectual property rights and has won numerous technical awards in various industries at home and abroad. As a technology innovation enterprise, Moviebook has a clear application scene at the beginning of its creation. The core platform products have taken the lead in realizing the “production, study and research”, promoting industrial automation, standardization and intelligent upgrading. In 2017, Moviebook completed the accumulation of 446 million seconds of engineering processing. It has provided technical services to hundreds of customers, nearly a thousand brands and 150,000 video content, achieving an industry penetration rate of over 70%. It also masters the core data of the video structured vertical field, making it the leading enterprise in the commercialization of domestic AI vision technology. MoviebookÃ‚Â shareholders include Advantech Capital, DT Capital, Eagles Fund, Caixin Video, four major securities companies and well-known industry funds, etc.
Moviebook has opened up and optimized the value chain, deepened the technology to enable the B-end service to the C-end T2B2C model to become a booster for market blowouts and industrial upgrades. Moviebook is dedicated to the development of video AI technology for intelligent image production. With technical advantages in pixel and sub-pixel computing, 3D reconstruction and 3D vision, fine-grained analysis and structuring of video content, Moviebook provides technical solutions and commercial services for all aspects of the industry chain such as content production and platform channels. Nowadays, Moviebook’s product line covers software and hardware such as video production, processing, distribution, and playback, and multi-dimensional mining of visual technology application value. Moviebook promotes the transformation of scientific research results and continuously expands commercial boundaries in the field of large entertainment, which promotes economic growth and prosperity throughout the industry.
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