Luokung Technology Corp. Announces to Acquire AI Company
Luokung Technology Corp. (LKCO) , a leading global spatial-temporal big-data technology company and a leading interactive location-based services company in China, announced that it has signed a stock purchase agreement to acquire 67.36% of Beijing BotBrain AI Technology Ltd and BOTBRAIN AI LIMITED (collectively “BotBrain “).
The Company will invest RMB 20 million to BotBrain and will issue 804,162 ordinary shares at USD $7 per share to the former institution investors of BotBrain to obtain 67.36% (the “Acquisition”). The 32.64% share equity of BotBrain will be remained by Mr. Xueyu Lu, the founder and CEO of BotBrain, along with BotBrain ‘s core team members. After the Acquisition, Mr. Lu will continue as CEO of BotBrain AI.
BotBrain was established in January 2016, and it has been becoming an advanced provider for intelligent content solutions in China. It’s artificial intelligence algorithms and technology are applied in Chinese semantic analysis, intelligent voice interaction, knowledge graph learning, personalized contents recommendation and other related big data analysis.
There are two independent business brands in BotBrain. “Max” content brain is an AI content management and operation platform, which provides AI solutions based on its content services. “BotBrain Zhiyu” is an AI knowledge learning assistant system.
BotBrain has been serving many well-known enterprises based in China, including People’s Daily Overseas, ChinaNews, Kaishu Story, Baby Tree, Baofeng, Bank of China, State Grid, FAW, CreditEase, Facebank and Kingsoft Cloud etc., which involve various industries including media, mobile internet, banking, automobile, financial services, retails and energy.
BotBrain has started the cooperation with the Company in technology supports prior the Acquisition, it provides intelligent geographic information algorithms service for us, and Its technology of semantic analysis, knowledge graph and personalized contents recommendation significantly supports the LBS service of Luokung. After the Acquisition, BotBrain will put more investment in the research of intelligent spatial temporal data algorithm and application. BotBrain will provide critical intelligent technologies and application experiences to support our LBS business, personalized full-vector map, and enable us to improve the services we provide to mobile Internet industry and users. Therefore, the Company’s LBS business platform is able to gain a greater competitive advantage.
The founder and CEO of BotBrain, Mr. Lu Xueyu processes more than 40 patents relating to the contents intelligence service algorithms. Mr. Lu has more than 13 years experiences in big data and AI industry, he has had an in-depth comprehension and long-term practice in big data, AI and personalized recommendation and Mr. Lu is one of the earliest practitioners in this field in China. Mr. Lu worked in Tencent, Alibaba Youku and Xiaomi and was responsible for the construction and management of big data and artificial intelligence teams, gained many successful implementation experiences for the establishment of big data and recommendation systems. In 2006 in Tencent, Mr. Lu took the lead in using artificial intelligence technology in virus discovery, effectively helped Tencent to protect nearly 1 billion QQ users’ account information security. In Youku, Mr. Lu served as technical director and set up the big data and personalized recommendation system for videos, the system was able to proceed more than 100 billion data daily, it was the system with the highest recommendation accuracy in the field of video websites at that time. During the time in Xiaomi, Mr. Lu was the technical director and was in charge of Xiaomi’s data workshop, he was also responsible for the Xiaomi ecological big data business.