BEIJING, Aug. 07, 2017 (GLOBE NEWSWIRE) — Gridsum Holding Inc. (“Gridsum” or the “Company”) (NASDAQ:GSUM), a leading provider of cloud-based big-data analytics, machine learning, and artificial intelligence solutions in China, held its partner conference in Beijing to enhance its legal and e-government solutions in China and to further scale Gridsum’s ecosystem in those areas and beyond. Tencent Cloud played a key role in the conference demonstrating the close relationship between the companies and building the foundation for further and broader cooperation going forward.
Gridsum and Tencent Cloud jointly developed an integrated speech-to-text solution for court trials and conferences. This advanced AI-enabled Intelligent Voice Recognition System converts voice into text in real time during court proceedings. The system leverages both Gridsum’s vertically-focused enterprise-AI engine, optimized for the legal space, and Tencent’s world-leading consumer-focused Chinese-language speech recognition engine. Gridsum adapted the Tencent speech recognition technology to create a high-accuracy and high-reliability speech-to-text and text-to-speech application for the highly specialized legal space. This technology was surrounded and integrated with/into a comprehensive Software as a Service (SaaS) suite of solutions for the juridical system including judges, courts, law firms and corporates. Gridsum is working in collaboration with the Supreme Court Press to disseminate these solutions throughout the Chinese juridical system. Gridsum and Tencent Cloud have exclusive rights to distribute this AI-enabled Intelligent Voice Recognition System in China’s nationwide legal system.
The growth results of the two divisions, e-government and legal service sectors, in terms of financial performance are substantial. In 2016, revenues generated from e-Government and other, the majority of which consists of revenues from e-government and legal service solutions increased by 101.6%, and this figure reached 112.4% in the first quarter of 2017. Gridsum expects its legal solutions revenues to deliver substantial triple-digit growth in 2017.
This is the first time Gridsum has held a partner conference since the Company was established. Michael Yang Xu, Co-president of Gridsum said in the opening speech, “We hope to leverage this opportunity to showcase our technology strength and express our willingness to expand business cooperation with more companies. We are also looking forward to building a thriving industry ecosystem that drives the development of an AI-enabled society together with our partners. ”
AI has been promoted to the higher level of China’s national strategy, and the construction of a “Smart Court” system and “Smart Government” have also been positioned as important targets by the Chinese government. The Next Generation Artificial Intelligence Development Plan recently issued by the State Council, outlined building an intelligent society and promoting intelligent social government as key priorities, and further promoting the development of smart governance and smart courts as one of the important targets, which creates new business opportunities for companies like Gridsum with rich experience in the AI and big data sectors.
Through Research Center for e-Government, a non-governmental entity established under Gridsum’s cooperation agreement with the State Information Center of China, Gridsum has provided big data analytics services to over 3,000 government websites, and provided the Internet opinion analysis on government policies based on big data perspectives for National Development and Reform Commission, State Forestry Administration, State Administration of Taxation and various other government agencies.
Gridsum launched its legal sector solutions in 2015. Gridsum leveraged its advantages in natural language processing, data mining and distributed computing technologies, and developed a variety of products to help legal service personnel, such as judges and lawyers, handle cases more efficiently. For example, the Intelligent Voice Recognition System is able to liberate court personnel from substantial routine work so that they can focus more on the key essence of legal cases.
Gridsum Holding Inc. is a leading provider of cloud-based big-data analytics, machine learning and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum’s core technology, the Gridsum Big Data Platform, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum’s customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named “Gridsum” to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company’s mission is to help enterprises and government organizations in China use data in new and powerful ways to make better informed decisions and be more productive.
For more information, please visit http://www.gridsum.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations from management in this announcement, Gridsum’s financial outlook as well as Gridsum’s strategic and operational plans contain forward-looking statements. Gridsum may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Gridsum’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: unexpected difficulties in Gridsum’s pursuit of its goals and strategies; the unexpected developments, including slow growth, in the digital intelligence market; reduced demand for, and market acceptance of, Gridsum’s solutions; difficulties keeping and strengthening relationships with customers; potentially costly research and development activities; competitions in the digital intelligence market; PRC governmental policies relating to media, software, big data, the internet, internet content providers and online advertising; and general economic and business conditions in the regions where Gridsum provides solutions and services. Further information regarding these and other risks is included in Gridsum’s reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.
Public Relation Contact: Mingwei Pu Tel: +86 (10) 8261 9988 ext. 8132 Email: [email protected]