BEIJING, Aug 8 (Bernama-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.
About Gridsum
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: pr2@gridsum.com
SOURCE : Gridsum Holding Inc.
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