Big data firm Luokung acquires BotBrain AI
May 16, 2019
Luokung Technology, a big-data technology company providing location-based services, has signed a stock purchase agreement to acquire 67.36% of fellow Chinese company BotBrain AI Technology.
Luokung will invest RMB20m in BotBrain and will issue 804,162 ordinary shares at US$7 per share to the former institution investors of BotBrain to obtain 67.36%. The remaining 32.64% share equity of BotBrain will stay with Xueyu Lu, founder and CEO of BotBrain, along with BotBrain 's core team members. After the acquisition, Lu will continue as CEO of BotBrain AI.
BotBrain was established in January 2016, and has been becoming a provider for intelligent content in China. Its artificial intelligence (AI) algorithms and technologies are applied in Chinese semantic analysis, intelligent voice interaction, knowledge graph learning, personalised 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 based on its content services. Zhiyu is an AI knowledge learning assistant system.
BotBrain has been serving many well-known enterprises in China, including People's Daily Overseas, China News, Kaishu Story, Baby Tree, Baofeng, Bank of China, State Grid, FAW, CreditEase, Facebank and Kingsoft Cloud, which involve various industries including media, mobile internet, banking, automobile, financial services, retail and energy.
BotBrain has been cooperating with Luokung in technology supports prior to the acquisition. It provides an intelligent geographic information algorithm service for Luokung, and its technology of semantic analysis, knowledge graph and personalised contents recommendation supports Luokung’s location-based services.
After the acquisition, BotBrain will put more investment in the research of intelligent spatial temporal data algorithms and applications. BotBrain will provide critical intelligent technologies and application experiences to support the location-based business and personalised full-vector map so Luokung can improve the services it provides to mobile internet users.
Lu has processed more than 40 patents relating to the contents intelligence service algorithms. He has more than 13 years of experience in big data and AI, has had an in-depth comprehension and long-term practice in big data, AI and personalised recommendations, and is one of the earliest practitioners in this field in China.
Lu worked in Tencent, Alibaba Youku and Xiaomi and was responsible for the construction and management of big data and AI teams, gaining many implementation experiences for the establishment of big data and recommendation systems. In 2006 in Tencent, Lu took the lead in using AI in virus discovery, helping Tencent protect nearly a billion QQ users' account information security.
In Youku, Lu served as technical director and set up the big data and personalised recommendation system for videos. During the time in Xiaomi, 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.
The Luokuang mobile application provides B2C services and its SuperEngine provides B2B and B2G services in connection with spatial-temporal big data. The company's mobile application provides location-based interaction services for users based on a non-slicing, full-vector and full-function mobile internet map. It also provides SDK embedded services to third-party mobile application providers based on its full-vector and non-slicing mobile internet map.