Flexiv AI Meituanliaotechcrunch is an investment by Meituan Liao, a Chinese on-demand services company, to boost Flexiv’s AI technology.
What is Flexiv?
Flexiv is a Chinese AI company, which provides AI R&D services to a variety of industries, including food and beverage, movie, travel, and healthcare. It was founded in 2015 in Beijing with a mission to make the world smarter. Flexiv has three core technologies that are helpful in the AI revolution. The first is a text-based generation engine (TGEN) that can extract information from a wide range of sources, such as research papers, news articles, and patents to create insights. The second is the visual recognition engine (VR), which can help a client identify and tag images. The third is the natural language generation (NLG) engine, which can generate content such as articles, reports, and books.
Meituan-Liaocheng Tech: A brief history
Meituan-Liaocheng Tech is a Chinese investment company formed by Meituan, a Chinese on-demand services company, and Liaocheng, an AI-enabled intelligent healthcare platform. First, let’s understand Meituan. Founded in 2011, Meituan is a Chinese online to-do list and services company that is similar to both Uber and Yelp. It was established to help people find and order anything they need, from groceries to medical prescriptions, with just one click. Meituan has become one of the largest on-demand services companies in China, as it has expanded its services to include dining, entertainment, travel, and more. Currently, Meituan is valued at around $60 billion.
The AI revolution in China
The AI revolution is not a new thing. What is new is that thanks to breakthroughs in computing power and new algorithms, it is now on the cusp of becoming a mainstream phenomenon. AI is not just a fad; it is a fundamental shift in how computers are programmed, operated, and applied. Over the past few years, there have been many breakthroughs in the AI field. These breakthroughs are mainly due to new advances in computing power and new algorithms that have made it possible to train machines to perform tasks that had previously required human intelligence and expertise. The AI revolution has been felt in many industries all over the world, and China has not been left behind.
Meituan-Liaocheng AI Lab’s Vision and Strategy
Meituan-Liaocheng AI Lab has two key focuses: improve core business and drive new businesses. For core business, the Lab will further enhance product quality, create more data, and expand user adoption. For new businesses, the Lab will pursue three directions: medical, financial, and voice. The medical direction mainly focuses on improving healthcare services. Meituan-Liaocheng AI Lab has developed and deployed AI models in more than 300 medical institutions across China, and this number is expected to reach 600 in the next few years. The financial direction explores solutions to problems in the financial services industry. The Lab is working with more than 20 financial institutions across China to develop AI solutions. The voice direction involves developing solutions for smart assistants. The Lab has built an open-source platform for smart assistants and has launched an open-source community for smart assistants.
The merger between Meituan and Liaocheng
Flexiv’s co-founders, Jonathan Huang and Jiang Wu, first met with the Meituan team in 2016 and discussed a potential collaboration between Meituan and Flexiv. This discussion led to a partnership between Meituan and Flexiv to provide AI solutions for Meituan. In 2017, Meituan decided to acquire Liaocheng, which was mainly focused on healthcare AI, as Meituan wanted to expand into the healthcare industry. As a result, Meituan and Liaocheng merged to form Meituan-Liaocheng.
Meituan-Liaocheng’s Merging Benefits
Flexiv AI Meituanliaotechcrunch =Meituan-Liaocheng benefits from the merger in two core areas – data and talent. Data: Meituan-Liaocheng focuses on the growth of core businesses and expansion into new businesses. It has more than 500 million customers and is the largest data set among Chinese service companies. It also has the largest number of third-party data sources among Chinese service companies. The merge will allow Meituan-Liaocheng to process a larger amount of data and store that data in a more efficient way. The merge will also allow Meituan-Liaocheng to combine data from two different services (e.g., food delivery and healthcare) to create more meaningful insights. Talent: The majority of the Meituan-Liaocheng team comes from the Liaocheng side since Meituan is mainly focused on growth. Liaocheng has a strong AI team with a solid track record in the AI field.
The Future of Meituan-Liaocheng Tech
With the merger, Flexiv’s technology will help Meituan-Liaocheng further advance its AI solutions that are already deployed in core and new businesses. Meituan-Liaocheng’s AI Lab will further be strengthened and will be able to create more value for its clients. The Lab will also be able to benefit from a larger customer base and a greater amount of data. Meituan-Liaocheng is also expected to expand its services to other industries, such as education and entertainment. With a strong AI Lab behind it, Meituan-Liaocheng is well-positioned to help shape the future of AI in China.
The AI revolution is a major shift in how computers are programmed, operated, and applied. It is not new, but it has now reached a mainstream phenomenon. China has not been left behind in this revolution and is expected to be a major player in its advancement. Meituan-Liaocheng is well-positioned to help shape the future of AI in China. It has a strong AI Lab behind it and is expected to further advance its technology.