AI is now reaching peak commercialization, and is seen as a breeding ground for the next unicorn. As AI leads traditional industries forward, it can be said that we are in the middle of another “Gold Rush” for AI.
To help startups reach their potential in AI, 2018 TechCrunch Hangzhou’s Startup Alley will feature a special AI zone dedicated to providing an international platform for AI startups to showcase their talents and technology.
Aside from the surge of capital and record-breaking financing of a few AI startups, there have been many that failed amid the fierce competition. Tech giants like Google, Facebook, Apple and Amazon have long dominated and led the race in AI. Their AI products and services serve more than 1 billion users worldwide, covering areas like retail, finance, medicine, media and much more. However, those that have discovered golden opportunities have not taken it for granted. Two months ago, a Chinese AI startup gained attention from media across the globe. According to Wall Street Journal, Reuters, Bloomberg and other international media, Shangtang Technologies has completed $600 million C-round strategic funding, bringing its estimated value to $450 million. The funding was led by Alibaba Group, followed by investment firms and strategic partners like Temasek and Sunning. Many world renowned media spoke highly about the potential of Shangtang and AI’s development in China. Its achievement has represented the innovation of AI in China and its continous development towards becoming a world leader in the field.
According to 2018 AI Development Trends by CB Insights, Chinese AI startups’ financing made up 48% of total world financing, more than doubled since 2016, leading America by 10%. So, how can startups gain ground in this race for AI? TechCrunch Startup Alley has always been dedicated to helping startups present themselves on an international stage, especially early-stage startups. This year, TechCrunch Hangzhou will provide an international platform for many local AI startups and international teams to meet and exchange ideas. We hope to empower AI startups to grow rapidly, but more importantly, sustainably.
Each year, TechCrunch International Innovation Summit’s Startup Alley welcomes teams from mainland China, Hong Kong, Taiwan, USA, Japan, Korea, Singapore, Israel and many exhibitors from countries and regions around the world. Many startups take TechCrunch as a key indicator of tech innovations, and have launched their products under the great international influence of the TechCrunch brand.