BEIJING, CHINA / Globe Newswire / August 7, 2017 – 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.