Press Releases

AI CEO/Founder Bruce Molloy to Present "This Race is Non-Linear – What Every Business Leader Needs to Know About Artificial Intelligence" at Disrupt NNJ

NEW YORK, May 8, 2018 /PRNewswire/ — “This is a non-linear race, and those who don’t start now will fall further behind,” says Artificial Intelligence company founder and serial entrepreneur Bruce Molloy.  

SpringBoard.ai is a team of world-class experts who bridge the gap between executive management and AI/Data Science. This new era of Data and AI threatens to create a divide between companies that use AI, and those that do not. To help companies succeed we provide business intelligence, strategy, training, planning, and implementation. In addition to deep knowledge of AI, our experts have real-world experience in their respective industries, in business and in corporate leadership. springboard.ai

In a presentation intended for corporate board directors, managers and employees, Molloy, Chief AI Officer of SpringBoard.ai, will explain why AI is suddenly progressing so quickly after decades of false starts.

Covered in the talk will be 9 practical imperatives that “Every Business Leader Should Know About AI.” These include: Initial AI immersion; Taking a deep dive into one’s industry; Getting the right talent; Connecting across the organization – no silos; Finding trusted advisors; Implementing an AI data strategy; Thinking Innovatively; Thinking about the AI plus human collaboration; and Starting NOW!

Molloy’s Disrupt NNJ talk will be held on Thursday, May 10th from 5:30pm to 9:00pm EDT at The Atrium, 100 Campus Drive, Florham Park, NJ.  You are invited to cover; to attend, please visit www.lds.com/disruptnnj.

“We find business leaders often don’t speak the same language as AI practitioners yet that is exactly what is needed – experts who can bridge the gaps in understanding, and help demystify AI for corporate and board leaders. This competency will assure that as organizations and a society we make the very best use of the powerful capabilities artificial intelligence has to offer, now and in the future,” says Molloy.   

For more information or to speak with Bruce Molloy, please contact Temin and Company at 212-588-8788 or news@teminandco.com.

About Disrupt NNJ
The Northern New Jersey chapter of Disrupt is part of a non-profit international network of meet-ups designed to facilitate networking and knowledge sharing with a focus on innovative practices in talent, culture, and technology.

About SpringBoard.ai
SpringBoard.ai is a nimble team of world-class experts who bridge the gap between executive management and AI/Data Science. This new era of Data and AI threatens to create a divide between companies that use AI, and those that do not. To help companies succeed we provide business intelligence, strategy, training, planning, and implementation. In addition to deep knowledge of AI, our experts have real-world experience in their respective industries, in business and in corporate leadership. springboard.ai

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/ai-ceofounder-bruce-molloy-to-present-this-race-is-non-linear—what-every-business-leader-needs-to-know-about-artificial-intelligence-at-disrupt-nnj-300644646.html

SOURCE SpringBoard.ai

Swych acquires Gift Cards India (GCI Network)

PLANO, Texas, May 8, 2018 /PRNewswire/ — Swych, Inc., the pioneer of the revolutionary Swych™ digital gifting platform, and the world’s first global gifting network, today announced the acquisition of Mumbai-based Gift Cards India (GCI Network Pvt. Ltd). Founded in 2011 by Firoz Khan and Cory York, GCI has successfully operated a robust aggregation and distribution network for gift cards and has been serving millions of consumers, enterprises, loyalty platforms and wallet operators in the Indian market. GCI has become well known in the market for providing consumers and businesses with a reliable, efficient and high-quality source of the widest selection of gift products from over 250 of the top brands in India.

With this acquisition, Swych is extending its leadership position as the only connected digital global network making gifting truly borderless between consumers who might be thousands of miles apart. The unique power of the Swych digital gifting technology combined with GCI’s South Asia expertise and established partnerships will also bring borderless digital gifting to businesses, digital wallets, loyalty platforms, financial institutions and others wherein the recipient of a gift can “Swych” it to spend it at their favorite brand across a global catalog.

“Digital gifting is an increasingly powerful engagement tool for retailers to attract consumers via offers, for consumers to gift their loved one on a special moment, for businesses to reward employees, and as a redemption method for loyalty points and miles. GCI’s track record for all these use cases and innovation in the Indian market has been impressive,” said Deepak Jain, Swych founder and CEO. “By integrating GCI’s presence and expertise with the powerful Swych platform, we aim to greatly accelerate our mission of becoming a truly global digital gifting powerhouse.”

According to Firoz Khan, GCI Network’s founder and CEO, “The synergy between GCI Network and Swych further supports the mission of bringing borderless gifting services to consumers across multiple markets. We now provide even greater options, brands and flexibility of delivery to our customer base.”

Swych continues to add innovative services and features to delight customers and remains committed to continued innovative offerings via an ever expanding global coverage and technology advancements in fraud management, artificial intelligence, bots and data analytics that make the Swych network the most powerful global gifting and shopping network on the planet. This network now features retailers in the United States, India, United Kingdom and Australia, with planned expansion to include popular retailers in Europe, Middle East, Canada, Japan, Colombia and Philippines.

Swych is showcasing its instant digital cross border gifting service between US and India this week at the Finovate Spring 2018 conference in Santa Clara, California.

About Swych

Swych’s patent pending mobile gifting platform enables users to send “swychable” gifts from their mobile device that can be instantly redeemed for electronic gift cards from more than 120 popular brands. Swych users can instantly buy, send, re-gift, upload, Swych and redeem gift cards conveniently from their mobile device. Swych is a private company funded by seasoned angel investors from the banking, financial services, payments, gifting, telecom and enterprise computing space. Swych is headquartered in Plano, Texas, with offices in San Francisco, California, as well as Swych Canada, Inc., in Toronto and Swych International Pvt. Ltd. in Vadodara, India.  For more information please visit www.goswych.com. To download the award winning Swych app, visit www.goswych.com/download.

Follow us on Twitter @GoSwych, like us on Facebook at fb.com/goswych and follow us on Instagram at instagram.com/goswych.

CONTACT: Tracee Beebe, tracee@goswych.com

 

SOURCE Swych

XtalPi Inc. Announces Strategic Research Collaboration with Pfizer Inc. to Develop Artificial Intelligence-Powered Molecular Modeling Technology for Drug Discovery

CAMBRIDGE, Mass., May 8, 2018 /PRNewswire/ — XtalPi Inc. (“XtalPi”), a computation-driven pharmaceutical technology company, announced today a strategic research collaboration with Pfizer Inc. (“Pfizer”) to develop a hybrid physics- and artificial intelligence (AI)-powered software platform for accurate molecular modeling of drug-like small molecules.

XtalPi Logo (PRNewsfoto/XtalPi Inc.)

This state-of-the-art platform will combine quantum mechanics and machine learning algorithms with cloud computing architecture to improve the accuracy and chemical-space coverage of molecular mechanics modeling, and enable the prediction of pharmaceutical properties relevant for drug discovery and development. Building upon XtalPi’s existing relationship with Pfizer for crystal structure prediction (CSP), this research collaboration aims to help XtalPi and Pfizer further advance their capabilities in computation-based rational drug design and solid-form selection.

As part of the collaboration, a portion of the molecular mechanics parameters generated with public-domain compounds will be made available to the academic community in hopes of fostering continuous improvement and scientific innovations in related fields.

“The XtalPi collaboration is an opportunity to enhance our computational modeling capabilities,” said Charlotte Allerton, Pfizer’s Head of Medicine Design. “We are looking forward to potentially utilizing new tools to increase our effectiveness in small molecule drug discovery and development.”

“We are excited to partner with Pfizer, a leading pharmaceutical innovator which shares our belief that algorithm-driven technologies with physics insight will give rise to a new generation of highly efficient and accurate drug research and development tools,” said Shuhao Wen, XtalPi’s Co-founder and Chairman of the Board. “The collaboration allows us to apply our expertise in molecular modeling, AI, and cloud computing towards improving existing computational methods while exploring new algorithms to address a wide range of drug design challenges. We look forward to helping expedite research into novel therapeutics as our intelligent digital drug discovery and development platform continues to expand and succeed.”

About XtalPi Inc.
XtalPi is a pharmaceutical technology company that is reinventing the industry’s approach to drug research and development with its Intelligent Digital Drug Discovery and Development (ID4) platform. With tightly interwoven quantum physics, artificial intelligence, and high-performance cloud computing algorithms, XtalPi’s ID4 platform provides accurate predictions on the physiochemical and pharmaceutical properties of small-molecule candidates for drug design, solid-form selection, and other critical aspects of drug development. XtalPi is dedicated to improving the efficiency, accuracy, and success rate of drug research and development, and contributing to a healthier society worldwide.

Founded in 2014 by a group of quantum physicists at MIT, XtalPi has since built an elite team with multi-disciplinary expertise in physics, chemistry, pharmaceutical R&D, and algorithm design. XtalPi’s cutting-edge technologies, innovative solutions, and diverse applications across the pharmaceutical value chain have helped it gain industry approval and establish strategic partnerships with top international pharmaceutical companies. For more information, visit www.xtalpi.com

Media Contact
Ruyu Wang
+1 617-717-9867
Ruyu.wang@xtalpi.com

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/xtalpi-inc-announces-strategic-research-collaboration-with-pfizer-inc-to-develop-artificial-intelligence-powered-molecular-modeling-technology-for-drug-discovery-300644351.html

SOURCE XtalPi Inc.

SiFive Announces Investment from Intel Capital

SAN MATEO, Calif., May 8, 2018 /PRNewswire/ — SiFive, the leading provider of commercial RISC-V processor IP, today announced that Intel Capital participated in its recent Series C funding round. The investment was revealed at the Intel Capital Global Summit, at which SiFive CEO Naveed Sherwani pushed for the democratization of the semiconductor industry.

For more information, please visit: www.sifive.com

SiFive’s hardware designs leverage the body of software and tools available from the open-source community under the guidance of the RISC-V Foundation, dramatically reducing the cost of developing custom silicon. RISC-V was born from the dire need to address the skyrocketing cost of designing and manufacturing increasingly complex new chip architectures. System designers can use the SiFive Freedom platforms and DesignShare catalog to focus on their own differentiated processor without having the overhead of developing a modern SoC, fabric or software infrastructure.

“We have long led the call for a revolution in the semiconductor industry, and believe SiFive, and our technologies, demonstrate a significant path forward for the industry,” said SiFive CEO Naveed Sherwani. “This investment by Intel Capital will enable SiFive to empower any individual or company to produce a silicon solution that meets their needs, quickly and affordably.”

“RISC-V offers a fresh approach to low power microcontrollers combined with agile development tools that have the potential to help reduce SoC development time and cost significantly,” said Raja Koduri, senior vice president of the Core and Visual Computing Group, general manager of edge computing solutions and chief architect at Intel Corporation. “SiFive’s cloud-based SaaS approach provides another level of flexibility and ease for design teams, and we look forward to exploring its benefits.”

In April, SiFive announced it had raised $50.6 million in Series C funding led by existing investors Sutter Hill Ventures, Spark Capital and Osage University Partners, as well as new investors Chengwei Capital, Huami, SK Telecom and Western Digital.

About SiFive

SiFive is the leading provider of market-ready processor core IP based on the RISC-V instruction set architecture. Led by a team of industry veterans and founded by the inventors of RISC-V, SiFive helps SoC designers reduce time-to-market and realize cost savings with customized, open-architecture processor cores, and democratizes access to optimized silicon by enabling system designers to build customized RISC-V based semiconductors. SiFive is located in Silicon Valley and has venture backing from Sutter Hill Ventures, Spark Capital, Osage University Partners and Chengwei Capital, along with strategic partners Huami, SK Telecom and Western Digital. For more information, visit www.sifive.com.

About Intel Capital 

Intel Capital invests in innovative startups targeting artificial intelligence, autonomous driving, workload accelerators, 5G connectivity, virtual reality and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested more than $12.3 billion in 1,530 companies worldwide, and more than 660 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel’s customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @intelcapital.

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/sifive-announces-investment-from-intel-capital-300643286.html

SOURCE SiFive

Panasonic Explores Disruptive Technologies in New Industry Survey

NEWARK, N.J., May 8, 2018 /PRNewswire/ — Panasonic Corporation of North America, a leading technology partner and integrator to businesses, government agencies, and consumers, has released a new cross-industry survey series entitled Moving Forward, based on research into 10 disruptive technologies within two key solution sets: sustainable energy and integrated supply chain, and across five industries: building & construction, energy & utilities manufacturing, logistics, and food service, hospitality & retail.

Panasonic Logo

“Disruptive technologies are not a new concept,” said Lauren Sallata, Chief Marketing Officer, Panasonic Corporation of North America. “However, the ways and reasons that companies are adopting them is drastically changing. It’s no longer a nice-to-have but a must-have with a focused effort to implement and adopt. The future success of a company likely rests on the use of these technologies, and it’s a very interesting time in numerous industries to see how this is all achieved.”

The 10 disruptive technologies included in this research included: sustainable energy, energy storage, cloud, mobile devices, apps, commerce, Internet of Things, Robotics, Advanced Materials, 3-D printing, artificial intelligence and autonomous vehicles.

Key findings:

  • Of the 200 companies surveyed, all of them have collectively adopted just under 50% of the 10 technologies, and intend to adopt more than 50% in the near future
  • More than 1/3 intend plan to adopt 7+ technologies in the near future
  • Technologies with the most widespread adoption (in order):
    • Mobility
    • Cloud
    • Internet of Things
    • Sustainable Energy
    • Robotics
  • Failure to adopt is seen as risky:
    • 4 in 5 believe competitors in their own industry will pull ahead if they do not adopt or invest
    • 7 in 10 are concerned that competitors outside of their industry could disrupt them
  • Biggest barriers to adoption:
    • Compliance with government regulations
    • Consumer privacy, security concerns
    • Lack of skilled employees
    • Lack of expertise for effective implementation

This research was commissioned by Panasonic Corporation of North America and fielded from December–March 2018 in the U.S. and Canada. The survey included 200 CTOs and other senior technology decision makers in organizations with at least 200 employees.

For additional information please visit Panasonic.com.  

About Panasonic Corporation of North America
Newark, NJ-based Panasonic Corporation of North America is a leading technology partner and integrator to businesses, government agencies and consumers across the region. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation and leverages its strengths in Immersive Entertainment, Sustainable Energy, Automated Supply Chains and Connected Solutions to provide secure and resilient integrated solutions for B2B customers. Panasonic was highlighted in Forbes Magazine’s Global 2000 ranking as one of the Top Ten Best Regarded Companies for 2017.  The ranking is based on outstanding scores for trustworthiness, honesty with the public and superior performance of products and solutions. Learn more about Panasonic’s ideas and innovations at Panasonic.com.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/panasonic-explores-disruptive-technologies-in-new-industry-survey-300644422.html

SOURCE Panasonic Corporation of North America

PanaCast Live System Delivers a New Close-to-the-Action Virtual Reality Fan Experience in 180° 4K 3D

CUPERTINO, Calif., May 8, 2018 /PRNewswire/ — Altia Systems, creator of PanaCast® 2, the world’s first 180° Panoramic-4K plug-and-play video camera system, today announces PanaCast Live, the first fully integrated, portable, professional video system being used by Intel Sports to enable live broadcasting of 180° 4K 3D video at 60 frames per second over 12G SDI, creating a first-of-its-kind immersive virtual reality viewing experience. The device will be shown at the Altia Systems booth at Intel Capital Global Summit, taking place May 8-10, 2018 in Palm Springs, California.

Intel Sports has chosen PanaCast Live to complement its Intel True VR technology in support of major professional sports to deliver a 180° 4K 3D experience. The Intel Sports team debuted VR content with the new PanaCast Live system since January to live stream major sports events, delivering content to fans around the world from close-to-the-action vantage points, providing a new level of fan engagement experience at scale. Consumers can live stream various sporting events via the Intel True VR app or its partner branded app, available for Samsung® Gear VR and Daydream.

“We are committed to delivering a compelling VR experience bringing fans closer to the action,” said Jayaram Sankar, CTO of the Intel Sports group. “The new PanaCast Live system from Altia Systems provides us with the ability to provide unprecedented angles to watch and engage with the major sports events we broadcast.”

“The PanaCast Live system captures 180° video in crisp 4K 3D, enabling fans using the Intel True VR service to get up close and personal with athletes at the major sporting events being broadcast live. It provides a truly immersive experience for consumers that mimics attending the event live, ensuring they don’t miss a beat,” said Aurangzeb Khan, President and CEO at Altia Systems. “We are delighted to collaborate with the Intel Sports team to deliver an engaging, immersive experience for fans.”

Six 13 megapixel cameras are integrated in the PanaCast Live system, with onboard real-time processing to synchronize, stitch and optimize the video streams at 2,358 megapixels per second. This produces the 180° 4K 3D video stream at 60 frames per second, output via the 12G SDI interface, with audio inputs integrated as well.

“The industry-first system is designed for both indoor and outdoor use,” said Yashket Gupta, Director of Engineering for Camera Systems Development at Altia Systems. “The system’s output can be used for live streaming or to create recorded content for sharing via platforms such as Facebook and YouTube.”

About Altia Systems

Altia Systems®, a Cupertino-based company, is the creator of PanaCast® 2, the world’s first Panoramic-4K plug-and-play camera system that delivers a 180° wide field of view, which replicates the natural human visual perspective.

Funded by Intel Capital and other leading investors, Altia Systems’ PanaCast 2, 2s, 3D VR and Live systems deliver real-time 180° Panoramic-4K, Panoramic-5K and 4K 3D video streams from integrated, synchronized and optimized multi-camera arrays. PanaCast systems and Intelligent Vision (artificial intelligence) software products are used by more than 1,200 companies worldwide, including 130+ universities, for video collaboration, education, AR/VR, live broadcasting and machine learning for autonomous systems. PanaCast system devices are designed and assembled in the U.S. and have received prestigious awards such as CES Innovation Awards Honoree, Frost & Sullivan New Product Innovation, GOOD DESIGN award, Gartner Cool Vendor in Unified Communications, and more.

For more information and the latest updates, visit www.getpanacast.com and follow @PanaCast1 via Twitter.

Contact: Brenda Manea
BAM Communications
(714) 904-8592
brenda@bamcommunications.biz

 

Altia Systems logo (PRNewsfoto/Altia Systems)

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/panacast-live-system-delivers-a-new-close-to-the-action-virtual-reality-fan-experience-in-180-4k-3d-300644392.html

SOURCE Altia Systems

New CompTIA Report Examines Operational Efficiency Challenges among Technology Providers

DOWNERS GROVE, Ill., May 8, 2018 /PRNewswire-USNewswire/ — As IT channel companies shift their focus from hardware sales to service-centric business models, they are contending with new and complex operational challenges that affect the bottom line, according to a new report from CompTIA, the world’s leading technology association.

CompTIA is the voice of the world's information technology industry. (PRNewsFoto/CompTIA)

While operational challenges aren’t new, a company’s ability to operate efficiently has taken on heightened importance – and complexity. In CompTIA’s survey of 400 U.S. IT firms, nearly half (45 percent) said that operating their business has become more complex than it was two years ago.

Among the factors that have made business operations more complex, 53 percent of executives said they have more streams of data to manage and analyze. About half cite expansions into new business lines and models; the introduction of emerging technologies into their portfolios; and customer engagement that’s become more challenging and complicated.

Just 20 percent of surveyed firms assess the current state of their operations as very efficient. Another 39 percent deem themselves mostly efficient.

“Running an efficient organization is a money issue that often gets overlooked,” said Carolyn April, senior director, industry analysis, at CompTIA.

“How well, or how poorly you run your business has a direct impact on your profit margin,” April explained. “If you’re captaining a leaky ship, it may be the difference between a 10-percent margin and a 25-percent margins for the year.”

Business Transformation Accelerating

The number of firms that reported experiencing a high-degree of business transformation nearly doubled between 2013 and 2017, while the percentage of those acknowledging a low-degree of transformation dropped nearly 10 points during that same time frame. In general, most respondents – just over half – characterize their degree of business transformation as moderate today.

Why are they reinventing their businesses? For one, customers are pushing them in new directions. More than half of respondents (53 percent) said customer demand is the number one reason they are making changes.

“Customers have myriad choices today, including self-provisioning applications and services all by themselves,” April said. “As they grow accustomed to consuming established and emerging technologies as a service, technology firms need to embrace the cloud, managed services and business consulting acumen to deliver what customers want.”

Cloud computing’s ascendance was cited by 53 percent of firms as the reason they’re changing their business model in some fashion. Another 49 percent cite emerging tech.

“Many of today’s new technologies, from artificial intelligence to virtual reality to block chain, will require tech firms to develop new skills and new ways of doing business,” April said.

All this activity places even more emphasis on running a tight ship operationally, whether a company is moving to a new business model or just trying to boost its bottom line.

“The most important thing is to do is make an honest gut check of how well you run your operations today,” April concluded. “If you’re running a loose operation currently, if you don’t shore up how you run things today, you won’t be in a position to survive tomorrow.”

The CompTIA report “Operational Efficiency in the Channel” is based on a December 2017 online survey of 400 U.S. IT firms.

About CompTIA
The Computing Technology Industry Association (CompTIA) is a leading voice and advocate for the $4.8 trillion global information technology ecosystem; and the more than seven million technology professionals, who design, implement, manage, and safeguard the technology that powers the U.S. economy. Through education, training, certifications, advocacy, philanthropy, and market research, CompTIA is the hub for advancing the tech industry and its workforce. Visit www.comptia.org to learn more.

Contact:
Steven Ostrowski
CompTIA
630-678-8468
sostrowski@comptia.org­

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/new-comptia-report-examines-operational-efficiency-challenges-among-technology-providers-300643951.html

SOURCE CompTIA

Gridsum Announces Receipt of Preliminary Non-Binding Proposal

BEIJING, May 8, 2018 /PRNewswire/ — Gridsum Holding Inc. (“Gridsum” or the “Company”) (NASDAQ: GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence (“AI”) solutions in China, today announced that its Board of Directors (the “Board”) has received a preliminary non-binding proposal letter, dated May 8, 2018, from FutureX Capital Limited (the “Proposing Buyer”), proposing to acquire all outstanding shares of the Company that the Proposing Buyer does not already own for US$8.70 in cash per American depositary share (each representing one Class B ordinary share of the Company) in a going private transaction (the “Transaction”).  A copy of the preliminary non-binding proposal letter is attached as Exhibit A to this press release.

According to the proposal letter, the Proposing Buyer intends to fund the consideration payable in the Transaction primarily with equity capital from the Proposing Buyer and any additional members the Proposing Buyer accepts into a consortium of buyers, and possibly some debt capital. As the Proposing Buyer proceeds with its due diligence evaluation, it may consider inviting certain shareholders of the Company to participate in the Transaction.

The Board cautions the Company’s shareholders and others considering trading in its securities that the Board has just today received the preliminary non-binding proposal letter from the Proposing Buyer, and that no decisions have been made of any kind with respect to the Company’s response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

About Gridsum

Gridsum Holding Inc. (Nasdaq: GSUM) is a leading provider of cloud-based big-data analytics 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.

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,” and similar statements. Forward-looking statements involve inherent risks and uncertainties. Many 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; unexpected difficulties and potential delays in filing annual or other reports with the SEC; 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. 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.

Investor Relations

Gridsum
ir@gridsum.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com

In U.S. 
Mr. Tip Fleming 
Phone: +1 917 412 3333 
Email: tfleming@christensenir.com

Exhibit A

Preliminary Non-Binding Proposal to Acquire Gridsum Holding Inc.

The Board of Directors (the “Board“)
Gridsum Holding Inc.
Jade Palace Hotel Office Building 8th Floor,
76 ZhiChun Road, HaiDian District,
Beijing, 100086
The People’s Republic of China
May 8th, 2018

Dear Sirs:

FutureX Capital Limited (“FutureX Capital“, as the “Proposing Buyer“) is pleased to submit this preliminary, non-binding proposal (the “Proposal“) to acquire all outstanding ordinary shares in Gridsum Holding Inc. (“the Company“) in a taking private transaction (the “Transaction“).

We believe that our Proposal provides an attractive opportunity for the Company’s shareholders. The Proposal represents a premium of approximately 51.8% to the Company’s last closing price on May 7th, 2018, a premium of approximately 56.1% to the Company’s volume-weighted average closing price (“VWAP Price“) during the last 5 trading days, a premium of approximately 45.7% to the VWAP Price during the last 15 trading days, and a premium of approximately 32.1% to the VWAP Price during the last 30 trading days. 

Set forth below are the primary terms of our Proposal:

1. Purchase Price. We propose to acquire all of the outstanding ordinary shares of the Company and the American Depositary Share of the Company (“ADS“, each representing one Class B ordinary share of the Company). The consideration payable for each ADS to be acquired will be $8.70 in cash per ADS (or per ordinary share).

2. Funding. We intend to finance the Transaction primarily with equity capital, and possibly some debt capital. Equity financing will be provided from us as the Proposing Buyer and any additional members we accept into a consortium of buyers.

3. Due Diligence. We believe that we will be in a position to complete customary legal, financial and accounting due diligence for the Transaction in a timely manner and in parallel with discussions of corresponding definitive agreements.

4. Definitive Agreements. We are prepared to promptly negotiate and finalize definitive agreements (the “Definitive Agreements“) providing for the Transaction. These documents will provide for representations, warranties, covenants and conditions that are typical, customary and appropriate for transactions of this type.

5. Process. We believe that the Transaction will provide superior value to the Company’s shareholders. We recognize that the Board will, through a committee of independent directors, evaluate the Transaction independently before it can make any determination to endorse it.

In considering our offer, you should be aware that the Proposing Buyer is interested only in acquiring the outstanding shares of the Company that the Proposing Buyer does not already own, and that the Proposing Buyer does not intend to sell its stake in the Company to any third party.

6. Participating Shareholders. As we proceed with due diligence evaluation, we may consider inviting certain shareholders of the Company to participate in our proposed Transaction. 

7. Confidentiality. We are sure you will agree with us that except as required by applicable laws and regulations (including the listing rules of applicable stock exchanges), it is in all of our interests to ensure that we proceed in a strictly confidential manner until we have executed Definitive Agreements or terminated our discussions. In the event the Board of the Company intends to disclose this Proposal, we request that FutureX Capital be notified in advance of any such disclosure. 

8. No Binding Commitment. This letter constitutes only a preliminary indication of our interest, and does not constitute any binding commitment with respect to the Transaction. A binding commitment will result only from the execution of Definitive Agreements, and then will be on terms and conditions provided in such documentation.

9. About FutureX Capital. FutureX Capital is a Greater China-based private equity firm led by Cynthia Zhang, who founded the overseas PE platform of ChinaAMC, a leading asset manager in China. FutureX’s primary areas of investment focus include technology, software and AI.

In closing, we would like to express our commitment to working together to bring this Transaction to a successful and timely conclusion. Should you have any questions regarding this Proposal, please do not hesitate to contact us. We look forward to hearing from you.

Sincerely,

By: /s/ Cynthia Qian Zhang
Cynthia Qian Zhang
Director
FutureX Capital Limited

Cision View original content:http://www.prnewswire.com/news-releases/gridsum-announces-receipt-of-preliminary-non-binding-proposal-300644505.html

SOURCE Gridsum Holding Inc.

PolyU Launches University Research Facility in Big Data Analytics

HONG KONG, May 8, 2018 /PRNewswire/ —

The Hong Kong Polytechnic University (PolyU) establishes today the University Research Facility in Big Data Analytics (UBDA), the first university-wide research facility in big data analytics among universities in Hong Kong. Equipped with big data expertise in PolyU and the most advanced computing infrastructure and tools today, UBDA is expected to foster cross-disciplinary research collaborations in PolyU, establish a strong partnership with industries on big data analytics applications, and promote big data education in Hong Kong.

     (Photo: https://mma.prnewswire.com/media/688379/PolyU_Big_data_facility.jpg )

Big Data Analytics is an analytic process of a huge volume of scattered and dynamic data sets from multiple data sources to uncover hidden patterns, explore unknown correlations, and predict future events. The use of Big Data Analytics will result in better optimization of decision making, resource utilization and planning. This technology has become essential in our economy and society, and its applications have continued to grow in different areas and industries.

At the opening ceremony of UBDA, PolyU’s President Professor Timothy W. Tong said, “As a university which moves with the times and caters for the needs of society, PolyU thus pulled together our expertise in computing, applied mathematics and information technology to establish UBDA. We hope we can bring together not only colleagues from different disciplines, but also external partners in different sectors, to do some joint research.”

The Under Secretary for Innovation and Technology, Dr David Chung, said, “With the set-up of this new University Research Facility in Big Data Analytics, I believe that the researchers in The Hong Kong Polytechnic University will be able to use the facility for carrying out more forward-looking research projects that will benefit the society and supporting a vibrant big data innovation ecosystem in Hong Kong.”

For a wide range of research domains, the demand for big data analytics is increasing and therefore an open platform for cross-disciplinary collaborations is needed. UBDA initially focuses on three major research areas, namely Smart City and Smart Internet of Things (IoT), Finance and Healthcare. Managed by big data experts from Department of Computing, Department of Applied Mathematics and representatives from other disciplines, UBDA will provide consultancy service and technical support to PolyU research community and industry partners, assisting them to develop innovative solutions to research problems and application challenges by capitalising on the use of models, algorithms and platforms for big data analytics and processing.

For instance, UDBA team has been collaborating with Airport Authority Hong Kong, Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies to develop a Big Data-Driven Airport Resource Management (BigARM) Engine to improve the efficiency and intelligence in resource management at the airport, including the baggage reclaim carousel allocation. To achieve a balanced usage and efficient allocation of baggage reclaim carousels for the handling of 500 arrival flights each day is a major challenge. The effectiveness of reclaim carousel allocation is affected by an array of influencing factors, including actual flight arrival time, number of arrival bag, ground handling equipment arrival time, apron traffic condition, bag unloading speed, bag dwell time on reclaim carousel, etc. The current phase of the project focuses on developing an intelligent application which can provide allocation recommendations through an analysis of the various influencing factors at play. The objective is to enhance the allocation plan and provide supports for real-time dynamic adjustments. The project is also sponsored by MongoDB and iTran.

The University also announces today the establishment of Consortium for Innovation in Big Data and Artificial Intelligence, which serves as an open platform for industries and organizations to collaborate with PolyU on research domains of big data analytics and artificial intelligence, aiming to solve challenging problems and develop advanced applications.

As of today, UBDA has already kicked off collaborative big data analytics projects with colleagues in PolyU and external partners including Alibaba, GogoVan, Huawei, the Hong Kong Police Force, and Microsoft.

Press Contacts

Professor Jiannong CAO
Director, University Research Facility in Big Data Analytics
Tel: 2766-7275
Email: csjcao@polyu.edu.hk; ubda.enquiry@polyu.edu.hk

SOURCE The Hong Kong Polytechnic University (PolyU)

PeaCounts Blockchain Accounting System to Launch This Summer

EL PASO, Texas, May 8, 2018 /PRNewswire/ — PeaCounts, a “done-for-you” bookkeeping solution currently in beta testing, is launching to the public this summer. Harnessing the powerful accounting software of the NetSuite platform and paired with artificial intelligence and blockchain technology, PeaCounts has designed the world’s most technologically advanced, secure, and, most of all, user-friendly accounting system.

“Imagine you own a small business and you have just finished a long day of work. But it isn’t done yet.  Now you need to spend the next two hours entering all the sales and expenses into your bookkeeping software, facing frustrating error messages and redundant activities,” says Crystal Stranger, an enrolled agent and co-founder of PeaCounts. “What if you could just take a few pictures of receipts with your cell phone and answer simple questions about what they are for? PeaCounts is the bookkeeping solution that makes accounting this simple, and frees up time for what is more important in your life.”

Accounting software is basically the same now as it was in the early 1980s, and many entrepreneurs struggle with the record-keeping parts of their business. As the owner of a tax office, Stranger saw this with her clients when they would come in at tax time with a shoebox full of receipts and have no idea what they made or spent during the year. However, the software and services currently available still didn’t make it easy enough.

Impassioned by an idea for a product built on the promise of blockchain technology that could change all this, Stranger, together with accounting software developer, Shashank Shukla, founded Viact Systems Inc. and began developing PeaCounts.

“Business owners will no longer require a dual-entry system with manual reconciliations,” says Stranger. “Combined with machine learning, PeaCounts has developed a system that makes manual entry a thing of the past.”

PeaCounts’ intuitive dashboard and mobile app gives real-time information about where a user stands financially, as well as provides a simple interface to work with. Adding a business receipt is as easy as using a mobile phone to scan the receipt. If there are any questions about where a receipt should go, a “bookkeeper” asks simple questions. On the daily bank sync, the system matches this to the user’s bank account, and asks questions if anything doesn’t match or is missing. And the books are done, that easy.

Behind the scenes, PeaCounts leverages blockchain, an accounting concept that describes a block of records that are linked and secured using cryptography. PeaCounts uses blockchain in six different ways to secure the data of their clients, preventing any kind of security breach. Blockchain technology, the same code that underlies Bitcoin, is, at its heart, an accounting method that revolutionizes the way information is recorded. By decentralizing the transaction ledger while syncing data and backing up financial data, it secures data while creating immutable records. In addition, PeaCounts utilizes a “Blockchain of Identity” concept where only users will have access to the data registered to them in the directory.

PeaCounts will work directly with a company’s existing bookkeeper and tax professional to ensure all the data is entered in the way that is most advantageous tax-wise and is immediately easy to understand. PeaCounts will be offering a residual income to these professionals so that they can provide the best personal service, and users can even book appointments to talk with them directly through the PeaCounts dashboard or mobile app.

In addition, PeaCount’s “Smart CFO” feature will prepare budgets and other financial projections in an instant so users don’t need an accounting background to understand where they stand financially. Future developments include a payment system powered by a cryptocurrency token, PEA, that will allow for low-cost and nearly instantaneous payments to vendors and employees worldwide.

“To make bookkeeping easier, you don’t just need a software product, you need a team of real people and artificial intelligence that is constantly working to keep you up to date with where you stand financially,” says Stranger. “This is the future of business, available today. It’s like having a bookkeeper inside your phone.”

For more information on PeaCounts, go to http://peacounts.com, and for information on the upcoming Initial Token Offering for the PEA token, go to http://peacounts.io.

Media Contact:
Crystal Stranger
(310) 739-7699/crystal@peacounts.com  

About PeaCounts
PeaCounts provides a simple solution to managing finances for small businesses, making their financials fully secure, accurate, and instantly accessible. Using blockchain coupled with artificial intelligence, PeaCounts offers fully secure, accurate, and instantly accessible financials. PeaCounts’ user-friendly web and mobile dashboard makes it easy to access financial information and to make it understandable. Powered by our utility token, PEA, an ERC-223 token based on the Ethereum network, PeaCounts has been created to provide the fastest, most accurate, secure, and technologically-advanced platform to entrepreneurs and accountants.

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/peacounts-blockchain-accounting-system-to-launch-this-summer-300644242.html

SOURCE PeaCounts