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FitME receives funding to develop intelligent assistant for smart homes, & more

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Artificial intelligence startup FitME receives undisclosed pre-Series A in millions of USD

FitME

Founded in: 2015

Financing status: Tens of millions of RMB (a few millions USD) for pre-Series A financing in 2017

Artificial intelligence company, FitME, received pre-Series A funding on Aug 1st in the millions of USD to improve its AI algorithms and recruit more talent to expand its team.

The development of smart home products in China is promising. According to Garter, more than 3.3% of families will be equipped with more than one smart home product by 2020. By then, the market for smart home products will exceed RMB 50 billion.

The common feature that smart home products share is an intelligent assistant that uses artificial intelligence. It would thus stand to reason that the development of intelligent assistants will be a good area for startups and investors to move into.

FitME is an artificial intelligence company that mainly focuses on the research and development of intelligent assistant systems, which enables users to achieve voice interaction, real-time wakeup, information, and mission translations. For example, users can conduct weather inquiries, music playback, express delivery, ticket booking, taxi booking, and other life services through FitME’s intelligent assistant. It has released its app for integrating its partners’ smart home products. Moreover, its intelligent assistant services also work with WeChat.

Founded in 2015 in Hangzhou, it has managed to attract more than three million users. It is seeking partners to expand its intelligent assistant services to more scenes.

This new financing round was from Moxiu, which operates marketing business based on big data technologies. The capital will be used to recruit more talents to expand its AI technology team and improve its AI algorithms to integrate with more scenes.

Automobile aftermarket supply chain services provider Kzmall receives USD 4.5 M for pre-Series A

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Kzmall

Founder: Jiang Renhai

Founded in: 2015

Financing status: RMB 30 million (USD 4.5 million) for pre-Series A financing in 2017

Automobile aftermarket supply chain services provider, Kzmall, received USD 4.5 M on Aug 1st for pre-Series A to construct more warehouses and upgrade its IT system.

Kzmall is an automobile aftermarket supply chain services provider that aims to meet auto repair companies’ demands with its one-stop services. Its core business is the supply and sale of auto parts, but it provides a series of related services, including financial services, insurance, logistics, education, training, IT, and technical support.

Founded in 2015 in Hangzhou, it is currently working with its partners to build service stations across China, as well as warehouses to support its service stations with supply chains. Additionally, it aims to build 500 service stations by the end of 2017, and more than 2500 service stations in 2020.

Kzmall grabbed this pre-Series A financing round from a group of individual investors, including the founder of Yixun.com, the founder of Yaomaiche, and some other angel investors. It plans to use the funds to build more warehouses to support its business expansion and improve its IT system for higher operational efficiency.

(Top photo from 58pic.com)

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