Expanding use of AI gets US$4b boost

Source: Xinhua | 2017-10-20

CHINA’S leading lifestyle services and online-to-offline services provider Meituan-Dianping said it has netted US$4 billion in its latest fund-raising exercise, valuing the company at US$30 billion.

Tencent led the new investment round which included online travel service group Priceline Group as a new strategic investor as well as other investors such as Sequoia Capital, GIC, Canada Pension Plan Investment Board, Trustbridget Partners, Tiger Global Management, Coatue Management and China-UAE Investment Cooperation Fund, said a joint statement yesterday.

The proceeds will be used to expand in new technological fields including artificial intelligence and unmanned delivery.

“Meituan-Dianping is leading a major transformation of China’s traditional services industry by creating a powerful new e-commerce ecosystem that connects with consumers’ daily lifestyle services,” Wang Xing, CEO of Meituan-Dianping, said in a statement, adding the company hopes “to fully leverage AI-based and analytics-driven technology, for the benefit of our consumers and merchant partners.”

Meituan-Dianping is also a new strategic partner with Agoda.com, the Priceline Group’s hotel booking site in Asia following Priceline’s investment in the company.

“Our commercial relationship between Agoda.com and Meituan-Dianping will help each company benefit from the other’s expertise and capitalize on the opportunities presented by China’s exceptionally large travel market,” said Todd Henrich, global head of corporate development of the Priceline Group.