New AI project set for Ningbo

The signing ceremony of the Malong smart textile global headquarters project between Zhenhai district and Malong Technologies at the 5th World Internet Conference (WIC) on Nov 8 [Photo/ zj.zjol.com]

Zhenhai district in Ningbo signed a cooperative agreement with Shenzhen Malong Technologies Co on Nov 8 at the 5th World Internet Conference (WIC), for jointly building a smart textile global headquarters of the company in the district. 

It is another big project introduced to Zhenhai after the Tencent cloud industry base signed by the district at last year's WIC. 

Malong Technologies is an artificial intelligence (AI) company that provides computer vision technology and solutions for enterprises, particularly in retail and healthcare. It is currently valued at $576 million, with its business operations spreading to the United States, Japan and Europe. 

The project, which will settle in the Zhongguan Road Entrepreneurship and Innovation Street, will rely on the AI technologies of Malong to build an AI-based cloud platform in the district and drive the transformation and upgrading of the city's textile and clothing industry. 

Zhongguan Road has been committed to building a sound business climate for digital companies in recent years, and is now the city's largest pool for high-end entrepreneurship and innovation resources.

It houses over 10 industrial innovation platforms with over 10,000 entrepreneurial and innovative talents at present. 

The Ningbo National University Science Park at the heart of Zhongguan Road is now an important driving force of the district's modern service sector. 

It realized main business revenue of nearly $1.4 billion in the first 10 months of the year, up 168 percent year-on-year, and other service business revenue of around $112 million, accounting for 35.5 percent of the district's total service business revenue.