ICE TECH Closes Series B Round Funding Led by Intel Capital

~August 28, 2018, Shenzhen - Beijing ICE TECH Science & Technology Co., Ltd. (ICE TECH), a leading AI solution provider in China, today announced the completion of a Series B funding round and the launch of a new series of intelligent parking and intelligent community AI solutions. Intel Capital led the funding round with co-investment from Green Pine Capital Partners and Frees Fund. The new capital as well as the launch of new AI solutions will support ICE TECH as the company works to expand its technology leadership in AI algorithms and accelerate AI adoption in China. The Series B funding proceeds will be used in research and development of AI algorithms and chip technologies. The company received a Series A investment led by Dongchen Fund in 2015.

Founded in 2012, ICE TECH is one of China's leading companies in AI algorithms and chip technologies. Focusing on AI applications in computer vision, ICE TECH pioneered chip-based AI algorithm technology in China and has successfully developed a series of Intelligent Transportation, Intelligent Community, Intelligent Security and Intelligent Retail products and solutions. ICE TECH's integrated AI technology ecosystem spans the AI industry value chain from upstream AI algorithms and chips, to intelligent products and solutions tied to big data cloud services, to after-sales services and product marketing.

"ICE TECH's core competency is developing AI technologies that help enable AI adoption in China," said Kai Cui, founder, chairman and CEO of ICE TECH. "We are honored to receive investment from Intel Capital, Green Pine Capital Partners and Frees Fund, which will enable us to create more value for our customers and partners through strengthened investment in R&D and further development of our AI ecosystem of products and services. Today's launch of our new solutions, including our 'MuYan 1' facial recognition device, demonstrates our successful expansion from the Intelligent Parking sector into the Intelligent Community sector."

ICE TECH today introduced a series of new AI solutions including an entrance and exit vehicle plate recognition system, a reverse vehicle tracking system and a facial recognition system. The "MuYan 1" facial recognition device is ICE TECH's latest Intelligent Community solution with a 10K+ face database, vivo detection capability as well as strong light and backlight adjustment features. ICE TECH's capabilities in deploying both "human recognition" and "vehicle recognition" enable more efficient, secure and user-friendly AI solutions for the Intelligent Parking and Intelligent Community sectors.
Anthony Lin, Intel Capital Vice President and Managing Director of Greater Asia and Europe, said: "Intel Capital embraces digital transformation and aligns its investment strategies to support Intel's data economy vision. ICE TECH has demonstrated capabilities in AI research and development, and deployment of smart city solutions. We look forward to working with ICE TECH and our industry partners to drive innovations in AI, deliver more big data applications, support the building of smart cities and enhance the IoT ecosystem in China."
Since its establishment in 2012, ICE TECH has achieved several key milestones and is positioned as one of China's leading AI industrialists:

* ICE TECH licenses AI co-processor IPs to HiSilicon, a world-leading security chip provider.
* ICE TECH has licensed AI acceleration engine IVE (Intelligent Video Engine) to 500 million chips since 2012.
* IntelliData, a wholly-owned subsidiary of ICE TECH, developed its "Entrance & Exit Vehicle Plate Recognition Camera" with over 50% market share in China.
* Intellicore, a joint venture by ICE TECH, launched a four solution series for vehicle recognition, human recognition, passenger counting and security video data structuring and is committed to becoming a leading provider of security AI modules in China.

ICE TECH has collaborated with world-class chip companies, including Intel, HiSilicon and Mstar, and built up its algorithm chip development ecosystem, laying a solid foundation for its product research and development. ICE TECH developed Intel® architecture-based CNN (Convolutional Neural Network) car model recognition algorithms and deep learning video structure algorithms based on Intel® Apollo Lake architecture. These solutions have accelerated the deployment and adoption of AI technologies in China's Intelligent Parking, Intelligent Transportation and Intelligent Security sectors.