USI (SSE: 601231) recently announced that on December 6, 2018, the Company’s wholly-owned sub-subsidiary Universal Global Electronics Co., Limited entered into an agreement with Phi GP, Ltd.. As a limited partner, Universal Global Electronics Co., Limited intended to subscribe for the share of PHI Fund, L.P. for not more than US$25 million, and invest in installments in accordance with the required amount of investment targets.
The PHI Fund is a professional investment management team composed of experienced professionals in the automotive industry, high-tech industry and investment field. Its team members have deep expertise and wide connections in their respective fields. It also has consultant teams from Europe, North America, Taiwan, Hong Kong and mainland China. The Fund will focus on exploring crossover, upgrade and transformation investment opportunities arising from the transformation of new travel modes, and discovering valuable investment targets by introducing new technologies of different fields to all links of the industry chain or introducing existing technologies into new markets. The investment fund will be mainly used for investing in the automotive and smart industries.
USI’s investment in the PHI Fund is beneficial to the Company for leveraging the experience of the fund management team to accelerate the layout and business development of the automotive electronics industry, establish a broader partnership with fund investors and fund investment companies while sharing fund investment gains, increase the Company’s engagement in the automotive electronics industry and ecosystem, and enhance industry influence.
Jeffrey Chen, Chairman of USI, put forward the goal of “Modularized, Diversified and Globalized” for the Company’s future development, and made it clear that the Company would continue to strengthen its industry-leading D(MS)2 business positioning, consolidate the world leading position of System-in-Package (SiP) technology, accelerate growth of advantageous product lines such as system integration of automotive electronics, industrial and server systems, and actively combine the denotative expansion and organic growth opportunities through M&A to accelerate business growth, improve profitability and increase returns to investors.
Human Horizons Launches a Premium All-Electric Smart Car Brand HiPhi and Its First Production-Ready Vehicle HiPhi 1
HiPhi is a premium brand created by Human Horizons and enhanced by its users. The first production ready vehicle, HiPhi 1, integrates and develops world leading technologies, establishes a unique design philosophy and embeds sustainability as a core product development principle. HiPhi 1 is targeted at the growing global high technology, luxury market.
Human Horizons pursues a human-oriented philosophy and applies human-centric intelligence to advance the transformation of future human mobility. Its holistic solution consists of the development of smart vehicles, smart transportation and smart cities.
Human Horizons hopes to promote the development of the Vehicle-Road-City ecosystem through perception collaboration, computing collaboration, intelligence collaboration to ultimately transform individual intelligence to swarm intelligence.
Ding Lei, founder of Human Horizons believes that truly smart vehicles should seamlessly connect to the world of the Internet, IoT and IoE. They act as a node within the city linking the vehicle-road-city ecosystem together to enable the free flow of technical data. A smart vehicle will adapt itself and become more intelligent over time.
HiPhi 1 is equipped with more than 500 sensors and the first production car with a 5G-V2X enabled communication network. In addition, HiPhi 1 introduces the world’s first Human Oriented Architecture (HOA), featuring a software-developer enabled platform within the electric and electrical (E/E) architecture which allows functions to be created that are both adaptive and self-learning. Together, these provide a new level of customer experience that can continuously evolve over time. Artificial Intelligence learns and adjusts a substantial number of vehicle parameters based on the occupants’ habits and preferences.
SOURCE Human Horizons
TVS Motor Singapore to Invest US$7 Million in Scienaptic Systems, an AI Powered Decision Platform
TVS Motor (Singapore) Pte. Limited, a wholly-owned subsidiary of TVS Motor Company Limited, India, has signed definitive agreements to invest US$7 million in Scienaptic Systems Inc., a Delaware corporation, headquartered in New York City. TVS Motor (Singapore) Pte. Limited led this Series A funding in Scienaptic. The closing of the investment is subject to obtaining appropriate regulatory approvals.
Scienaptic has combined latest big data technologies and proprietary machine learning and artificial intelligence algorithms on its decision platform, “Ether.” Solutions built on Ether enable enterprises to improve risk and credit assessment, monitor evolving fraud patterns, and improve customer journeys and experience. Scienaptic counts several marquee Fortune 100 enterprises as its clients.
Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore), stated that, “We evaluated many companies providing big data analytics and risk management solutions and found Scienaptic’s product offerings and solutions with their ability to help organizations leverage actionable insights through the power of a strong analytics platform to be a clear differentiator and a unique proposition. Scienaptic’s end-to-end data analytics solution, with applicability to customers in various industries, has the potential to generate a new profit stream for our group. We are happy to invest in, and strategically partner with, Scienaptic as they continue to pursue bottom-line impact for Fortune 100 companies, and to leverage Scienaptic for our businesses. Our current investment in Scienaptic is part of the initial set of investments being made in strategically relevant digital startups.”
Pankaj Kulshreshtha, Founder & CEO of Scienaptic added, “We are witnessing the adoption of our AI platform at Fortune 100 companies. With the cutting edge instruments on our platform, companies are able to drive adoption of AI in their processes. The investment by TVS enables us to accelerate our sales and product development. We found a significant match in value systems between the two organizations and believe that our collective strengths will enable Scienaptic to grow exponentially and become a global leader in AI-powered decisioning space.”
SOURCE TVS Motor
AI-led start-up UVeye raises $31 million led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation
Israeli company UVeye, which provides sophisticated solutions for automatic external inspection of vehicles, has raised an additional $31 million in funding, led by Toyota Tsusho, Volvo Cars and W. R. Berkley Corporation, bringing total funds raised since 2017 to $35 million.
“This latest investment including leading automotive strategic partners is an important signal that we believe paves the way for UVeye to become the standard of automotive inspection and safety,” said Amir Hever, CEO of UVeye. “We are delighted to have world-class companies in their respective sectors endorse our game-changing auto-scanning solution.”
UVeye’s technology enables vehicle manufacturers, logistic operators, retailers and rental-car companies to carry out automatic vehicle inspection leveraging first-of-its-kind artificial intelligence, purpose-built for vehicles. Importantly, UVeye’s system has proven it can drive higher accuracy and improve efficiency, all with minimal human intervention.
UVeye’s drive-through systems can detect external and mechanical flaws and identify anomalies, modifications or foreign objects – both along the undercarriage and around the exterior of the vehicle. The scanning process completes within a matter of seconds and can be used throughout the entire lifecycle of the vehicle. The technology is being actively deployed today across many use cases, from the vehicle manufacturing line – the moment components are placed on the conveyor belt through end-of-line inspection – to logistics, maintenance and beyond.
Since inception, UVeye has generated millions of vehicle scans across dozens of countries. UVeye’s anomaly detection accuracy rate has exceeded client thresholds in all case studies to date.
In conjunction with today’s announcement, Volvo Cars and Toyota Tsusho intend to use UVeye’s inspection systems at various sites internationally, including Volvo Cars factories, dealerships and in the aftermarket. For Toyota Tusho, UVeye also will support distribution to used-car centers and throughout the company’s footprint within the Japanese auto market. UVeye welcomes these new relationships, adding to existing partnerships with Skoda and Daimler, according to Hever.
“Premium quality standards are at the core of the Volvo brand, and we are intrigued by the possibilities that UVeye’s technology offers,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “This type of advanced scanning technology could allow us to take the next step in quality.”
According to Mike Nannizzi, director of Fintech investments from W. R. Berkley Corporation: “When we made our initial investment in UVeye two years ago, we believed its system could have game-changing impact within security and inspection applications globally, and today’s announcement validates that early hypothesis. We congratulate UVeye, Toyota Tsusho and Volvo Cars for building a cohesive partnership with enormous potential.”
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