YI Tunnel Becomes One of the Three Winners of Pitch@Palace China 2.0

BEIJING, June 6, 2018 (Newswire.com) - Pitch@Palace China 2.0, supported by China’s Ministry of Science and Technology and the China People’s Institute of Foreign Affairs, took place on June 1, 2018, at the Diaoyutai State Guesthouse in Beijing. The three winners of Pitch@Palace China 2.0 were chosen from more than 25000 contestants in China. China’s AI startup YI Tunnel was one of the three winners. In December, it will compete with winners of Pitch@Palace from each country for a spot on the global Top 3 list during the final event at St. James’s Palace in the UK.

A bridge linking China and UK for technological innovation

Pitch@Palace China 2.0 received great attention and full support from China’s Ministry of Science and Technology and the China People’s Institute of Foreign Affairs etc. In the afternoon of May 29, 2018, the day when the Boot Camp for the China event was opened, President Xi Jinping met at the Great Hall of the People with the Duke of York, Prince Andrew, of the UK, and also expressed his great expectation for Pitch@Palace China 2.0. Xi Jinping stressed that China-UK cooperation in strengthening scientific and technological innovation is conducive to realizing mutually beneficial and win-win results, and will inject more new connotations into the "Golden Era" of bilateral relations.

Prince Andrew said that he is willing to continuously devote to strengthening practical cooperation in such areas as science and technology, innovation and industry between the two countries, and enhance mutual understanding between the two peoples, so as to promote greater development of the "Golden Era" of the two countries.

In his speech at Pitch@Palace China 2.0, Prince Andrew emphasized the help and boost that Pitch@Palace can provide for entrepreneurs.

Pitch@Palace China, already in its second year, has gradually become a bridge linking China’s and UK’s entrepreneurs and even those all over the world with the global network of support resources. Pitch@Palace not only provides great support for China’s startups to connect with international talents, technologies, investments, enterprises and other resources but also brings together a large number of passionate entrepreneurial mentors and alumni from both China and abroad using their experiences, knowledge, and resources to help the entrepreneurs grow. 

What is Pitch@Palace?

Pitch@Palace is a British business incubation initiative founded by the Duke of York in 2014, dedicated to bringing together the most influential leaders in various fields. In its four-year history, Pitch@Palace has provided support for more than 1371 startups around the globe and has helped to create over 7200 valuable connections for them.

The theme of Pitch@Palace China 2.0 is the Future of Mobility and Connectivity. It covers more than 10 fields including AI, e-health, autonomous driving, robot, networking, and 5G. Pitch@Palace aims to look for innovation or business projects with innovative ideas looking to enter international markets, to connect today and tomorrow, and to increase the well-being of mankind.

Pitch@Palace China 2.0 was kicked off in February this year. As of May 12, 42 projects were selected by the jury of Pitch@Palace Global and the China jury after three rounds of rigorous review (mass selection, preliminary review, and second-round review) from more than ten dimensions such as team management, product novelty, and future plan. The three national winners were picked out from the 42 contestants on June 1.

As one of the three winners of Pitch@Palace China 2.0, YI Tunnel will continue to provide the most commercially viable AI solutions for retail around the world, to recognize merchandise, action semantics and human faces via vision recognition dynamically, and to create a three-in-one matrix of smart retail products including unattended stores, smart vending machines, and smart self-checkout robots. While reducing cost by 60 percent, these products can make all scenarios smart, to eventually empower retail across the process from data collection, data storage and data analysis to data optimization.

Pitch@Palace China 2.0 was an internationally influential event. It helped to jump-start China’s innovators and entrepreneurs and connect them with the world. As one of the three winners in China, YI Tunnel will demonstrate China’s power of innovation and entrepreneurship on the global stage. See you at St. James’s Palace in December.

Source: YI Tunnel