Wuhan CocoBull Technology, a Chinese artificial intelligence (AI) and blockchain startup, has received a “multi-million dollar investment” from OK Group on the day the city of Wuhan, China, finally ends its lockdown from the coronavirus.
The startup specialises in developing technologies for the blockchain industry, with products including an intelligent search engine for information relating to the industry; an analytics platform for blockchain-based big data mining and a solution that harnesses AI to send personalised information to users.
The core team at Wuhan CocoBull Technology includes veterans of Tencent, Microsoft and Huawei.
“We are glad to have received financing from OK Group. CocoBull has laid a good foundation for the development of blockchain technology, big data and integrated applications of artificial intelligence for many years, and has achieved deep mining of multi-chain data and intelligent data analysis,” said a project representative at the company.
“Our self-developed on-chain big data analysis system can be applied to many fields, such as anti-money laundering risk assessment and anti-crime data tracking for regulators and banking institutions.”
Investment in Wuhan CocoBull Technology signals post-lockdown market confidence
The investment from OK Group, the precise amount of which has not been fully disclosed, is intended to fund further development of the products and services offered by Wuhan CocoBull Technology, but to also bolster market confidence in Wuhan’s technology sector as it emerges from lockdown.
The city, which was the first to be hit by the coronavirus, was in lockdown for 76 days. The lockdown was lifted on 8 April, with the city now looking to repair its damaged economy.
It is hoped that technology will play a vital role in this, as Wuhan already has a strong track record in this space. One district, the Wuhan Development Zone, had already been earmarked as a key testbed for robotics prior to the coronavirus outbreak.
“CocoBull’s achievements in core technologies, such as blockchain information intelligent search engine, on-chain big data mining analysis, etc., has been stunning,” said OK Group, which is a key investor in blockchain startups.
“At the same time, we hope to foster the development of Wuhan science and technology startups and contribute to the acceleration of local economy after the epidemic.”