BEIJING, Sept. 26, 2018 /PRNewswire/ -- Gridsum Holding Inc. ("Gridsum" or the "Company") (NASDAQ: GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence ("AI") solutions in China, announced today that it successfully concluded its Fourth Annual Gridsum Hackathon on September 15, 2018 with 16 cross-divisional teams participating in the finals. The winning projects included the Gridsum Smart Verdict technology in first place, followed by the Integrated Management Platform for Text and AI Learning, and the Intelligent Q&A System for Legal Services which jointly took second place. Gridsum's Legal Division was presented with the newly established "Promote Innovation Award" to honor its active participation and leading role in promoting innovation.
The Gridsum Hackathon, now in its fourth year, has been one of the key drivers in supporting Gridsum's innovative culture and generating momentum for turning new ideas into business solutions. The teams combine cutting-edge technology and industry expertise to create better value-added solutions for customers, strengthening the Company's mission of "transforming the industry with technology while promoting social development."
This year, the Company had a record breaking number of participants and projects that competed in the Gridsum Hackathon, with 46 teams formed by 164 Gridsum employees across various departments and regions. This was also the first time that the Company had invited guest judges and award presenters.
Mr. Guosheng Qi, Chief Executive Officer of Gridsum, spoke to contestants at the opening of the Hackathon, commenting, "I am both excited and proud as the number of participants in this year's Hackathon has reached a record high. We are determined to leverage our innovation and technological capabilities to empower the advancement of our industry. With a team like ours, I have every reason to believe that we will make greater achievements in the future."
Among the 16 finalists, over 50% of them adopted knowledge mapping techniques, over 70% implemented machine or deep learning, and over 85% adopted natural language processing (NLP) into their projects.
The Gridsum Smart Verdict project placed first, a smart court assistance system that leverages NLP capabilities to create an algorithm that provides verdict prediction in the shortest amount of time. The system has already been recognized in the 2018 Chinese AI and Law Challenge (CAIL2018), which further demonstrates Gridsum's leading achievement in the legal sector.
Following in second place, the Integrated Management Platform for Text and AI Learning, combines two transforming innovations, Automatic Machine Annotation and a self-training model called Auto Machine Learning.
The Intelligent Q&A System for Legal Services, leverages a text classification model in deep learning, along with domain entity recognition and slot-filling capabilities to analyze questions and manage conversations, resulting in high-quality consulting recommendations.
Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum's core technology, the Gridsum Big Data Platform, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum's customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named "Gridsum" to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company's mission is to help enterprises and government organizations in China use data in new and powerful ways to make better informed decisions and be more productive.
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "may," "will," "expects," and similar statements. Among other things, quotations from management in this announcement as well as Gridsum's strategic and operational plans contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Many factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: unexpected difficulties in Gridsum's pursuit of its goals and strategies; the unexpected developments, including slow growth, in the digital intelligence market; unexpected difficulties and potential delays in filing annual or other reports with the SEC; PRC governmental policies relating to media, software, big data, the internet, internet content providers and online advertising; and general economic and business conditions in the regions where Gridsum provides solutions and services. All information provided in this press release is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.
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Mr. Christian Arnell
Mr. Tip Fleming
Phone: +1 917 412 3333
SOURCE Gridsum Holding Inc.