Bertelsmann Asia Investment and IDG Capital have led a USD$30 million angel investment in Chinese artificial intelligence and robotics start-up Ringle.AI despite the legal travails of its founder.
The Shenzhen-based company was founded in February 2018 with registered capital of 5 million yuan (approx. USD$73 million), and focuses on the application of an artificial intelligence scheduling system in tandem with blockchain technology to security in relation to data transmission and access.
Ringle.AI founder Wang Xin launched the company just three weeks after finishing a 14-month prison sentence for the distribution of obscene materials via Qvod Player – a media platform which filed for bankruptcy last week after incurring a fine from Chinese regulators of 260million yuan.
Ringle.AI uses automated script code to build intelligent contracts capable of programming and manipulating data, and claims that it completed a product demo three months following its launch.
