China’s Luokung Technology Corp, a big data services company and provider of interactive location-based services (“LBS”) and high-definition maps (“HD Maps”) is set to increase its AI focus going forward.
In his annual lettter to shareholders, Xuesong Song, Chairman and CEO, Luokung Technology Corp outlined its game plan going forward.
“The year 2021 has been an important and monumental year for Luokung. We are in a strong capital position to expand our current business operations, having raised US$120 million in financing and gaining recognition and support from institutional investors in early 2021,” started Song.
We completed the acquisition eMapgo, integrating their operations and personnel with that of Luokung, enhanced our technology and built out our R&D team to further support the development of our self-driving perception algorithm, AI image calculation, blockchain technology, Internet of Vehicles big data AI algorithm and application services and LBS platform services, added Song.
Spatial-temporal data combines the dimensions of time and space, and more than 80 per cent of data in the world is related to geographic location.
With the rapid development of Internet of Things, smart robots, smart wearable devices and various sensors, almost all newly added massive data are spatial-temporal data, and more than 95 per cent of all data in the future will be spatial-temporal data as it is multi-sourced, massive, heterogeneous, and updated in real time. Luokung discovers and creates greater value in spatial-temporal data, and through intelligent services.
All of these developments have bolstered Luokung’s three-pillar business model with the launch of related multi-line products, which were well received by our clients as demonstrated by our new contract wins. Luokung remains confident in its ability to gain market share through additional contract wins in the remainder of 2021.
The core strategy behind Luokung’s products, technologies and services is centred around three pillars: smart transportation, carbon-neutral and natural resource management services and Internet LBS and intelligent industrialized applications—”Luokung’s Three Pillars.”
Luokung’s various product and service applications originate from Luokung’s three-pillar business model, focusing on an AI spatial-temporal digital base. “We continue to improve the capabilities of the digital base to better support industry smart applications. At the same time, ever-expanding and continuous intelligent industry applications are actively feeding a more powerful digital base,” said Song.
This flywheel effect helps us to continuously optimise, deepen and expand our services to customers, increasing our value proposition.
Luokung believes that road-to-vehicle coordination is the keystone for smart travel and autonomous driving in the future. Therefore, smart cars require smart roads. Luokung is actively deploying smart solutions for both vehicles and roads.
For vehicles, Luokung is supporting eMapgo’s position as a leading HD Map provider with continued investment in its technical R&D in the fields of autonomous driving data services, simulation services, and full-cognition AI services with a goal of continuing to optimize, deepen and expand services for automakers and top-tier autonomous driving firms.
“We have led the development of the industry standard for “Autonomous Driving HD Map Collection Element Model and Interaction Format”, and eMapgo will continue to play an active leading role in setting industry standards in the near future,” according to Song.
This is not only a testament of the industry’s trust and recognition of eMapgo’s capabilities in autonomous driving HD map related data services but also proof of our intellectual contributions and experience in the field of data services as it relates to autopilot HD maps.
For roads, Luokung is actively promoting smart road services based on its spatial-temporal digital base, including but not limited to HD Map-based smart road AI digital base, 24/7 road hazard awareness, severe weather perception and other road information data perception service systems and smart management platforms.
With these initiatives, Luokung aims to assist expressway operators in managing their digitised assets more securely and efficiently and to achieve vehicle-to-road data communication where vehicles can digitally receive roadside information that affects safety, convenience and comfort in real time.
“We are providing similar smart digital services for China’s new generation smart transportation demonstration project-Changjiu Expressway, a project that showcases our respected position in the field of smart highways,” said Song.
Luokung Datong’s severe weather perception service system is a perfect example of its smart road products. It provides meter-level accurate, real-time road visibility reports through its own intellectual property-video stream intelligent analysis technology during low-visibility weather, helping expressway operation managers to close and open the road in a timely manner and ensure the safe passage of the expressway.
“We deployed a one-year pilot project for 400 kilometers of expressways in Jiangsu Province. During the period, the 400 kilometers of expressways remained open for an additional 180 hours throughout the year, compared to during manual visibility observation periods”, noted Song.
The additional 300,000 vehicles that utilised the expressway this year has directly increased the income of expressway operators. At the same time, high passability enables various types of vehicles to save travel time, improve their efficiencies and create more commercial value and social benefits.
This is just one of many examples of Luokung’s intelligent road system products, one that exemplifies Luokung’s mission and vision: to create value through technology and create value for customers.
So far in 2020, the number of newly registered cars in China was 24.24 million, and the number of vehicles in possession was 281 million. At the end of 2020, the total mileage of highways in China was about 160,000 kilometers.
The second pillar of Luokung’s business strategy is carbon neutrality remote sensing data services. “Although Luokung’s AI spatial-temporal big data services do not directly solve the issue of carbon emissions, we believe that our data service helps policymakers, industry regulators and market service participants monitor real situation and data changes, in their efforts to reduce carbon emissions and to serve as an important digital base for carbon emission trading.
“We believe that Luokung has established China’s most powerful remote sensing data engine that integrates high-resolution remote sensing, HD maps and various IoT sensor data, enabling us to launch the most efficient remote sensing data processing service,” said Song.
This offering addresses a broader market focus on industrial applications in carbon emission, carbon neutrality, geographical resources, forestry resources, water resources, crops and others, a marketplace we define as a carbon neutrality natural resource asset service business. In the future, we believe remote sensing data services in related fields will be accompanied by the implementation of a global carbon neutral strategy, which would present a significant market opportunity, according to Song.
The third pillar of its business strategy is Internet LBS and related smart industry services. “This is Luokung’s AI spatial-temporal big data services based on our digital base in Internet applications and modern logistics, supply chain, urban transportation, emergency rescue, smart industrial parks, smart cities and other applications,” wrote Song.