Judges evaluate startup projects during the semifinal of the Global Internet Competition on Saturday in Wuzhen. The competition is a new highlight of this year's World Internet Conference. PHOTOS BY GAO ERQIANG / CHINA DAILY
Ten of 34 scientific and technological innovation projects presented in the semifinal of the Global Internet Competition of "Straight to Wuzhen" on Saturday made it to the final, scheduled for Tuesday during the ongoing sixth World Internet Conference in Wuzhen, Zhejiang province.
The winners will be officially announced on Monday night, a day ahead of the final, organizers said.
The projects in the semifinal covered sectors including artificial intelligence, 5G, big data and industrial internet of things.
One of them is a management system for equipment maintenance developed byTianjin-based United AI.
The system was created to provide equipment with predictive maintenance to avoid a sudden device crash based on the application of sensors and AI, said Liu Xiaopeng, founder of the company.
"Now, industries are powered by AI and our company is taking the opportunity to develop the technology of industrial auditing," Liu said.
The system can help to reduce operation costs, increase production efficiency and ensure safety, he added.
Founded in February 2018, the company has spent nearly two years developing the system and has generated more than 10 million yuan ($1.41 million) in revenue, Liu said.
Israel-based company SenseIT also presented its identically named system, which is uses AI technology to improve web accessibility, according to company CEO Tamar Bernstein.
SenseIT provides an integrated solution and a unique platform to establish digital content for individuals, Bernstein said.
"I hope to find local partners in the market that we can start to open offices here to work alongside with to see how we can further develop," she added.
Jiang Yucai, vicepresident of Shenzhen Capital Group, served as a judge during the semifinal, said China has a large number of potential consumers, which can lead to larger economies of scale.
The development of the internet and the IoT has brought changes in lifestyle and ideas of consumption, he said.
"The rapid development of the internet and the IoT is affecting people's consumption and lifestyle, so every aspect of our lives can mean new investment opportunities," Jiang said.
"Using internet technologies to change lifestyles and consumption habits is key," he said.
Another judge, Zong Peimin, a founding partner of investment company Sinowisdom, said the number of projects related to big data, internet and intelligent technologies has increased significantly this year, which implies the internet has developed onto a higher level.
"In the past, most projects were related to online transactions, but now they tend to reflect fundamental research and intelligent technologies, which focus on internet services," Zong said.
"The competition has created an effective platform to show startup business trends in the internet technology in a bid to enable more investment," he said.
A startup team member presents a project at the semifinal in Wuzhen.
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