SHENZHEN, China--(BUSINESS WIRE)--“Ping An Cloud Accelerator, Powered by SparkLabs” showcased its dazzling achievements of its first cohort of 10 companies at the D-day event with a captivating opening led by Ricky Ou, CPO of Ping An Technology and General Manger of Ping An Cloud BU, at the Shenzhen Bay Sports Center in Shenzhen, China on October 17, 2018.
In June 2018, Ping An Cloud Accelerator selected 10 innovative companies as its 1st cohort members out of 120 applicants from 30 countries around the world, namely UBiAi Technology from Beijing, The CareVoice from Shanghai, Velotrade from Hong Kong, Funding Xchange from UK, Gliding Eagle from US, Canopy Cloud and HedgeSPA from Singapore, Kangpe from Nigeria, vPhrase from India, and FonePay from Pakistan.
After the three-month acceleration journey, the 10 companies have optimized and upgraded their technologies, products, business models and market-oriented operations. These companies were mentored by 90 industry and thought leaders. Accomplishments during the acceleration were: 50% of the 1st cohort members registered their entities in China; signed multiple strategic and technical cooperation agreements; and their total post-money value surged 283%.
For example, HedgeSPA has provided a series of quantitative wealth investment product management trainings for various Ping An departments and deployed on Ping An Cloud; Velotrade is cooperating with Shenzhen Qianhai Financial Assets Exchange, Foton Motor and its over 3,000 suppliers; vPhrase has completed the first pilot project with Lu International; UBiAi has signed a cooperation framework agreement with Ping An Technology and partnered with Ping An Property & Casualty’s data and innovation team; The CareVoice has deployed Ping An Technology’s face recognition technology, reached cooperation intentions with multiple Ping An subsidiaries, and co-established the Startup Care project with Ping An Health Insurance.
“D-day marks the culmination of all the hard work our 10 innovative companies have accomplished within the last three months. They were able to bring their cutting-edge solutions to Ping An’s businesses, clients, and ecosystem and most importantly, Ping An Cloud was the base platform for these initiatives. As a result, they demonstrated that their solutions are scalable and can truly create value for their customers,” said Ricky Ou.
At the D-day event, Ping An Cloud Accelerator also announced that the recruitment of the 2nd cohort is underway. The new 5-month acceleration format will continue to empower enterprises with innovative consultancy and resources, optimize their business models, expand their business into China, and facilitate the next round of fundraising through D-day and workshops.
With D-day being both a conclusion and a new start, Ping An Cloud Accelerator will continue to leverage its technical and financial strength and its vast resources to accelerate the participating startups to create greater value and growth.
About Ping An Cloud Accelerator
The “Ping An Cloud Accelerator Powered by SparkLabs” program was designed to prepare innovative technology companies with aspirations and commitment to enter the China market. The program was initiated by Ping An Group, one of the largest insurance and financial institutions globally, supported by the Futian Government in Shenzhen China, and sponsored by SparkLabs, a globally renowned accelerator and venture fund.
Applicants who are selected to join the Accelerator program will receive internal and external expert advice and coaching by global thought leaders and have access to the international network of SparkLabs. In addition, the selected companies will be exposed to the Ping An Cloud services and ecosystem.
