18 Jun Chinese Tech Company Launches US Operations in Meridian Township
LEAP’s Regional Business Attraction Unit Finds Chinese Tech Company US Homebase
LANSING, Mich. (June 18, 2020) – The Lansing Economic Area Partnership (LEAP) has announced the new US operations of Continental Oceans Technology Corporation (COTC) will be spearheaded out of an office in Meridian Township. COTC is a technology-driven company building a global trade, logistics and travel advisory platform to improve the travel experiences of users through technology. An emphasis will be placed on designing for Chinese nationals who are traveling or relocating for work, school, family or other purposes either temporarily or permanently.
China’s population is estimated to have surpassed 1.4 billion, and with this growing population comes an increase in the annual number of overseas visits. The number of international visits by Chinese nationals has grown 1,426 percent since 2000, topping 149.7 million in 2018.
The company’s platform called Younglode will leverage an artificial intelligence system to help users discern points of interest and potential like-minded community members. It will integrate social media elements, connecting into China’s popular WeChat platform and will support the use of cryptocurrency to enable simple and rapid financial transactions. Finally, it will embrace 5G connectivity and support integration of other devices within the increasingly pervasive internet of things (IoT) landscape in order to comprehensively meet the psychological needs of its users.
The global travel advisory market is enormous and growing, providing new opportunities to connect, provide resources to and build community within a massive and diverse audience via new technology. “Our company is well-positioned for rapid growth in the global trade, logistics and travel advisory markets, focusing on providing convenient and connected digital solutions to the global travel consumer,” said Zeyang Li, CEO of Continental Oceans Technology. “We are excited for the opportunity to partner with LEAP, Meridian Township and the state of Michigan to launch our business here in the United States.”
“It is always a delight to land foreign direct investment (FDI) projects in the Lansing region, but especially so during these extraordinary times we face due to the COVID-19 crisis,” said Keith Lambert, vice president of business attraction at LEAP. “Having companies like COTC based here helps the region retain international talent and diversify our tech cluster – we look forward to continued partnership to ensure their success down the road.”
Continental Oceans Technology has launched its U.S. operations with seven employees in the Lansing area with intent to ramp up to 50 within the next two years, and over 500 employees companywide, including operations in China and elsewhere, in the next three years. An estimated capital investment of $2 million will be made as the company grows U.S. operations during this initial period of business growth. Several company executives and employees have ties to the Lansing region, as either current international students or graduates of Michigan State University.
Earlier this year the company leased 2,583 square feet of office space at 2422 Jolly Road, just west of Okemos Road in Meridian Township. The building is owned by T.A. Forsberg, Inc., which has a track record of supporting LEAP’s FDI soft landing projects. “Inspiring Growth is one of Forsberg’s core values. Our team is excited to have COTC as a neighbor and look forward to watching them grow in our region,” said Brent Forsberg, president of T.A. Forsberg, Inc.
“We are excited to welcome Continental Oceans Technology to our community,” said Meridian Township Supervisor Ron Styka. “Meridian Township continues to demonstrate that it is a prime choice for businesses – local to global.”
More information about Continental Oceans Technology Corporation and the Younglode platform can be found on the company’s website.
The Lansing Economic Area Partnership (LEAP) is a coalition of area leaders partnering to build a stronger community for all–working every day to grow, retain and attract business to the Lansing, Michigan, region.