4Paradigm, a China-based artificial intelligence (AI) technology provider backed by corporates China Three Gorges, Cisco and Lenovo, closed a $700m series D round today.
Primavera Capital, Boyu Capital and Hopu Investments co-led the round, which also attracted National Manufacturing Transformation and Upgrading Fund, China Development Bank, China Reform Holdings, JIC Tech-INV, Xicheng Jinrui and CSC Financial.
Haitong Securities, Sequoia Capital China, CPE, Goldman Sachs, Jinyi Capital and FountainVest Partners filled out the round.
Founded in 2014, 4Paradigm is working on an enterprise-grade AI platform and applications to support digital business transformation and increase efficiency in sectors such as finance, retail, manufacturing, energy, healthcare and logistics.
The series D capital will allow 4Paradigm to accelerate its ambition to build an ecosystem around its offering.
4Paradigm previously secured $230m in a round featuring networking equipment producer Cisco and consumer electronics manufacturer Lenovo in April 2020 that put its valuation at approximately $2bn.
Power producer China Three Gorges contributed to a $145m series C round in late 2018 alongside Citic Group, China Poly Group, Agricultural Bank of China, Bank of Communications, Tsinghua University Science Park, Sequoia Capital China and China Reform Holdings.
The company had secured an undisclosed amount of funding earlier that same year from Bank of China, Industrial and Commercial Bank of China and China Construction Bank.
Sequoia Capital China, Sinovation Ventures, Genesis Capital and Zhongwei Capital previously injected an undisclosed amount of series A and B financing.
