China-based artificial intelligence technology provider 4Paradigm closed a $230m funding round today featuring networking technology producer Cisco and consumer electronics manufacturer Lenovo.
The company did not specifically identify any other participants in the round but stated that venture capital firm Sequoia Capital is still its largest shareholder following its completion. It valued 4Paradigm at about $2bn.
Founded in 2014, 4Paradigm provides AI software that increases efficiency in areas like manufacturing, healthcare and supply chains. It expanded to Europe and Southeast Asia in 2019.
The company has adapted to Covid-19 related work, developing a precision screening system, a tool that tracks infection points and a system that analyses disease scenarios in real time. It is also helping corporate clients shift their businesses online.
The round came in the wake of a $145m series C round in late 2018 backed by power producer China Three Gorges, Citic Group, China Poly Group, Agricultural Bank of China, Bank of Communications, Tsinghua University Science Park, Sequoia Capital China and China Reform Holdings.
The series C, which was closed at a $1.2bn valuation, was preceded by an undisclosed amount from financial services firms Bank of China, Industrial and Commercial Bank of China and China Construction Bank early the same year.
Sequoia Capital China, Sinovation Ventures, Genesis Capital and Zhongwei Capital had previously supplied an undisclosed amount of funding for the company over series A and B rounds.
