China-based digital services provider DeepExi has received $50m in a series A-plus round co-led by Bertelsmann Asia Investments (BAI), a corporate venture capital vehicle for media group Bertelsmann, DealStreetAsia has reported.
The round was co-led by fund manager Sanxia Xintai Investment and GL Ventures, a VC subsidiary of hedge fund manager Hillhouse Capital.
VC firm Morningside Venture Capital, VC group IDG Capital, early-stage fund Chuxin Capital and investment management firm Lighthouse Capital filled out the round’s participants.
DeepExi produces software that enables corporate customers to digitise elements of functions such as manufacturing, product distribution, sales and marketing, through the use of technologies such as big data, artificial intelligence, cloud computing and the internet of things.
The company will channel the latest funding into expanding its business, increasing headcount and strengthening research and development as it seeks to enhance its smart technology capabilities.
Hillhouse Capital, Morningside Venture Capital and IDG Capital co-led DeepExi’s $35m series A round in September 2019, investing alongside BAI, Chuxin Capital and Lighthouse Capital.
The company had previously raised a total of about $14m across a late 2018 round led by IDG Capital and a March 2019 round featuring IDG Capital and Gaocheng Capital, according to DealStreetAsia.
