China-based asset data management software provider Xunce Technology has raised RMB700m ($110m) in a series C round co-led by internet group Tencent and insurance group Taikang, DealStreetAsia has reported.
The round was also co-led with Citic Private Equity Funds Management and also featured existing backers including investment bank Goldman Sachs and Greater Bay Area Homeland Investments, while Tencent took part through subsidiary Tencent Investment.
Founded in 2016, Xunce provides asset data management software and services that leverage artificial intelligence and data science. Its customers include a variety of asset management entities such as private equity funds, insurers and financial services providers.
The funding is set to finance projects related to partnerships, digital transformation and market expansion. The company also intends to prepare for an initial public offering and expects to reach profitability this year.
Xunce had received an undisclosed amount in a June 2020 series B round backed by Tencent Investment, financial services conglomerate Baoneng Group, Greater Bay Area Homeland Investments, Yunfeng Capital, Prospect Avenue Capital and undisclosed other participants.
The company’s existing investors also include Sinovation Ventures, South China Venture Capital and Hongtai Aplus.