ABC Technology, a China-based developer of intelligent financial services technology, has raised $30m in a series B round that included quantitative trading firm Susquehanna International Group (SIG), China Money Network reported.
The round also included participation from venture capital firms Qiming Ventures and Mindworks Ventures.
ABC Technology, which is also known as ABC Fintech, has developed artificial intelligence (AI) applications that are used by financial services providers to visualise data and predict stock market performance.
The company has cooperation agreements in place with partners including Singaporean sovereign wealth fund GIC, investment banking firm CICC and insurance group Ping An. It will use the series B capital to hire new staff and accelerate development of its products.
The latest funding comes in the wake of $30m ABC had raised in angel and series A rounds as of September 2017, the funds being supplied by SIG, Qiming and VC firms Source Code Capital and Welight Capital.
Yang Yongzhi, ABC’s founder and CEO, said in a statement released on WeChat by Source Code Capital: “There are limited things to do in terms of the innovation in the overall financial sector, because the inclusive finance field is dominated by a few market giants.
“The AI-powered investment research field, however, has open market data, a clear business model and strong consumer paying capability.”