China-based text automation processing software provider Data Grand has raised RMB160m ($23.1m) in a series B round featuring Legend Star, an early-stage fund owned by conglomerate Legend Holdings, China Money Network reported on Thursday.
Mount Morning Capital, a subsidiary of VC firm China Broadband Capital, led the round which also included Oriza PE Fund Management, the private equity arm of investment company Oriza Holdings, VC firm Eastern Bell and assorted angel investors.
Founded in 2015, Data Grand provides artificial intelligence-powered software which enables companies in the finance, media, manufacturing and government sectors to implement automated text processing.
The software understands text and natural language by extracting words, phrases and paragraphs from articles, and provides automated text writing and public opinion analysis.
The money will support a recruitment drive and help the company to bolster its research into semantic content analysis technology and create a large-scale corpus database with the funding.
The company has now raised more than $28.8m in funding to date having closed a $7.2m series A round led by SAIF Partners China and F&G Venture in 2017. It previously raised $1.4m in an angel round from Zhen Fund in 2015.