Data Grand, a China-based semantic analysis technology developer backed by conglomerate Legend Holdings and electrical appliance manufacturer Haier, has raised RMB270m ($38m) in series B-plus funding, DealStreetAsia has reported.
The round was led by Shenzhen Capital Group, a venture capital firm owned by the government of Shenzhen province, and included SAIF Partners China – an offshoot of growth equity fund SAIF Partners – investment firm Mount Morning Capital and alternative asset manager Z Capital.
Data Grand provides software and robotics technology that enables users to conduct and manage semantic exercises, allowing computing systems to locate crucial information from source code.
The company has strategic partnerships in place with software provider Microsoft, insurance group Ping An and search engine operator Sogou, according to a statement cited by DealStreetAsia. The capital will support product development and the expansion of its operations.
Mount Morning Capital had previously led Data Grand’s $23.1m series B round in late 2018, investing alongside Legend Star, investment firm Oriza Holdings’ Oriza PE Fund Management subsidiary and VC firm Eastern Bell Capital.
ZhenFund had reportedly provided $1.4m in funding for the company in 2015 before SAIF Partners China and VC firm F&G Venture added $7.2m two years later. Haier subsidiary Haier Capital has also been identifed as an existing investor.
