Fosun RZ Capital, the corporate venturing arm of conglomerate Fosun, has co-led a series B round for China-based smartphone data management technology developer Teddy Mobile, China Money Network reported yesterday.
The amount raised by Teddy was not disclosed, though it was a nine-figure renminbi sum (RMB100m – $14.8m), and it increased the company’s total funding to $29m across two rounds. Venture capital firm Matrix Partners China co-led the round with Fosun RZ.
Teddy Mobile produces tools that enable users to get more from the data contained on their mobile devices. In particular, it has developed a system that helps users identify phone numbers and, if necessary, block calls or messages from their owners.
The company claims its technology is based not on building up large quantities of numbers and matching them up, but on data algorithms that analyse user behaviour, and that it can identify 50 million phone numbers per day with 99% accuracy.
Shangshi Fund and 10Fund had previously provided an eight-figure amount for Teddy Mobile through a December 2016 series A round. The startup intends to put the capital toward increasing its headcount and accelerating research and development.