China-based big data technology developer MiningLamp Technology received RMB2bn ($297m) in series D capital yesterday from a group of investors led by internet technology producer Tencent.
The round included Huaxing Growth Capital, an investment division of investment bank China Renaissance, as well as property trust manager Avic Trust and an undisclosed local investment firm.
Founded in 2014, MiningLamp’s products include LiteMind, a platform that converts natural language into structured data, and a big-data mapping tool known as Nest.
The company rebranded from MiningLamp to MiningLamp Technology in conjunction with the round. Its clients include governments, financial services firms, security services providers and industrial engineering groups.
The series D funding will enable MiningLamp to bolster its artificial intelligence (AI) capabilities as it aims to reposition itself as a one-stop shop for enterprise products and services related to machine learning.
The company specifically plans to build research laboratories in Taiwan, Hong Kong, Europe and the US, and seek strategic partnerships to launch joint initiatives such as funds and science parks focused on the development of AI technologies.
Tencent previously co-led a $159m series C round for MiningLamp through investment subsidiary Tencent Industrial Capital, with China Renaissance’s New Economy Fund, in April 2018.
Sequoia Capital China led the company’s $30m series B round in 2016, with participation from network and IT technology producer Surfilter Network Technology, Share Capital and Heaven-Sent Capital Management Group. Details of its series A funding remain undisclosed.
