Internet group Tencent has co-led a $300m series E round for China-based big data software provider MiningLamp, South China Morning Post reported today, citing a company statement.
The round was co-led by Singaporean government-owned investment firm Temasek and also featured video streaming app developer Kuaishou and undisclosed additional investors.
MiningLamp produces big data mining technology that sources large volumes of raw data and uses artificial intelligence to produce information from it that can be used by customers in government and a range of private sector industries.
The company will put the funding into growing its business in addition to research and development and increasing headcount. It also intends to create a smart marketing platform.
Wu Minghui, founder and chief executive of MiningLamp, said: “With the capital injection, MiningLamp can speed up our efforts to empower our clients to digitise, helping them successfully transform at a time full of uncertainty.”
Tencent led the company’s last round, a $297m series D in March 2019 that also featured property trust manager Avic Trust, China Renaissance’s Huaxing Growth Capital division and an unnamed local investment firm.
MiningLamp had secured $159m in an April 2018 series C round co-led by Tencent’s Industrial Capital unit and China Renaissance’s New Economy Fund.
Sequoia Capital China led a $30m series B round for the company in 2016, investing with IT and networking technology provider Surfilter Network Technology, Heaven-Sent Capital Management Group and Share Capital.
