Internet group Tencent has co-led a $73m series C round for China-based risk-management software provider NextData with investment firm Xianghe Capital, DealStreetAsia reported yesterday, citing a company statement.
The round also featured Baidu Ventures, an investment vehicle for internet group Baidu, in addition to investment firm Shunwei Capital and venture capital firm Crystal Stream.
Founded in 2015 and also known as Shumei Technology, NextData provides artificial intelligence and big data-equipped software that fulfils functions such as identity authentication and fraudulent image detection to help secure online-focused businesses.
The company serves customers engaged in activities such as e-commerce, online real estate services, livestreaming, digital media and entertainment. Its customers include streaming platform iQiyi, digital entertainment portal Bilibili and tutoring services provider VIPKid.
The funding will support international growth and an increase in headcount in addition to research and development activities focusing on NextData’s AI technology.
Baidu Ventures, Shunwei Capital, Crystal Stream and cybersecurity software producer Qihoo 360 provided $10m in series A funding for the company in 2017 before returning to supply an undisclosed amount of series B funding in March 2018, according to DealStreetAsia.
