Conglomerate Fosun has led a funding round sized at more than RMB100m ($15.8m) for China-based machine learning technology developer Taodata, China Money Network reported yesterday.
The round also featured venture capital firm Linear Venture, fund manager Chaos Investment and Jie Shi Capital.
Founded in 2016, Taodata provides artificial intelligence technology for customers in the financial services sector. Its main product is DataBrain, a machine learning-equipped platform that helps analysts and engineers create efficient data workflows.
The company has also developed tools covering risk management, customer value assessment, targeted marketing, strategic investment analysis and fraud prevention.
Linear Venture led an angel round of undisclosed size for Taodata in May 2016, before it added an undisclosed sum in a Sinovation Ventures-led pre-series A round five months later. GX Capital led its series A round in February 2017.
Fosun’s investment in the company came six months after chairman Guo Guangchang announced its investments would be technology rather than returns-driven, and that the firm would focus heavily on artificial intelligence and big data technology as part of that brief.