Internet company Tencent invested hundreds of millions of renminbi (RMB100m = $14.8m) in China-based big data technology developer Eastern Jinxin on Sunday through a partnership agreement.
Founded in 2013 and also known as Eastern Jin, Eastern Jinxin has developed a suite of big data products and services that covers areas such as data management and control, data applications, data mining and analysis.
Tencent’s cloud computing subsidiary, Tencent Cloud, is set to partner the company on research and development for products that can leverage big data resources, focusing on fields such as government affairs, finance and industrial engineering.
Eastern Jinxin said in a statement: “The cooperation will combine Tencent Cloud’s capability in building basic products based on cloud computing and big data, and Eastern Jinxin’s experience in applying big data products and services in various industries.”
Tencent has recently made a push to be part of the big data ecosystem set out by China’s State Council administrative body in 2016. It also led a $297m series D round for big data technology developer MiningLamp Technology last month, having previously co-led its $159m series C round in April 2018.