China-based artificial intelligence (AI) data analytics technology developer Tianrang has received RMB180m ($26m) in series A capital from investors including finance management platform provider Wacai, China Money Network reported on Monday.
CMB International Capital, a subsidiary of financial services firm China Merchants Bank, co-led the round with venture capital firm Gaorong Capital, investing together with Ziniu Fund.
Founded in 2016, Tianrang has developed data analytics technology that exploits AI technology such as deep learning, for use by enterprise clients.
The technology automatically collects and analyses marketing trends and purchase data on e-commerce group Alibaba’s various outlets, helping merchants make more informed product and marketing decisions.
The company has not clarified what it intends to do with the funding, though it has revealed it plans to establish a research lab to accelerate the application of machine learning technologies to urban development.
Gaorong Capital previously led an angel round of undisclosed size for the company in 2016 that also featured Shanghai Jindi Investment Management.