Transwarp, a China-based big data analytics technology developer backed by internet group Tencent and electronics manufacturer TCL, raised RMB500m ($71m) in series D2 funding today, according to China Money Network.
The capital was supplied by investment banks China International Capital Corporation and Citic Securities, which participated through respective vehicles CICC Capital and Goldstone Investment, as well as asset manager Bohai Zhongsheng and an unnamed state-owned fund.
Founded in 2013, Transwarp has built a range of big data and artificial intelligence software products for customers in sectors such as finance, energy, transportation, manufacturing, education and government.
The company has not specified what it intends to do with the money, but its long-term vision reportedly involves building a software ecosystem akin to that of corporates such as enterprise software producers Oracle and SAP.
Transwarp previously raised hundreds of millions of renminbi (RMB100m = $14.5m) in a series D1 round co-led by TCL’s corporate venturing arm, TCL Capital, and investment manager Zhongjin Zhide in February this year.
Tencent led a $34m series C round for the company in 2017 through its Tencent Investment unit, with participation from Triwise Capital and Co-Stone Capital.
Qiming Venture Partners had joined Shenzhen Capital Group and China’s National Small and Medium-Sized Enterprises Development Fund to provide $22m in series B funding for Transwarp the previous year.
Qiming had already committed an eight-figure renminbi amount (RMB10m = $1.5m at contemporary rates) as part of a 2015 series A-plus round that followed another eight-figure renminbi round backed by undisclosed investors the yea before.
