China cloud services provider Abcfintech raises $30m
Abcfintech, a China-based cloud services provider, has raised a combined $30 million through an angel round and Series A round.
Qiming Venture Partners, Source Code Capital, SIG Asia and Welight Capital are among the investors.
Abcfintech was set up in May last year by Rongzhi Yang, a serial entrepreneur who previously founded mobile web browser Dolphin Browser. The company aims to provide customized cloud-computing solutions to Chinese enterprises in the financial, healthcare and education sectors.
It has already launched two artificial intelligence-empowered products – Modeling.ai and Eversight.ai – that are used to help financial professionals improve efficiency in areas such as stock market research and analysis.
Following the investment, Abcfintech plans to strengthen its existing technology solutions in the financial field and further commercialize its products, the company told local media. Part of the funding will be also used to recruit additional technicians and develop new technology.
Earlier this week, industry peer Qiniu Information Technology completed a RMB1 billion ($152 million) round led by Alibaba Group and Yunfeng Capital. The company claims to apply big data analysis and AI technology solutions to its cloud services.
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