Sinovation leads $21m round for Chinese AI firm
Sinovation Ventures has led a $20.6 million Series B round for Zhuiyi Technology, a Shenzhen-based artificial intelligence (AI) start-up that specializes in chatbots.
GGV Capital also participated, alongside existing backers Morningside Venture Capital and Banyan Capital.
Zhuiyi is the developer behind YiBot, a customer service chatbot that interprets human ideas and emotions through deep learning technology. YiBot has applications across financial services, the internet, tourism, retail, real estate and education. Customers include ride-hailing platform Didi Chuxing, online travel website Ctrip, bike-sharing firm Ofo, and smart phone maker Xiaomi.
Morningside provided seed capital to the company in January of last year, while Banyan led a Series A round eight months later.
“Combining deep learning and natural language processing technologies, Zhuiyi’s products provide better services than customer services employees,” Kai-Fu Lee, founder of Sinovation Ventures, said in a statement.
Zhuiyi plans to use the latest funding to develop new technology, expand its team and provide better software solutions for its corporate clients.
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