AVCJ

Chinese big data firm MiningLamp gets $159m Series C

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MiningLamp Software, a big data solutions provider in China, has raised a RMB1 billion ($159 million) Series C round of funding led by China Renaissance’s Huaxing Growth Capital and Tencent Holdings.

Founded in 2014, MiningLamp supplies customized big data solutions – including cybersecurity, data analysis, and marketing strategy – to Chinese enterprises. It launched two new products last year: LiteMind, a human-robot interaction system; and Nest, a data storage and search platform. The company’s customers include financial and industrial organizations, as well as Chinese government agencies.

According to AVCJ Research, MiningLamp raised an undisclosed sum in a Series A round from Heaven-Sent Capital in 2015, and a Series B round worth RMB200 million in 2016, led by Sequoia Capital China.

The latest funding will be used to develop and commercialize artificial intelligence technology with a view to improving users experience and business efficiency. In addition, the company plans to hire more scientists and industry experts to its 400-strong team.

Huaxing Growth Capital is the flagship private equity arm of China Renaissance – best-known for providing private placement and M&A advisory services. The unit has closed two US dollar and two renminbi funds since 2013, and recently reached a first close of RMB4 billion on its third renminbi fund.

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