Eight Roads leads $15m Series B for China's Kyligence
Kyligence, a Chinese big data analytics business, has received $15 million in Series B funding led by Eight Roads, with participation from Cisco and several existing investors.
The other backers include Redpoint China Ventures, which provided Kyligence’s angel round in 2016, and China Broadband Capital (CBC) and Shunwei Capital. The latter two investors led the company’s $8 million Series A in April of last year, while Redpoint re-upped, according to a Shunwei statement.
Kyligence was founded in early 2016 by the team that created Apache Kylin, an open source distributed analytics engine for online analytical processing (OLAP) commonly used in business process management and financial reporting. It was part of the Apache Hadoop software collection that uses multiple computers to solve problems involving large amounts of data.
A graduate of Microsoft’s Shanghai-based accelerator program, Kyligence provides a machine learning-powered platform that automates data discovery and analytics. Its core product is Kyligence Enterprise, a native OLAP solution on Hadoop that offers a more sophisticated solution – including capabilities such as transaction-level visualized modelling – than Apache Kylin. There is also a similar cloud-based product.
Kyligence’s previous clients include Guotai Junan Securities, for which it built a customized data analytics platform that enabled analysts to gain deeper and faster insights into the risk profiles and behavior of its customers. The company has also worked with Chinese smart phone manufacturer Oppo, China Pacific Insurance, Lenovo, and Huawei Technologies.
Qing Han, co-founder and CEO of Kyligence, said the new capital would primarily be used to support R&D aimed at further enhancing artificial intelligence (AI) and automation capabilities of its big data analysis. The company also wants to expand its business overseas, targeting groups that are already using Apache Kylin, and develop an open partner ecosystem.
“In the past two years, we have seen Kyligence founder Han Qing and his team work from the ground up to develop Kylin technology from an open source project into a mature commercial software product, and gradually apply it across various industries. In the future, we expect Kyligence to achieve greater success in AI, automation and internationalization,” said Rui Li, a partner at Shunwei.
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