Capillary raises funding to support China expansion
Capillary Technologies, a Singapore-headquartered artificial intelligence (AI) analytics provider with a substantial presence in India, has received funding from Warburg Pincus for a Chinese expansion.
Financial terms were not disclosed. It follows a $20 million round led by Warburg Pincus earlier this year that included participation from Sequoia Capital India. The fresh capital will be used to grow the company’s product portfolio as well as build out an existing Chinese sales and delivery network.
Founded in 2008, Capillary offers a customer relationship management platform that uses AI to help clients analyze transactional and behavioral data in a range of offline and online retail business models. The company claims to have a suite of products aimed specifically at serving the Chinese e-commerce ecosystem. Existing clients in the country include Anta Sports, Toys R US, and Pizza Hut.
“We believe Capillary is well poised for further growth in the Chinese market given its ability to empower local brands and retailers to engage with their customers more effectively across channels enabled by its product technology and data-driven insights,” Lynn Lin, a senior vice president at Warburg Pincus, said in a statement.
The company has raised more than $100 million to date. Other commitments include a Series C round of $45 million led by Warburg Pincus in 2015 with support from Sequoia and Norwest Venture Partners, as well as a $14 million Series B led the prior year by Norwest. Other backers include American Express Ventures, Qualcomm Ventures, and InnoVen Capital India.
In June, Warburg Pincus established an India-based platform, known as Vivtera, for investing globally in business process support providers, including digital technology and analytics companies. Recent activity by the firm in China includes participation in a $44 million round for Sensors Data, a big data analysis company focused on customer behavior in traditional businesses such as supermarkets and banks.
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