Matrix, Ceyuan invest $22m in China's Elens
Elens Data, a Beijing-based developer of artificial intelligence (AI) text and natural language analysis solutions, has raised RMB150 million ($22 million) in a Series A round led by Matrix Partners China with participation from Ceyuan Ventures.
Founded in 2016, Elens deploys AI-powered technologies including voice image recognition and natural language processing (NLP). It also provides solutions in the areas of anti-money laundering, anti-financial fraud, and media information gathering. Each order is priced at over RMB1 million, according to the company.
The company’s client base spans financial institutions, police departments, and other government bodies. These include Beijing People's Procuratorate, China Daily, the Ministry of Ecology and Environment, and China Construction Bank, among others.
Elens has billed its R&D team as one of its biggest competitive edges, as the team comprises seasoned scientists and researchers who have worked at institutions such as Microsoft Research Asia, IBM Research Institute, and development centers of Yahoo and Tencent.
The company's chief scientist, Jirong Wen, served as a senior analyst at Microsoft and is currently the dean of the School of Information at Renmin University of China, one of the country’s most prestigious universities. Elens CEO Jian Hu was the co-founder of Chinese technology media and venture capital firm 36Kr and helped develop search and advertising algorithms for Tencent and Baidu.
"AI in China has already progressed to the phase of mass application. Industries such as retail, security and healthcare have already applied this technology, and other traditional segments are catching up," said Haoji Wan, a partner at Matrix China. "We hope Elens will continue to prove its ability to be adopted by more and more clients."
Companies engaged in AI corporate solutions have mushroomed in recent years amid a national push to develop the technology and rising demand for improved operational efficiencies related to China's slowing economy. Other players in this space include Data Grand, a Chinese NLP solution developer that raised RMB160 million in a Series B round in November.
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