Chinese big data player MiningLamp raises $298m
MiningLamp Software, a big data solutions provider in China, has raised RMB2 billion ($298 million) in a Series D round of funding led by Tencent Holdings.
Other participants include Jintuo Capital, Avic Trust, and Huaxing Growth Capital, the PE arm of China Renaissance. According to AVCJ Research, MiningLamp raised an undisclosed sum in a Series A from Heaven-Sent Capital in 2015, and a Series B worth RMB200 million in 2016, led by Sequoia Capital China. Last year, the company raised a further RMB1 billion in a Series C led by Huaxing.
Founded in 2014, MiningLamp provides Chinese enterprises with customized services in cybersecurity, data analysis, and marketing strategy. It launched two products last year: LiteMind, a human-robot interaction system; and Nest, a data storage and search platform. Customers include financial and industrial organizations, as well as Chinese government agencies.
Last year, MiningLamp collaborated with China’s Ministry of Public Security to roll out a database for more than 60 public security bureaus in Chinese provinces. It has also designed big data-powered systems for People’s Bank of China, Bank of Communications, and China Everbright Bank aimed at improving efficiency in the risk assessment process.
The latest funding will be used to enhance R&D in artificial intelligence (AI). The company has five AI labs in mainland China and plans to build additional labs in Hong Kong, Taiwan, and some European countries this year. It will also develop a one-stop big data platform for enterprises.
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