Chinese enterprise software provider gets $35m Series A

Bertelsmann Asia Investments (BAI), Chuxin Capital, Suning Ecological Chain Fund, and Lighthouse Capital participated in the round. The proceeds will go towards platform upgrades, new product R&D, recruitment, and business development.

Founded in 2018, Deepexi claims to provide software solutions that harness artificial intelligence (AI) and the internet of things (IoT) to help clients achieve greater efficiencies. It covers three main areas: retail, helping companies analyze customer data and devise targeted marketing strategies; industrials, implementing smart manufacturing solutions in factories; and real estate, developing intelligent systems, leveraging data in urban management.

Retail clients include online fruit retailer Pagoda and beauty products platform Afiona, while Deepexi has worked with mobile phone brand Oppo and carmaker Geely on automated manufacturing. Its real estate clients are said to include several state-owned enterprises.

“We believe the major investment opportunities in future technology lie in helping Chinese enterprises cross the digitization chasm,” said Kai Liu, an executive director at Morningside Venture Capital, in a statement.

Deepexi received RMB15 million ($2.1 million) in angel funding from IDG Capital and Chuxin Capital in 2018. This was followed by a RMB85 million pre-Series A round led by Hillhouse Capital in March.

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• Topics
• Greater China
• Early-stage
• Technology
• China
• artificial intelligence
• TMT
• Morningside Technologies
• Hillhouse Capital Management
• IDG capital