China's NextData gets $73m Series C

Shunwei Capital, Crystal Stream Capital and Baidu Ventures also participated. The fresh capital will be used primarily for product advancement, including artificial intelligence (AI) work, as well as overseas business development and talent recruitment

NextData, also known as Shumei Technology, uses AI and big data analytics to provide corporate clients with anti-fraud and risk control services such as fingerprint recognition and image-based and mobile phone-enabled verification. According to a statement, the company allows two billion users to mitigate risk in real time for 100 million business actions a day globally.

Focus sectors include banking, insurance, airline travel, e-commerce, social networking, and education. Clients include smart phone maker Xiaomi and e-commerce platform Xiaohongshu, as well as Qihoo 360, a Chinese security software developer that joined a $10 million round for NextData in 2017 alongside Crystal Stream and Baidu Ventures.

XiangHe Capital was set up in 2016 by former Baidu executives Hesong Tang and Maggie Yang Liu with a focus on early to growth-stage investments in technology, media and telecommunications. The firm has backed a number of business AI and enterprise IT start-ups via three funds, including a renminbi-denominated vehicle that raised RMB1 billion ($144 million) last year and a US dollar fund that recently closed at $425 million.

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• Topics
• Greater China
• Support services
• Technology
• Expansion
• China
• Tencent
• Xiang He Capital
• Shunwei Capital Partners
• Baidu