Chinese big data player DataCanvas raises $17m

Existing investors Redpoint China Ventures and Xiang He Capital have re-upped. DataCanvas raised a RMB100 million Series B round from Xiang He in 2018, according to AVCJ research.

Founded in 2013, DataCanvas is described by the International Data Corporation (IDC) as a major player in China’s big data space. It provides end-to-end big data solutions for enterprises and helps them develop in-house capabilities to analyze big data.

The company initially focused on financial services clients - offering applications such as anti-fraud and user profiling - but has since expanded into transportation, property, and internet services. It claims to have serviced 500 companies and maintained a year-on-year growth of more than 100%. In the current epidemic environment, its business scale of the first quarter is three times that of the same period of 2019.

 “Our core principle from day one has been to empower customers and help them have independent AI construction capabilities. As AI rollout becomes ever larger in scale, we will continue to uphold this principle,” DataCanvas said in a statement.

The company wants to lower the threshold for customers adopting internal big data solutions through automatic machine learning, visual modeling, and other technologies. It has also launched a subscription model where service charges relate to the computing power actually used by the customer.

China’s machine learning market – including hardware, software, and services – was worth RMB10 billion last year, up from RMB1 billion in 2018, according to IDC.

Sizeable funding rounds in China's big data space include MiningLamp Technology, which raised $300 million in a Series E round led by Temasek Holdings and Tencent Holdings last month. Meanwhile, 4Paradigm closed an $80 million extended Series C round, bringing its valuation to more than $2 billion.

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• Topics
• Greater China
• Expansion
• Technology
• Redpoint China Ventures
• artificial intelligence
• Xiang He Capital