China digital services player Deepexi raises $40m
Deepexi, a Chinese start-up that provides digital transformation solutions to enterprise customers, has raised $40 million in the fourth tranche of a Series A funding round.
The round was led by SPDB International, an offshore investment arm of Shanghai Pudong Development Bank. Other participants include Hillhouse Capital, IDG Capital, 5Y Capital, Bertelsmann Asia Investments (BAI), Chuxin Capital, China Merchants Venture, and Shanghai Artificial Intelligence (AI) Industry Investment Fund.
Deepexi has now raised more than $140 million in Series A funding. Shanghai AI industry Investment Fund led the third tranche in November, according to the company's website. Hillhouse led an extended Series A round worth $50 million in May, while several existing investors provided a first tranche of $35 million in 2019.
Founded in 2018, Deepexi has developed a cloud-based internet framework that incorporates 5G, internet of things (IoT), big data, artificial intelligence (AI), and cloud computing technologies. The goal is to provide a highly scalable platform that helps customers with digital business transformation across areas such as retail, fast-moving consumer goods, automotive, industrials, real estate, communications, and consumer electronics.
Deepexi, which employs 700 people in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Chengdu, claims to work with more than 70 medium and large-size enterprises. These include online fruit retailer Pagoda, China Unicom, beauty products platform Afiona, carmaker Geely Auto, State Grid Corporation of China, mobile phone brands Appo and Vivo, and consumer electronics players Gree and TCL.
The company has four service lines: the outsourcing of general technology ecosystems; new retail solutions, including digital marketing and customer data analysis; industrials applications such as smart manufacturing; and data center solutions.
Deepexi received RMB15 million ($2.1 million) in angel funding from IDG and Chuxin in 2018. This was followed by a RMB85 million pre-Series A round led by Hillhouse in March 2019.
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