China data analytics start-up Kyligence raises $70m

Other investors include CICC, Gopher Asset Management, Shanghai-based Guofang FoF, Alpha Square Group, and Puxin Capital. Several existing backers re-upped, among them Eight Roads Ventures, Redpoint Ventures China and Shunwei Capital.

Redpoint provided the company's angel round in 2016, while China Broadband Capital and Shunwei led an $8 million Series A in 2017. Kyligence raised $15 million in Series B funding in 2018 and a $25 million Series C the following year. Those rounds were led by Eight Roads and Coatue Management, respectively.

Kyligence was founded in 2016 by the creators of Apache Kylin, an open-source distributed analytics engine originally developed by eBay. The company's platform simplifies the deployment of massive interactive analytics in the cloud by providing automated data processing and aggregation. It helps enterprises improve the capability and efficiency of data management and analytics.

“Kyligence is one of SPD Bank’s business partners. With the explosive growth of data and its broad applications, we believe that SPDB International, together with Kyligence, can accelerate SPD Bank’s digital service capabilities,” said Hongrui Jia, CEO of SPDB International, in a statement.

Another customer, UBS, uses Kyligence to analyze worldwide transactions for risk control purposes. Kyligence helps UBS process close to a billion new records every day, updating its model every couple of hours.

Luke Han, co-founder and CEO of Kyligence told AVCJ in a previous interview that China has a key competitive advantage over the US: the scale of its data and the complexity of its usage scenarios are unique, driven by advanced consumer-end applications. “Our products have overcome some extreme challenges, overseas customers had never witnessed such complex processing,” he said.

According to Gartner, by the end of 2024, 75% of enterprises will shift from experimenting to operationalizing artificial intelligence, driving a 5x increase in streaming data and analytics infrastructure in the process.

Other Chinese start-ups active in this space include PingCap, which closed a $270 million Series D round last year.

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• Topics
• Greater China
• Expansion
• Technology
• China
• artificial intelligence
• Redpoint China Ventures
• Shunwei Capital Partners
• Eight Roads
• CICC