China's Deepexi raises $100m Series B

BoCom International and SPDB International - offshore investment units of China Bank of Communications and Shanghai Pudong Development Bank, respectively - and Rencent Capital also participated. The company specifically sought to raise strategic capital from Chinese financial institutions.

Founded in 2018, Deepexi has developed a cloud-based internet framework that incorporates 5G, the 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 wants to build a standardized product system for data intelligence. Last year, it launched two core products: FastData, a data platform based on the storage and computing separation architecture that can achieve multi-mode processing; and DataFacts, which integrates information from stock database systems into big data-enabled warehouse systems in real-time. DataFacts came out of Deepexi's middle-platform data center.

These services have been provided to more than 10 large-scale manufacturers, including Jiuzhou Electric. In total, the company has worked with more than 100 enterprises such as 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.

Government agencies also feature in Deepexi's customer base, among them the local authority of Shenzhen's Longhua District. The company claims to have created smart government service platforms for more than a dozen authorities.

Deepexi raised more than $140 million in Series A funding across four tranches. 5Y Capital, Hillhouse Capital, and IDG Capital led a $35 million commitment in 2019, and then Hillhouse led a second tranche of $50 million in May 2020. The third and fourth tranches - in November and December of last year - were led by Shanghai AI industry Investment Fund and SPDB International, respectively.

Deepexi received RMB15 million ($2.1 million) in angel funding from IDG and Chuxin Capital in 2018. 

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• Topics
• Greater China
• Expansion
• Technology
• China
• artificial intelligence
• BoCom
• TMT
• Shanghai Pudong Development Bank (SPDB)
• Guotai Junan Securities