BEIJING, April 2 (Xinhua) -- Chinese artificial intelligence (AI) start-up 4Paradigm announced Thursday that it had raised 600 million yuan (about 85 million U.S. dollars) in its latest funding round.

The C+ funding round valued the start-up at 2 billion U.S. dollars, the Beijing-based company said in a press release.

The new round introduced new strategic investors such as Cisco and Lenovo, laying a more solid foundation for the company to build its AI-based enterprise-level service ecosystem, 4Paradigm said. Other investors include China CITIC Bank, Green Pine Capital Partners and Co-Stone Asset Management.

In late 2018, 4Paradigm raised 1 billion yuan in its C funding round with a valuation of 1.2 billion U.S. dollars. The company said it raised a total of 230 million U.S. dollars in the two funding rounds.

Founded in 2014, 4Paradigm has more than 8,000 clients in a wide variety of industries, including finance, retail, health care, manufacturing, energy, media, and the internet.

The leading machine learning platform is dedicated to deploying AI solutions to solve real-world problems in industry and society to bring about more innovative production, more sustainable consumption, more agile supply chains, more convenient healthcare services, and more efficient allocation of resources in both the private and public sectors.

In 2019, 4Paradigm started its globalization by expanding its business to Europe and Southeast Asia. With its latest funding round, the company said it would accelerate the pace and scale of helping global enterprises achieve digital transformation through AI. Enditem

Related

Go to Forum >>0 Comment(s)