Beijing-based Big Data and Artificial Intelligence (AI) company MiningLamp Technology, which was named “China Palantir” because of its similarities to the US data analysis firm, closed a 300 million-dollar round of financing. dollars, led by Singapore state investor Temasek Holdings and the Chinese Internet giant Tencent Holdings.
The Chinese company’s E-Series financing round drew Kuaishou, among other short film supporters, announced in a statement on Friday, adding that the investment will fund its ongoing efforts in research, talent hiring and expansion. of the business.
“With capital injection, MiningLamp can accelerate our efforts to enable our customers to digitize, helping them successfully transform into a time full of uncertainty,” said company founder and CEO Wu Minghui.
MiningLamp fundraising comes amid a global coronavirus pandemic, which is expected to further dampen China’s funding environment which has already cooled down due to a general slowdown in the domestic economy and an ongoing technological war with the United States.
Last year, the country’s AI startups closed 13% of global financing operations, but the total amount of approximately $ 2.9 billion raised represented only 11% of the total funds raised by the AI startups worldwide, down from 21% cent in 2018, according to technology market intelligence firm CB Insights.
China’s most recent national artificial intelligence champion started helping the police solve the crimes
“2020 was characterized by” black swans “(unpredictable or unusual events),” said MiningLamp in Friday’s statement. “Against a macro and moderate risk capital environment, MiningLamp’s fundraising is a strong boost to the business services sector in general and showcases investors’ recognition of the company’s capabilities in smart transformation. and digital “.
Founded in 2014, MiningLamp achieved initial success by offering online ad performance assessments and fraud detection services for advertisers, before expanding business into areas such as public security, smart cities, finance, logistics, entertainment, retail detail and production.
Last year, the company backed by investors including Tencent, China Renaissance and Sequoia Capital China was chosen by hand as one of the Chinese AI champions.
Although not as well known as the U.S. equivalent Palantir Technologies, which reportedly contributed to the American success in the hunt for Osama bin Laden, MiningLamp’s mining software is used to detect crime patterns, track down drug dealers and prevent trafficking in human beings.
“Cases are resolved daily on our platforms” in over 60 cities and regions in China, Wu told the Post in an interview in November. “We are able to perform rapid analyzes on potential drug dealers or important suspects, improving the overall efficiency of resolving cases several hundred times.”
The company’s software allows users to search for huge volumes of heterogeneous data – information with a wide variety of types and formats – and to transform it into usable knowledge and insights using a combination of proprietary data management tools.
The company said the investment will also allow it to focus on building intelligent marketing and data analysis platforms and diversify its business lines.
Its latest offerings include data management and analysis tools for local communities to help contain the spread of coronavirus and a separate platform for companies to evaluate the possibility that their staff are carriers of the infection and conduct automatic checks before resume operations.
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