Briefing: Chinese AI startup Fourth Paradigm raises RMB 1 billion in Series C funding

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第四范式公布10亿人民币C轮融资 完成国内五大银行投资组合 – Yicai

What happened: Fourth Paradigm, a Chinese AI technology and service provider, has raised RMB 1 billion ($145 million) in its Series C. New investors include the Agricultural Bank of China, Bank of Communications, and Poly Group. The company did not identify its lead investor. The round of financing makes the company China’s latest AI unicorn, valuing it at $1.2 billion.

Why its important: Founded by Dai Wenyuan, a former senior scientist at Baidu, and Chair Professor Yang Qiang from Hong Kong University of Science and Technology, 4 Paradigm is the only Chinese startup financed by five major state-owned banks. The company provides an artificial intelligence platform on which Chinese enterprises can develop smart applications. The firm allows companies to run algorithms on their data without a need for engineers. More than RMB 50 trillion worth of financial assets have been processed based on its solutions.