China Deal Monitor: Sequoia leads $12m funding in Recurrent AI and more

B2B chatbot developer Recurrent AI has collected $12 million in a new funding round led by Sequoia Capital China and joined by its long-term backer GSR Ventures and Wanwu Capital, GSR Ventures announced on Thursday. 

“The fresh proceeds will be used to advance robot products research and business extension,” Recurrent AI CEO Lincong Chen said in the statement. 

With dual headquarters in Beijing and Shanghai, Recurrent AI uses natural language processing and algorithm to develop smart robots that can level up sales communications for industries across insurance, banking, real estate, and online education. 

The four-year-old developer’s top clients include Tencent-backed online insurance platform Waterdrop, China Merchants Bank and US Cigna’s joint insurance platform Cigna & CMB, English education giant XDF.CN, among others. 

Prior to that, GSR Ventures, ZhenFund, Huashan Capital and Eminence Ventures had invested ‘millions of US dollars’ for Recurrent’s Series A round in August 2019. Back in January 2019, GSR Ventures and Eminence Ventures had invested in its pre-A round. 

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from September 22-24, 2020. 

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