DEEPEXI, a Chinese startup that offers digital solutions to corporate clients, has garnered $50 million in a Series A+ round of financing led by Hillhouse’s venture capital unit GL Ventures, Bertelsmann Asia Investments (BAI), and China’s Sanxia Xintai Investment.
China Merchants Venture, the venture capital unit of state-owned China Merchants Group, participated in the investment. Existing investors Chinese venture capital firm Morningside Venture Capital, Beijing-based investment firm IDG Capital, private equity fund Chuxin Capital, and new economy-focused investment bank Lighthouse Capital also injected capital into the round.
Beijing-based DEEPEXI provides intelligent enterprise digitization platforms that are based on advanced technologies like 5G, Internet of Things (IoT), big data, AI and cloud computing. It mainly helps corporate customers lift operation efficiency by digitizing their manufacturing, as well as consumer engagement that includes sales, retail, distribution, marketing channel, and membership management, among others.
Founded in 2018, the company has set up branch offices in Shanghai, Guangzhou, Shenzhen and Chengdu. It has over 600 employees and more than 50 large and medium-sized corporate clients in the fields of retail, fast-moving consumer goods (FMCG), automobile, cosmetics, real estate, industrial and 3C (computer, communications, and consumer electronics).
Proceeds of the new round will be used for the research and development of intelligent digital products, business expansion, and talent recruitment.
The startup secured $35 million in a Series A round led by Asia-focused private equity major Hillhouse Capital, Morningside Venture Capital, and IDG Capital in September 2019.
It also raised a Series Pre-A round in March 2019 and an angel round in November 2018. The total funding amount in the initial two rounds was close to 100 million yuan ($14 million).