In a statement posted on its website, Kyligence said the latest round of financing, the third since the company’s founding in 2016, was joined by other investors including Redpoint, Cisco, China Broadband Capital, and Shunwei Capital.
According to Luke Han, founder and chief executive of Kyligence, the latest funding round underscored investors’ high expectations for new technologies. Kyligence, which is headquartered in Shanghai and US, has so far raised $25 million in total.
The company provides data intelligence services with a focus on big data and analytics. It was founded by the team that created Apache Kylin, an open source OLAP for Big Data project. Its customers include Huawei, OPPO, China Unicom, China Pacifica Insurance Group, China UnionPay, China Mobile, and SAIC.
“With this investment, Kyligence will continue to disrupt data analytics industry leveraging its game-changing product and technology, and further expanding sales and marketing teams globally,” the company said.
Kyligence plans to use the fresh financing to increase investment in product research and expansion in overseas markets, including the US and Europe.
Joe Chang, Partner at Eight Roads China, said Kyligence’s ability of pre-processing massive datasets via cube processing and AI augmentation was “impressive”.
“Our investment follows our core investment thesis that the rise of big data and the increasing scale of data will require disruptive and innovative technologies to deal with emerging challenges that legacy IT cannot address,” Chang said.
According to data cited by Kyligence, data warehouse and business intelligence industry is facing a huge challenge as the speed of data generation has picked up tremendously, and existing analytics tools cannot handle data volume and complexity efficiently.
The current approaches require a lot of manual work of data preparation, and analysts with these special skills are in short supply, which has slowed down the speed of delivering analytic insights, it added.
Eight Roads, the lead investor in Kyligence’s latest funding round, is one of the region’s earliest venture capital funds. With teams in China, Japan, UK, India and the US, it currently has investments in over 175 portfolio companies with a team of 70 investment professionals, 30 of whom focus on China investments.
In April, the firm announced the launch of a $275-million fund dedicated to Chinese tech startups.