Tencent leads $297m Series D funding for big data startup Mininglamp

MiningLamp founder and chairman Minghui Wu

Chinese internet giant Tencent has led a 2 billion yuan ($297 million) Series D funding round for Beijing-based big data solutions provider MiningLamp.

In a statement, MiningLamp said the funding round was also joined by Huaxing Growth Capital, the investment unit of Chinese investment bank China Renaissance, property trust manager AVIC Trust, and an undisclosed investment firm based in Beijing.

It was the second time in less than a year that Tencent has invested in the big data solutions provider. In April 2018, Tencent also co-ed a $159-million Series C funding for MiningLamp.

The fresh funding will be used to finance the Chinese firm’s efforts to become the country’s one-stop enterprise-level AI product and service platform, according to its founder and chairman Minghui Wu.

Established in April 2014, MiningLamp, also known as Minglue Shuju, specialises in big data business solutions. Its products include LiteMind, a human-robot interaction system, and Nest, a database that can store and search data and images. Its customers include China UnionPay, CCTV, and China Postal Savings Bank.

The latest funding round brings MiningLamp’s total funding to date to $487 million over three rounds. It first raised $30 million in a Series B round led by Sequoia Capital China in 2016.

Tencent Investment Management partner Lin Haifeng emphasised MiningLamp’s achievements in the market, saying the company’s products and technology have helped solve a number of challenges in many traditional industries. He said both Tencent and MiningLamp complement each other, especially in the enterprise-level AI field.

Along with the funding, the company also announced its plan to rebrand as MiningLamp Technology.

Also Read:

Tencent co-leads big data firm MiningLamp’s $159m Series C round

China: MiningLamp, Wangyudashi raise Series A funding

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.