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.