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

FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo

China Renaissance’s Huaxing Growth Capital and Tencent Holdings have led an RMB1 billion ($159 million) Series C funding round into Beijing-based big data analysis solutions provider MiningLamp Software, according to China Renaissance’s official WeChat account.

Established in April 2014 by AI expert Wu Minghui, China-based MiningLamp Software 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.

“We interviewed banks, police and public transportation companies and were surprised that many traditional firms are already embracing big data,” China Renaissance managing director Du Yongbo was quoted as saying in a China Money Network report. “But many companies complain that they have difficulty finding data service providers, which provides opportunities for MiningLamp.”

The Beijing-based startup had earlier raised RMB200 million ($30 million) in a Series B round led by Sequoia Capital China and joined by Share Capital, Surfilter Network Technology Co., Ltd, and Heaven-Sent Capital Management Group Co. in 2016.

China Renaissance Group offers private placement advisory, M&A advisory, securities underwriting, research, sales and trading, investment management and other financial services across mainland China, Hong Kong and the United States.

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