(Yicai Global) April 2 -- 4Paradigm Beijing Technology, a Chinese startup focused on using artificial intelligence to transform its clients' businesses, has closed a new round of funding to take its valuation to USD2 billion.

Networking behemoth Cisco Systems came onboard as a new investor, as did China Citic Bank and Lenovo Group, the firm announced today. The C+ round brought in USD230 million and also included existing backers Green Pine Capital Partners and Co-Stone Asset Management.

4Paradigm will use the money for expansion, research and building an industrial ecological chain, it said. Lenovo and Citic Bank will help the company to integrate up- and downstream resources into its industrial chain to build an enterprise-level service infrastructure, 4Paradigm added, saying backing from US-based Cisco will enhance its international positioning.

Founded in 2014, 4Paradigm uses AI to optimize businesses and their decision-making. Its clients cover a range of sectors, such as finance, retail, healthcare, government and energy.

It has already received investment Sequoia Capital and Sinovation Ventures, and is the first startup to count China's big five state-owned banks -- Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications -- among its backers.

Editor: James Boynton