Chinese AI Unicorn MiningLamp Raises Further USD300 Million Led by Temasek, Tencent
LU QIAN
DATE:  Mar 27 2020
/ SOURCE:  yicai
Chinese AI Unicorn MiningLamp Raises Further USD300 Million Led by Temasek, Tencent Chinese AI Unicorn MiningLamp Raises Further USD300 Million Led by Temasek, Tencent

(Yicai Global) March 27 -- Chinese big data solutions provider MiningLamp Software System, which has most recently turned its hand to developing digital tools that help communities track the coronavirus, has raised USD300 million in an E-round of financing led by Singapore's state investor Temasek Holdings and Chinese internet giant Tencent Holdings.

The funds will be used for research and development, market expansion, talent hiring and the development of an industrial ecological chain, the Beijing-based company said in a statement today. Video streaming firm Beijing Kuaishou Technology was another backer.

MiningLamp's latest fundraising took longer than previous rounds mainly due to a subdued macro and venture capital environment, founder and Chief Executive Wu Minghui told Yicai Global. Investors have become more cautious about the artificial intelligence and digital transformation industries, he added.

Founded in 2014, MiningLamp secured CNY1.2 billion (USD169.3 million) in its first three rounds of funding and by 2018 had a valuation of over USD1 billion, making it an AI unicorn. The company is still deciding where to list, Wu added.

MiningLamp has partnered with many industry leaders such as Tencent on urban digitalization, marketing and government affairs, Wu said. Its technical capabilities are expected to have a chemical reaction with Kuaishou and other backers who provide digitization services to business customers, he added.

Temasek's portfolio includes many companies that are undergoing digital transformation, and MiningLamp can provide them with technical support, Wu said. Through Temasek's connections, MiningLamp's services can reach these overseas companies and assist them in the field of smart marketing, he added.

Core Aims

MiningLamp strives to provide a one-stop big data service to take its customers into the intelligent era, Wu said. The company's core aim is to extend human intelligence with technology and improve efficiency for all industries, no matter what their line of business.

The firm started out offering performance evaluations and fraud detection services for online advertisers, but has since expanded to many other industries, including public security, smart cities, finance and logistics. Its software has been used by governments to help solve cases and detect crime patterns.

The startup will continue to leverage its considerable strengths in R&D of cognitive technologies to achieve vertical AI integration across different industries. It will also continue to serve large organizations including governments and build a strong platform to help their customers achieve the highest efficiency with the lowest input, Wu added.

MiningLamp has also made inroads into AI-aware hardware operations and maintenance and will continue to build on industrial chains in these areas, Wu said.

Editors: Tang Shihua, Kim Taylor

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Keywords:   AI,Big Data