(Yicai Global) Feb. 22 -- Chinese business intelligence solutions provider Guandata has raised CNY280 million (USD44.2 million) in its latest funding round led by US investment firm Tiger Global Management.

Other participants included Sequoia Capital China, Linear Capital, Xiang He Capital and Unicorn Capital Partners, the Hangzhou-based company said today.

The proceeds from the Series C round will be used to deepen the firm’s products matrix, upgrade client systems and construct key ecosystems, founder and Chief Executive Officer Su Chunyuan said.

The firm, which counts British consumer goods firm Unilever, Chinese health drink brank Genki Forest and lifestyle platform Xiaohongshu among its clients, is expecting demand for its data analysis tools and business intelligence solutions to jump by as much as 100 times over the next ten years, Su told tech media 36Kr.

More Chinese companies will need high-quality local services as the development of artificial intelligence technologies lowers the user threshold of data analysis, he added.

Guandata closed a CNY100 million Series B+ round in March last year led by Hong Kong-based Unicorn Capital.

Editor: Kim Taylor