Gaorong Capital, CMBI to co-lead a $26m funding for Chinese AI startup
Date: 2018-08-06   Author: Pankaj Singh  Category: #news

Gaorong Capital, CMBI to co-lead a $26m funding for Chinese AI startup

In an announcement made by Tianrang, the Chinese AI startup confirmed that Gaorong Capital and CMB International (CMBI) will jointly lead a RMB 180 million (USD 26 million) Series A funding round for investing in the company. Ziniu Fund and China-based fintech company Wacai were the other entities who participated in the round, Tianrang informed in the announcement.

For the record, Tianrang was established in 2016 by the former director of Alibaba’s Ali Cloud and Chief Scientist of its cloud platform Alimama, Xu Guirong. The company had initially raised investments through an angel round that was led by Chinese venture capital firm Gaorong Capital, while Shanghai Jindi Investment Management Ltd was the other key participant.

Reportedly, the company offers data analysis and smart solutions for businesses derived from deep learning and other AI technology. Citing a user application, Tianrang’s technology can automatically gather data related to marketing trends and purchase information on Alibaba’s e-commerce platform, then analyze this data and help vendors in making smarter marketing decisions.

Wang Hongbo, the Chief Investment Officer for CMB International Capital, made a statement saying Tianrang decreases the requirements of complex machine decision-making using algorithm and artificial intelligence, making it accessible and scalable for commercial purposes. He added that machine decision-making intelligence has the ability to solve more complex and more frequent problems instead of just replacing simple human decisions, thus extending the scope of AI.

Reliable sources at the Chinese startup further mentioned that the company is planning to set up a city brain lab for accelerating the application of machine learning in urban development. Jessie Li, a noted professor at the College of Information Sciences and Technology at the Pennsylvania State University, will be leading the city brain lab, the sources revealed. As per records, Li’s research is focused on data mining with a special emphasis on mining spatial-temporal data.



About Author


Pankaj Singh

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More from Pankaj


Post Recommendents

Europcar creates new Nordic Cluster in Norway, Finland, & Denmark
Author: Pankaj Singh

Europcar Mobility Group, a French car rental firm, has reportedly announced the creation of a new Nordic Cluster across the company’s businesses in Norway, Finland, and Denmark. Stéphane Soille has been ap...


Milk Protein Hydrolysate Market Key Players Analysis & Strategic Recommendations
Author: Rahul Varpe

Dec Research Inc. published a new research report in its database titled as Milk Protein Hydrolysate Market. The report evaluates the important characteristics of the market based on historic and present industry scenarios, market demands and busi...


Whiskey Market Key Reasons to Grow by 2025
Author: Rahul Varpe

Dec Research Inc. published a new research report in its database titled as Whiskey Market. The report evaluates the important characteristics of the market based on historic and present industry scenarios, market demands and business strategies. ...