China Creation Ventures Leads $16M Round In SME Credit Firm IceKredit

China Creation Ventures, a newly founded venture firm established by several former KPCB executives, has led a RMB110 million (US$16 million) series A round in IceKredit Inc., a Shanghai-based credit assessment service provider catering to small and medium-sized enterprises (SMEs).

Dr. Gu Lingyun, founder and CEO of IceKredit, said the financing round was completed at the end of last year. Lingfeng Capital, a Beijing-based fin-tech focused private equity investment firm, also participated in the round.

Founded in 2015, IceKredit applies machine learning algorithms and big data related technologies to make all-rounded credit evaluations for individuals and SMEs in China.

Its products include an SMEs credit evaluation system and an individual credit assessment system, which consists of an anti-fraud engine, personal credit portrait and missing customer contact information restoration.

The company has established business relationships with hundreds of domestic and overseas fin-tech and traditional financial companies, including Unionpay, Shenma Finance, NetEase Small Loan, Taizhou Bank, and Fullerton Credit, a subsidiary of Singapore-based Temasek Holdings.

Upon its inception, the company received a RMB20 million angel round from FreeS Capital, Yunqi Partners and Will Hunting Capital. With the latest round, Ice Kredit has cumulatively obtained over RMB160 million in total financing.

"We believe that the innovative finance sector still has massive growth potential.” said Zhou Wei, co-founder of China Creation Ventures. "Dr. Gu Lingyun and IceKredit have abundant experiences in Internet finance related big data and AI applications, as well as risk model design and application scenarios development. With years of relevant knowledge and scientific achievements gained overseas, we believe Dr. Gu and his team can be a leader among next-generation technology-oriented innovative financial companies."

The company plans to use the latest proceeds to expand its third-party credit reporting business, develop broader cooperation with stock-holding banks and urban commercial banks, improve loan-assistant services for consumer finance companies, micro-loan companies and other funding sources.

IceKredit is headquartered in the Lujiazui Financial District of Shanghai, and has established branches in Nanjing, Changzhou and Chengdu city, as well as Los Angeles in the U.S.

The lead investor, China Creation Ventures, is a new venture capital firm established by Zhou Wei, Tang Xin and Liang Yu, former partners at venture firm Kleiner Perkins Caufield & Byers China. The new firm completed fundraising for its first RMB fund at RMB1.5 billion (US$220 million) earlier this week.

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