Chinese automatic machine learning start-up TaoData has raised a series B round of more than RMB100 million (US$15.8 million) led by strategic investor Fosun International.
Linear Venture, Chaos Investment, Jieshi Capital and others also participated in the round, according to TaoData’s announcement.
TaoData provides data analytics services to enterprises using an automated machine learning engines that can perform data cleaning, knowledge discovery, performance analysis, model deployment and model updating. The system can automatically select the optimal algorithm to run the data from the company’s algorithm library.
Founded in 2016 by Yang Tao, a former senior data mining expert at Alibaba’s Taobao. Yang completed his Ph.D in machine learning at the University of Auckland. The firm has partnered with ten financial institutions including Industrial and Commercial Bank of China and Postal Savings Bank of China, and Millennium BCP, a Portuguese commercial bank.
Last February, the firm raised a series A round led by GX Capital. It has also closed a Pre-A round led by Sinovation Ventures, and an angel round led by Linear Venture in 2016.
Fosun has been increasing its bet on artificial intelligence and big data as alternative growth drivers. Last year, chairman Guo Guangchang told a press conference that the company plans to enhance service quality by closely analyzing customers’ data.