Chinese venture capital firm Gaorong Capital has joined CMB International to co-lead a RMB180 million (US$26 million) in Chinese artificial intelligence start-up Tianrang.
Other investors Ziniu Fund and Chinese fintech company Wacai also participated in the round, according to Tianrang’s announcement.
Tianrang was founded in 2016 by Xu Guirong, former director of Alibaba’s Ali Cloud and chief scientist at Alibaba’s cloud platform Alimama. Based on deep learning and other AI technology, Tianrang provides data analysis and smart solutions for enterprises.
In one user case, Tianrang’s technology can automatically collect and analyze marketing trends and purchase related information on Alibaba’s e-commerce platform 24/7 to help vendors make smarter marketing decisions.
"With algorithm and AI, Tianrang lowers the requirement of complex machine decision-making and makes it accessible and scalable for commercial use," said Wang Hongbo, chief investment officer at CMB International Capital. "Also, machine decision-making intelligence can solve more complex and more frequent problems, rather than just replace simple human decisions, extending the use of AI."
Tianrang also announced that it will set up a city brain lab to accelerate the application of machine learning to urban development. The lab will be led by Jessie Li, a professor at the College of Information Sciences and Technology of Pennsylvania State University. Li’s research focuses on data mining with a special focus on mining spatial-temporal data.
In 2016, the company raised an angel round led by Gaorong Capital and participated by Shanghai Jindi Investment Management Ltd.