TCL, CICC Invest In Chinese Big Data, AI Platforms Developer Transwarp

Chinese big data and artificial intelligence (AI) platforms developer Transwarp Technology Co. has secured a series D1 round of financing led by TCL Capital and Zhongjin Zhide Equity Investment Management Co., said Transwarp in a statement released on its WeChat official account on Friday.

Transwarp did not disclose the financial details of the new round. But it said that the deal is worth around hundreds of millions of Yuan.

The leading investor, TCL Capital, is a wholly-owned investment arm of Chinese consumer electronics and appliances manufacturer TCL Corporation. Zhongjin Zhide Equity Investment Management Co. is a flagship fund of CICC Capital, a private equity subsidiary of investment banking firm China International Capital Corporation (CICC). Shenzhen Capital Group, an investor in Transwarp’s RMB155 million (US$23,03 million) series B round of financing in 2016, also participated in the new round.

Founded in June 2013 and headquartered in Shanghai, Transwarp specializes in the research and development of enterprise-level cloud computing platforms, big data foundational software platforms and AI platforms. The company has primarily developed five product lines, such as enterprise-class AI application platform "Transwarp Sophon," the next generation big data cloud platform "Transwarp Data Cloud," and "Transwarp Data Hub," a distributed in-memory analysis engine and real-time online large-scale computation platform.

According to the statement, the five-year-old company has booked over 1,000 corporate clients covering industries like finance, energy, transportation and media. It also counts several Chinese government bodies, including the Ministry of Finance, central bank the People’s Bank of China and the country’s postal service regulator the State Post Bureau, among its customers.

Transwarp completed a RMB235 million (US$34 million) series C round of financing led by Chinese social media and gaming mogul Tencent in May 2017.