Shenzhen Xunce Technology Limited (Xuncetech), a specialist in asset data management and risk control systems, announced on Wednesday that it has completed a 700 million yuan ($110 million) Series C round of financing.
The fresh funding was co-led by Chinese asset manager CITIC Private Equity Funds Management Co., Ltd (CPE), and Taikang Insurance Group, besides returning investor Tencent Investment.
Other existing investors who participated in the latest round include Goldman Sachs and Greater Bay Area Homeland Investments, a state-backed, 100 billion yuan ($15 billion) private equity fund that primarily invests in high-tech industries in the Guangdong-Hong Kong-Macau Greater Bay Area.
Deep Blue Capital and Chao Capital served as the joint financial advisor for the deal, the investee said in a statement.
Following the new development, Xuncetech will aim to bankroll a pipeline of projects related to digital transformations, market expansions, and partnership developments.
Established in 2016, Xuncetech specialises in leveraging AI and machine learning applications like robotic process automation (RPA), natural language processing (NLP), and optical character recognition (OCR), to roll out asset data management solutions and tools.
Based on the proprietary platform VisionOne (VONE), an all-in-one service system with platform-as-a-service (PaaS) and software-as-a-service (SaaS), helps enterprises to integrate and improve data management.
It claims to have served hundreds of leading asset management groups like mutual funds, insurances, banking, private equity funds, and trusts.
It targets to achieve profitability this year and also plans to launch an initial public offering (IPO).
In June 2020, Xuncetech pocketed an undisclosed Series B round financing from Tencent Investment, Greater Bay Area Fund, Yunfeng Capital, Prospect Avenue Capital, Baoneng Group and others. Its early-stage backers are Sinovation Ventures, South China Venture Capital, and Hongtai Aplus, among others.