Chinese AI and RPA Leader DataGrand Raised $38 Million in Series B+
DataGrand, a Chinese AI startup that offers Natural Language Processing and RPA service to major enterprises in the nation, has closed its CNY 270 million (USD 38 million) B+ funding round, aiming to scale up its business. The round was led by Shenzhen Capital Group, existing investors SAIF Partners, Z Capital and Mount Morning Capital managed by CBC Capitalalso participated.
Founded in 2015, DataGrand is committed to the development and application of Natural Language Processing (NLP), Optical Character Recognition (OCR), Knowledge Graph and other AI technologies. It provides customers with multiple text automation solutions, such as documentation review, intelligent recommendation, intelligent search, knowledge mapping, etc. Today, DataGrand is one of the fastest growing and highest valued AI enterprise software companies in China.
Recommended AI News: IBM and Red Hat Launch New Edge Computing Solutions for the 5G Era
“From the perspective of Linguistics, Chinese grammar is more complex and flexible compared with English, which brings great difficulty and challenge to Chinese NLP not only in methods but also in product implementation. With solid Chinese NLP technology, DataGrand has launched a number of automatic text processing products. At present, our systems can smoothly process documents both in Chinese and English. And this has gained a lot of praise in the industry,” said Dr. Chen Yunwen, Founder and CEO of DataGrand.
Launched in 2019 “DataGrand RPA” incorporating the semantic understanding module is the first “NLP + OCR + RPA” intelligent RPA robot independently developed in China. This provides companies with more intelligent automation and as what Dr. Chen Yunwen described “to find the right application scenarios for technologies and then create value.”
DataGrand RPA is completely developed independently, and is the only one in the market that does not use Microsoft underlying development frameworks. Dr. Chen Yunwen, Founder and CEO of DataGrand commented “Although the R&D process is more expensive and difficult without borrowing existing foreign framework, it is well deserved when looking back. We have mastered all the core technologies from the bottom up. The cross-platform adaptability of the software is stronger, and the technology is able to run on various operating systems.” In April, DataGrand has been named as an IDC Innovator in a recent published report due to its practical and innovative application of robotic process automation.
Recommended AI News: LTN Global Named Advanced Technology Partner in the AWS Partner Network
Currently, DataGrand service is deployed and used in dozens of vertical industries, and more than 100 enterprises. DataGrand has established strategic partnership with Microsoft, Sogou, and China Ping An Group. DataGrand has also served quite a lot of well-known customers include China UnionPay, Shenzhen Stock Exchange, HSBC, Deloitte, China Mobile, Huawei, Haier, Decathlon etc.
Speaking about the investment, Ni Zewang, Chairman of Shenzhen Venture Capital said:” We are delighted to have invested in DataGrand and are very much looking forward to working with Dr. Chen and his down-to-earth and highly talented team. Shenzhen Venture Capital is very optimistic about applications of AI, NLP and RPA, and DataGrand is a particicularly excellent company in this area.”
“Whether from its powerful product, or the implementation capacity, DataGrand is in an absolutely leading position. We see great opportunites in the development of text automation. We strongly believe Dr. Chen will lead DataGrand to make great achievements in the future,” added by Yan Yan, Managing Partner at SAIF Partners.
Recommended AI News: Drones Stepping Up Fight Against COVID-19, Says GlobalData