Yongqianbao receives USD 68 M Series C financing for its AI fintech platform
Founder: Jiao Ke
Financing status: RMB 466 million (USD 68 million) Series C financing in 2017
Yongqianbao is a fintech platform that provides financing services based on artificial intelligence (AI). These AI-financing services include borrowing and installment. Yongqianbao uses artificial intelligence to deal with large amounts of data, and to improve its service efficiency. With the help of machine learning, Yongqianbao can optimize its security system for anti-fraud. Based in Beijing, Yongqianbao has more than 10 million users, and more than 1.2 million transactions are processed monthly on its platform.
This Series C financing round was led by Golden Brick Capital and CICC AlPHA. Other investors include Kai-fu Lee’s Sinovation Ventures. Yongqianbao will use this fund to improve its AI technology for fraud reduction, as well as improve its financing services to gain new users.
Kuaicang receives USD 29 M Series B financing for its robotics storage management services
Founder: Yang Wei
Founded in: 2014
Financing status: RMB 200 million (USD 29 million) Series B financing in 2017
Kuaicang uses robots to provide smart warehousing storage solutions for many electronic business companies including JD.com and Vip.com. A Shanghai company founded in 2014, Kuaicang has a research and development team with close to 100 employees, and more than 400 robots have been sold. In addition, more than 100 robots are deployed at Vip.com.
Kuaicang has created a system with high flexibility and strong adaptability based on the combination of its robots and management software. This saves customers’ time for sorting goods and recording the process.
Kuaicang’s Series B financing round was led by Alibaba’s Cainiao and SoftBank. This fund will be used to speed up its talent recruitment and build a new production center.
(Top photo from 58pic.com)