This website requires JavaScript.

Chinese AI player Fourth Paradigm secures over USD 145 Mn in Series C: Startup Funding Roundup – China (Dec 17 to 23)

‘Startup Funding Roundup’, the weekly report prepared by The Passage team, provides detailed information about venture capital financing, fundraising, investments and acquisitions in China.

Dec 26, 2018 by Yun Nie
Chinese AI player Fourth Paradigm secures over USD 145  Mn in Series C: Startup Funding Roundup – China (Dec 17 to 23)

Investments in Chinese market continued to drop between December 17 and 23. A total of 64 investments and acquisitions happened during the period, two less than the previous week.

Software as a service (SaaS) topped the sector-wise breakup with 15 investments, accounting for 23% of entire funds.


Acquisitions and strategic investments tied for the second place with 9 investments as most funding revolved around early stages at 23 Series A, 8 Series B, and 6 Angel.


Baidu (百度), Alibaba (阿里巴巴), and Tencent (腾讯) came out to play, but (京东) remained silent. Let’s take a closer look at major investments.

On December 21, China Creation Ventures (CCV)-backed tech company Wanka Online(万咖壹联) got listed on the Hong Kong Stock Exchange.

Wanka started trading on Friday at HKD 3.61 (USD 0.46) per share, raising a total of HKD 194.7 million (USD 25 million), according to tech news publisher (IT桔子).

On December 20, group buying platformTongcheng Shenghuo (同程生活) raised more than CNY 10 million (USD 1.5 million) in a Seed round from its parent company and Tencent.

“We plan to use the funds to increase our presence in the country, attract more talents, and leverage's tourism resources to build an integrated supply chain”, saidTongcheng CEO He Pengyu.

On December 19, AI-powered media platform Versa completed an over USD 10 million Series A funding round from Tencent. Details as to how the firm intends to use the proceeds were not disclosed.

On the same day, Chinese online education platform Haitun Siwei (海豚思维), formerly known as Yixiu Siwei (一休数学思维), secured over CNY 10 million (USD 1.5 million) in a Series Pre-A funding round.Baidu Ventures (百度风投) and iResearch Capital (艾瑞资本) participated in the deal.

The company said the fund would be used for product development and marketing.

Meanwhile, Chinese AI player Fourth Paradigm (第四范式) turned a unicorn after securing more than CNY 1 billion (USD 145 million) in Series C at a valuation of USD 1.2 billion.

Agricultural Bank of China (中国农业银行), Bank of Communications (交通银行), Poly Group (保利资本) participated in the round.

Fourth Paradigm has partnerships with four state lenders, including a new backer Bank of Communications Co, and existing investor Industrial & Commercial Bank of China Ltd. (中国工商银行), Bank of China Ltd. (中国银行), and China Construction Bank Corp (中国建设银行).

On December 18, Chinese smart lock startup YunDing Technology (云丁科技) received CNY 600 million Yuan (USD 87 million) in Series D financing round led by Baidu along with Shunwei Capital (顺为资本), SIG, and K2VC (险峰长青).

“Yunding would keep innovating on products and services in the future,” said founder and CEO Chen Bin, “funds raised from the recent round would be used for industrial upgrading, industry standards establishment, and new model exploration.”

Check out the highlights.


Yun Nie

Yun Nie is a New York-based tech reporter. She focuses on India-China financial market, global IT giants and technology-centric market trends. She can be reached at

Follow Yun Nie