AI firm 4Paradigm raises $700m in fundraising round

Chinese AI company 4Paradigm announced on Friday that it has raised $700 million in its series D round of fundraising that was led by Boyu Capital, Primavera Capital, and Hopu Investments.

With the new financing, 4Paradigm will accelerate its expansion across key industries to establish an enterprise-level and AI-based ecosystem as well as nurture more AI talents, the company said in an announcement.

The round attracted new investors including the National Manufacturing Transformation and Upgrading Fund, China Development Bank, China Reform Holdings, China Jianyin Investment, CSC Financial, and Haitong Securities.

Sequoia Capital China, CPE, Goldman Sachs, Jinyi Capital and FountainVest Partners also participated in the round.

Founded in 2014, 4Paradigm is an emerging global leader in enterprise-level AI, in both platform and applications. It has worked with its clients to apply best-in-class AI solutions to business problems to drive the digital transformation of a slew of industries including finance, retail, manufacturing, energy, healthcare, internet and high-tech.

In the battle against the COVID-19 outbreak this year, the firm's products, precision screening for prevention and control and real-time scenario analysis, have played an important role in containing the outbreak on the front lines.