MiningLamp and Tencent join hands to complement each other in AI field, said Tencent Investment Management partner Lin Haifeng.

Tencent, the Chinese investment holding conglomerate has recently been at the forefront of the Series D funding round for the Beijing-based rapidly growing start-up MiningLamp in which the latter collected nearly 2 billion yuan ($297 million).

According to reports released by MiningLamp, various other firms also participated in the funding round including property trust manager AVIC Trust, Huaxing Growth Capital which is an investment unit of the China Renaissance investment bank and as well as a firm whose details were not revealed publicly.

The industry sources have confirmed that it is the second time in less than 12 months that Chinese corporation Tencent has made a sizeable investment with the big data solutions provider. According to the reports, in April 2018, Tencent had co-ed a $159-million Series C funding for MiningLamp.

founder and chairman of MiningLamp, Minghui Wu, claimed that it is anticipated that the fresh funding will be utilized to financially assist the Chinese company’s vigorous attempts to become the nation’s number one platform for Artificial Intelligence products and service.

As per the available reports, MiningLamp corporation which was established in April 2014 and is also famous by the name Minglue Shuju. Its products include LiteMind, which is a human-robot interaction system and Nest which is a database that is efficient in storing and searching data & images.

The startup serves customers like China UnionPay, CCTV as well as China Postal Savings Bank. With the latest funding, the total funds raised by MiningLamp till date amounts to $487 million over 3 rounds.

Tencent Investment Management partner Lin Haifeng stressed on MiningLamp’s achievements and said that the company’s products and technology services have assisted to solve multiple challenges in various traditional industries. He believed both companies, MiningLamp and Tencent complement each other, specifically in the enterprise-level Artificial Intelligence field.