Add another name to the growing list of Chinese AI unicorns.
4Paradigm, an artificial intelligence company focused on providing services to corporations, announced Wednesday that it had raised 1 billion yuan ($145 million) in its c-round of fundraising, taking its valuation to $1.2 billion.
The startup was founded in 2015 and is now headed by its founder Dai Wenyuan. The strategic investors in the latest fundraising round included China’s state-owned Citic Group and the state-owned banks Agricultural Bank of China and Bank of Communications.
Notably, 4Paradigm has now received investments from every one of China’s five largest banks, which also include Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
Dai said in the announcement that the company is now expanding its business from a focus on finance to broader applications in hospitals, civil services, retail and media.