AI Specialist Cashes In on Demand From Banks

4Paradigm Co. Ltd., an artificial intelligence (AI) firm focused on the banking sector, has raised 1 billion yuan ($145 million) in its latest funding round, making it China’s latest unicorn with a valuation of over $1 billion.

Investors in the firm’s C-series funding included two of China’s largest state-owned banks, Agricultural Bank of China and Bank of Communications, as well as previous investor Sequoia China, 4Paradigm said in a statement (link in Chinese). The fundraising valued the company at $1.2 billion, it added.