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.
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