Points Technology Scores Financing From 4Paradigm and Shenzhen Capital Group
Blockchain and AI startup Points Technology announced on Wednesday that it had obtained two consecutive rounds of financing, including a strategic round from Chinese AI firm 4Paradigm and an exclusive round from VC company Shenzhen Capital Group. Together, these consist A-round financing worth a total of nearly 100 million yuan ($15.8 million).
The funds will be used mainly to strengthen R&D of the firm’s technologies, develop the market and attract more talent. The company also plans to enhance the multi-scenario implementation ability of its products.
Founded in 2017, Points Technology is one of the pioneers in the field of privacy computing in China, and has participated in the formulation of many technical standards in the field. Sarah Zhang, founder and CEO of the company, graduated from Harvard Business School and Kennedy School of Government. She used to be the senior product manager for Amazon and the chief operating officer of Ninebot, a Xiaomi supplier.
At the early stage of its establishment, Points Technology obtained seed round financing from Ceyuan Ventures, Cherubic Ventures, Nest.Bio Ventures and iCamp Ventures. After that, the company received two more rounds of financing from CCXC in May 2018 and K2V2 in February 2020.
Nowadays, the digital economy has become quite important. However, at the level of data application, a dilemma has emerged whereby ownership and user rights cannot be separated for a long time. In the process of data sharing and model training between data owners and other companies, it is difficult to ensure that original data will not be reused or even leaked because the data can be copied.
In order to solve the above problems, Points Technology adopts strategies including federated learning, a machine learning technique, multi-party security technology and confidential computing based on a trusted execution environment (TEE) technology, helping customers realize data analysis and calculation, on the premise of protecting data from disclosure.
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Points Technology has developed many products such as a privacy computing platform, a data collaboration service platform, a multi-party security computing platform and an automated machine learning platform. One of its core products, a trusted computing framework, is based on TEE in chips and other encryption technologies. It mainly carries out data sharing to joint computing in the trusted execution environment created by hardware, so as to make data available while invisible. It can ensure data privacy, security and compliance. In addition, the relevant records of data sharing are recorded and traced via blockchain.
In terms of the application of the firm’s products, its customers have covered many industries such as banking, insurance, communication, advertising, medical care and government affairs.