AI Text Processing Firm Data Grand Obtains $91.8M in C-Round Financing
Data Grand, an AI company focused on intelligent text processing, announced on Wednesday it has secured 580 million yuan ($91.8 million) in C-round financing. The investors include CITIC, China Merchants Bank, China Guangfa Bank and China Capital Management, as well as well-known investment institutions Shenzhen Capital Group Co., Ltd., Hundreds Capital, XiangHe Capital, Advantech Capital, Z Capital, Legend Star and Sunshine Insurance Group.
The funds will reportedly be allocated to reinforce Data Grand’s leading edge in intelligent text processing and to facilitate the technological innovation and industrial application of its core products, such as NLP, RPA and OCR.
Founded in 2015, Data Grand specializes in AI technologies such as Natural Language Processing (NLP), Optical Character Recognition (OCR) and knowledge graphs. It has developed a complete system of text data collection, labeling and training, and has constructed a data-oriented knowledge graph warehouse. The company trains machine learning models at the data application platform and develops a series of intelligent robot products by integrating them with business scenarios.
Data Grand was founded by a team of technical experts previously working on text-based big data algorithms for Baidu, Shanda, Tencent and other major companies.
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The team explored intelligent text processing technology and developed China’s first IDPS platform for intelligent processing of complex text and the first cross-platform RPA office robot that supports various local operating systems.
In particular, the firm’s system has integrated robotic process automation RPA with intelligent text IDP, and is widely used in business document reviews, search recommendations, data submission, text analysis and other automated office scenarios. The system contributes value to the “intelligent office” initiatives of many Fortune 500 companies.