$38m for AI-driven Text Analytics Firm DataGrand

In Shanghai, AI-powered text analysis software company DataGrand has raised $38m (CNY 270m) in a Series B+ round of funding, which it will use to 'scale up' the business.

Founded in 2015 by Chen Yunwen (pictured), DataGrand's services are designed to help with automatic text processing, enabling text element extraction, intelligence checking, public opinion analysis, knowledge search, content recommendation, and knowledge mapping. Its DataGrand RPA also incorporates a semantic understanding module.

The firm's new round was led by Shenzhen Capital Group, existing investors SAIF Partners, Z Capital and Mount Morning Capital managed by CBC Capital also participated. Yunwen says the money will be used 'to further solidify our leading position in the text analysis big data market and improve our core research and development capabilities', and adds: 'Thus we will be able to drive the widespread application of intelligent text software systems in fields including finance, law, media, government and the military industry'.

Web site: www.datagrand.com .