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Shunwei, Baidu Ventures Join $10M Round In Chinese Big Data Company Shumei

 

Shunwei Capital and Baidu Ventures have joined a US$10 million series A round in Beijing-based big data solution provider Shumei Technology, according to Chinese media reports.

Chinese venture capital firm Crystal Stream and existing investor, Beijing-based Internet security company Qihoo 360 Technology Co. Ltd., also participated in the round.

Founded in 2015, Shumei uses artificial intelligence and big data to help clients identify and deal with fraud. Its products include fraudulent spam content and pictures detection, fingerprint recognition, and mobile phone number identification.

The company claims to have several hundred customers, including CITIC Bank, Qihoo 360, and Xiaomi Inc. in industries such as online finance, payment, communications, e-commerce and games.

“Shumei is one of the first investments of Baidu Ventures, and we are happy to participate in the round,” said Qi Yujie, a partner at Baidu Ventures. He described Shumei’s anti-fraud technology as needed by the Internet industry as it deals with an industry pain point.

The company previously received a RMB15 million (US$2 million) strategic investment from Qihoo 360 in 2015. It plans to use the latest proceeds to develop its products and technology, as well as expand its market and enhance its team.

This article was originally publshed on www.chinamoneynetwork.com and can be viewed in full

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