COVID-19 Startups

MiningLamp Raises $300M In Round Led By Tencent and Temasek

Chinese big data company MiningLamp Technology reportedly raised $300 million in a new round of funding, according to the South China Morning Post.

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The new round was led by Tencent Holdings and Temasek Holdings, according to the report. Other backers of the company include China Renaissance and Sequoia Capital China, per Crunchbase.

MiningLamp, which has been called “China’s Palantir,” is based in Beijing, and its customers include CCTV and China Postal Savings Bank. It has more than $486 million in funding, according to CrunchBase data.

The new round comes as the world grapples with the COVID-19 pandemic and an expected slowdown in venture capital funding, although this deal has likely been in the works for a while.

“2020 has been marked by ‘black swans’ [unpredictable or unusual events],” MiningLamp said in a statement on Friday, according to SCMP. “Against a subdued macro and venture capital environment, MiningLamp’s fundraising is a strong boost to the enterprise service industry in general and showcases recognition from investors of the company’s capabilities in intelligent and digital transformation.”

The funding also comes after China experienced a dip in “supergiant rounds” (rounds of $100 million or more) last year. This $300 million is a hefty sum, and one that will be used for research, hiring, and expansion, according to SCMP.

MiningLamp, which was founded in 2014, last raised money in April 2018, according to Crunchbase.

Illustration Credit: Li-Anne Dias

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