WI Harper Group | October 30th, 2019
WI Harper-backed CraiditX received funding from the Fintech Fund under Shanghai Pudong Development Bank, another significant milestone for the company after obtaining financing from GP Capital Phase II and Mobai Capital earlier this year.
CraiditX is an artificial intelligence (AI) company that applies machine learning technology of search engines to the financial industry. Established in December 2015, the company is one of the first to apply AI technology to the financial field by utilizing many of its patented technologies, such as behavioral language processing, natural language processing, graphic neural networks, and integrated modeling. CraiditX provides financial institutions with risk intelligence, intelligent marketing, intelligent customer service, transaction monitoring, and other AI-driven financial solutions. It has now become an important partner to many leading domestic financial institutions seeking to adopt AI, such as the Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.
So far this year, CraiditX has received wide-spread funding support from banks, funds, and the government. Back in 2017, CraiditX formed a technical collaboration with China Merchants Bank date, which generated excellent results that caught the attention of China Merchants Venture (CM Venture). Later that same year, CM Venture led CraiditX’s Series B financing round, into which WI Harper Group invested.
Earlier this year, the Shanghai Financial Development Investment Fund-Phase II invested in CraiditX. This fund is one out of the ten Industrial Funds Pilot Project approved by the State Council, targeting the financial industry. Its establishment is a key step taken by the government to promote the development of Shanghai’s International Financial Center. The manager of the Shanghai Financial Development Investment Fund, GP Capital, is also invested in Ant Financial and Suning Finance.
The investment and industry community is highly focused on the application of AI, and the domestic capital market remains very optimistic about CraiditX for its emphasis on product engineering ability and business competitiveness. In response to this latest round of financing, Mingjie Zhu, the founder and CEO of CraiditX said “as a technology enterprise driven by AI technology to improve the financial industry, CraiditX is fortunate to be based in the city of Shanghai, the center of China’s international finance, and coincides with Shanghai’s efforts to become a core region for AI development. First of all, we are thankful to be in the right place (Shanghai) at the right time. Second, we are thankful of our customers and partners. Their recognition of CraiditX’s capabilities has empowered the company to collaborate and work with mature financial institutions as our customers, which has enabled us to achieve profitability. CraiditX will continue to strengthen in intelligent financial solutions and R&D investment in AI Zhongtai, solving world-class financial problems with world-class AI technology. We strongly believe we can bring even more value to customers and partners.”
“AI is one of the key investment areas of WI Harper Group. After the breakthroughs in machine learning algorithm and hardware computing capability, AI has begun to penetrate every industry and enterprise. Companies that don’t embrace AI in time will not survive the fierce competition in the future. CraiditX is a leader in AI and fintech, with an excellent team and the best AI risk control products that can help the domestic financial industry to upgrade rapidly and improve the competitiveness of enterprises. WI Harper Group will continue to provide our international platform to accelerate CraiditX’s development in the field of AI and become the best AI company in China and the world.” said Sean Peng, Managing Director of WI Harper Group.
Translated from: https://mp.weixin.qq.com/s/ILQsWTtoJOYb_SSC_GdvQw