Sequoia-backed AI unicorn 4Paradigm nets $700m in series D round

Chinese AI startup 4Paradigm announced that it has completed US$700 million in a series D funding round led by Primavera Capital Group, Boyu Capital, and Hopu Investments.

Photo credit: 4Paradigm

Government-linked strategic investors also joined the round, including the National Manufacturing Transformation and Upgrading Fund, China Development Bank, China Reform Holdings, China Jianyin Investment, CSC Financial, and Haitong Securities.

The round also saw participation from institutional investors like Sequoia Capital China, CITIC Private Equity Funds Management, Goldman Sachs, Jinyi Capital, and FountainVest Partners.

Founded in 2014, 4Paradigm provides enterprise-grade artificial intelligence for its clients to help them implement AI solutions for business problems and drive digital transformation.

With the new funds, 4Paradigm said it will accelerate its layout across key industries, establish an enterprise-grade AI-based ecosystem, and hire talent.

Last year, the AI startup rolled out its enterprise-grade product portfolio – including Sage AIOS, SageOne, Sage HyperCycle ML, and Tianshu – and helped its customers accelerate the shift to online operations during the Covid-19 pandemic.

Its clients are from industries including finance, retail, manufacturing, energy, healthcare, internet, logistics, and agriculture.

The latest investment comes after the Beijing-based firm completed its series C and C+ rounds at US$230 million in April last year, which put the company’s valuation at US$2 billion.

Additional investors in 4Paradigm include Gold Stone Investment, Kai-Fu Lee’s Sinovation Ventures, Genesis Capital, and Lenovo Capital, among others.