Tigerobo Technology completes USD 33 million Series A Financing to enhance and develop company needs.
March 12, 2019 /EqualOcean/ - Tigerobo Technology (虎博科技) completed USD 33 million Series A financing backed by the following investors: PAC (Pacific Asia Capital), Credit Suisse New Financial Industrial Fund, and Gaorong Capital, according to the original published Chinese article.
According to CHEN Ye (陈烨), Tigerobo Technology's founder and CEO, this financing round will be used for research and development, product technology, commercial development, internalization, and improving employee skills.
Founding Partner of PAC, LIAO Ming (廖明), regards Tigerobo as a valuable company that aims to create a new format in language processing using AI. Other Tigerobo Technology's investors also expressed highly of the company.
"Tigerobo Technology's products reflect its professional capabilities in Natural Language Processing and is the most established technology company most closely related to commercial applications," director of Credit Suisse New Financial Industrial Investment Fund said.
The development and gains of AI is no secret. CHEN Ye and the company’s co-founder, John Canny, saw that deep learning was transforming the field of natural language processing and has improved the machine's efficiency of understanding and processing text and language, they started Tigerobo Technology on Jul 2017 to tackle the financial sector.
Currently, Tigerobo Technology covers the majority of the markets and has branched into providing services for leading financial institutions since Jun 2018. This includes the macroeconomic industry, research reports, announcements, and news and alternative data. According to the originally published Chinese article, CHEN Ye believes data from finance will continuously enhance Tigerobo Technology's competitiveness in the NLP field. Tigerobo Technology has also expanded its products to investment research, news public opinion, and other services to curve demand from its enterprise customers.
On Sept 2018, Tigerobo launched products for search, information, tools, and transactions for C-end users. Additionally, the company has developed a million apps such as “Venture Capital" (创投派) and more.
Tigerobo is led by top experts in the Natural Language Processing industry. CHEN Ye served as US Mission Review’s senior vice president responsible for their advertising platform. He also served as Microsoft, eBay, and Yahoo’s research director in the United States. His accomplishments include implementing many AI systems in different industries and won several awards for his papers.
Since Tigerobo Technology's establishment, the company completed USD 60 million in financing. The company aims to continue leading the technology language industry, to provide people with easy access to information online.
According to Tractica, the natural language processing market is expected to reach USD 22.3 billion by 2025. In addition, Tractica's new report emphasizes that it's a critical piece of technology used for extracting insights and analysis from unstructured data sources. Therefore, Tigerobo Technology's company development from this financing round may primarily help to increase its revenue stream from various companies looking to get a competitive edge in data collection.