Fourth Paradigm is the latest Chinese start-up to net a valuation north of US$1 billion. Founded just three years ago by Huawei Technologies veterans, the Beijing start-up is fast winning favour among state-backed banks preparing a plunge into artificial intelligence.
The start-up – known also as 4Paradigm – said in a statement it’s scored more than US$150 million of funding at a valuation of about US$1.2 billion. With that financing, its investors and paying customers now include four of China’s five largest banks: a major boost for a little-known outfit hoping to compete with the likes of Alibaba Group Holding and Ant Financial in the massive undertaking of wrenching a state-dominated US$37 trillion banking arena into the digital age.