Founded in 2014 by Dai Wenyuan, 4Paradigm claims to offer world-leading machine learning technology, which helps enterprises improve efficiencies, reduce risks and extract greater commercial value from customers.
The company offers software tools that allow clients such as the country’s state-owned banks to run complex algorithms on their data without needing to employ highly trained engineers themselves.
4Paradigm had achieved unicorn status by the end of 2018, with Sequoia China one of the main early investors. In January 2021, the AI firm raised another $700 million in a round with other private equity firms like Boyu Capital and Hopu, as well as a group of state-backed investors including the National Manufacturing Transformation and Upgrading Fund. 4Paradigm was reported to have made another application to go public on the Hong Kong stock exchange in February 2022, a few days after its initial application expired. Chinese regulators are said to have asked for more information on whether its business involves areas where foreign investment is prohibited, as well a requesting further information about its profit model and equity structure.
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