Provided by Matrix Partner China and Ceyuan Ventures, the series A capital will help Renmin natural language processing spinout Elens mature its product development and R&D capabilities.
Elens, a China-based natural language processing (NLP) technology spinout from Renmin University of China, has attracted RMB150m ($21.6m) in a series A round led by Matrix Partners China and backed by Ceyuan Ventures, China Money Network reported on Friday.
Founded in 2015 and based on research from Renmin’s School of Information, Elens has devised an online text analysis service that relies on NLP algorithms, machine learning and databases to derive meaning from human language.
The service has been used by the legal units of Chinese government departments as well as financial services firms China Construction Bank, Postal Savings Bank of China and China Citic Bank, air carrier Avic International and media publication China Daily.
Elens will put the capital towards the build-out of its product development and R&D operations as it seeks growth in the natural language processing segment.
The business reportedly secured $7.2m of pre-series A capital in 2017 from NNFE Fund Management, the investment banking division of NNFE Holding.
