IceKredit, a Shangai, China-based AI powered platform for business, closed a $33m series C1 round of funding.
The round was led by Guoxin Venture Investment with participation from Guohe Capital, Yunqi Partners, and China Creation Ventures.
The company intends to use the funds for expanding the development team, investments and acquisitions, and improving its business ecosystem.
Founded in 2015 and led by Lingyun Gu, founder and chairman of IceKredit, IceKredit is an AI powered platform providing comprehensive risk mitigation solutions to individuals and financial institutions using artificial intelligence technology and big data.
The company provides financial institutions with risk mitigation solutions including anti-fraud and improved credit decisions. Its services are its proprietary machine learning algorithms, standard personal and business credit scores, customizable credit risk modeling, and AI powered platform. IceKredit’s latest product, backed by their proprietary knowledge storage, modeling, mining, and analytics techniques, is enabling financial institutions mitigate credit risks in the business lending space.
The company, which has produced 110 software copyrights and 36 patents, has partnerships with hundreds of financial institutions globally. In the United States, domestically, IceKredit has been dedicated to providing service for subprime customers that have not been covered by FICO and other credit bureaus using AI technology, in order to help them get loans with relatively low interest rates. Clients include many regional banks, community banks and credit unions. In recent year, IceKredit also entered Southeast Asia market.