Corporate finance and tax management company Yunzhangfang.com has reportedly picked up a $14m investment from China-based Hillhouse Capital Group.
The company is a SaaS-based platform which automates taxation services including tax returns. Through the platform users receive an automated tax report and get bills automatically imported from bank electronic statements. Yunzhangfang also generates a voucher book, and handles financial and tax risk monitoring tools.
The latest round of funding will be used to invest into research and development for artificial intelligence and deep learning technology, according to an article by China Money Network. The capital will also be used to help expand the company.
Last year the company raised a Series A from Zhonglu Capital, AA Investment and Liuhe, and in 2015, the company received a $910,000 investment led by AA Investment, the article said.
Previous investments made by Hillhouse Capital include financial services information company 100Credit, China database management solution Baifendian and e-commerce platform Magento.
Investments into Infrastructure and Enterprise Software companies more than doubled in the last quarter?soaring up to $1.69bn:
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