(Yicai Global) June 5 -- Tigerobo will use new funding totaling more than CNY100 million (USD16 million) to bolster its efforts to develop a financial information search engine based on artificial intelligence.

NWS Holdings Limited and Gao Rong Capital led the Pre-A round for the Shanghai-based startup, reported tech news portal 36Kr, adding that Sun Hun Kai & Co. also took part in the financing.

 "With our technology-driven products with disruptive designs, we have substantially improved the efficiency to get data and information for users," said Tigerobo Chief Executive Chen Ye in a statement. "Based on the fully automated depth-learning system and knowledge map construction, TIGEROBO's AI search products cover global capital markets, including macroscopic, industrial and corporate multidimensional data and information, and continue to expand quickly."

Founded last June, Tigerobo aims to use AI technologies including deep-learning and language processing to further develop its new generation of search engine for finding financial information.

Chen, the holder of a PhD in Computer Science and Information Systems from the University of Wisconsin–Madison, was formerly senior vice-president at leading Chinese takeout delivery firm Meituan-Dianping, where he was responsible for its advertising platform, before founding Tigerobo.

Tigerobo has already allowed some top domestic financial institutions to test its products, finding that users are satisfied with the accuracy rate, timeliness and efficiency of the platform. The company will start the open-beta testing soon.

Editor: William Clegg