36Kr Exclusive | Mingxin Digital Intelligence Completes Nearly 200 Million Yuan Series B Financing to Provide AI Cross-border Digital Solutions

Text｜Zhang Ziyi

Editor｜Peng Xiaoqiu

36Kr has recently learned that Mingxin Digital Intelligence, an industrial-level AI application service provider based on large models, has obtained nearly 200 million yuan in Series B financing. This round is led by Bairui Capital, with Guofang Innovation, Lion City Capital, and the old shareholder CDH VGC participating, and Huaxing Capital serving as the exclusive financial advisor.

The funds from this round of financing will be used for technological research and development, to expand the training volume of its large models, and continuously build technological advantages; to expand its product matrix and business, deeply explore the core pain points and inefficient scenarios in the cross-border e-commerce field, and provide diversified product services; to continue to increase investment in customer expansion, and accelerate regional expansion and full coverage.

Mingxin Digital Intelligence was established in 2020. Starting from the essential scenarios in the overseas business industry, the company provides AI cross-border digital solutions such as export customs declaration, tax refund declaration, and industrial-financial services based on large models for enterprises.

China's cross-border e-commerce has developed rapidly in recent years. Data calculated and released by the General Administration of Customs of China shows that in the first three quarters of 2024, China's cross-border e-commerce imports and exports reached 1.88 trillion yuan, with a year-on-year growth of 11.5%, which is 6.2 percentage points higher than the overall growth rate of China's foreign trade during the same period. In the first half of this year, the scale of cross-border e-commerce imports and exports has reached a new historical high.

While the cross-border e-commerce industry is developing rapidly, there are many inefficient links in the infrastructure services based on the traditional industrial chain, which are difficult to meet the new scenarios and new demands of cross-border e-commerce exports. There is an urgent need for digital and intelligent upgrading, which contains huge potential for AI empowerment and transformation.

Mingxin Digital Intelligence has launched a one-stop cross-border AI service system "KuaFu" for cross-border e-commerce platforms and sellers. Starting from the customs declaration and tax refund links with prominent pain points, and extending horizontally at both ends, by integrating the data resources of the entire industrial chain and combining with the actual business scenarios, the data scattered among different subjects and participants in the industrial chain is transformed into data assets with practical application value through a series of AI modeling, and then fed back to each participant as a system service to provide business analysis, business increment, and decision support for cost reduction and efficiency increase, to maximize the value of data assets.

In the industrial-financial scenario, Mingxin Digital Intelligence found that there is a huge demand for industrial-financial integration of small and medium-sized enterprises in China. Relying on its industrial big data business evaluation AI model, the company has built a digital evaluation system "Zhu Rong" for various vertical industries and related small and medium-sized enterprises, connecting the digital needs of the scenarios of the industrial and financial supply and demand sides.

36Kr has learned that, different from single-link service providers in the cross-border industry, Mingxin Digital Intelligence is the first service provider in China to achieve full-chain data sharing and provide comprehensive AI digital solutions.

Zeng Weijia, the founder and CEO of Mingxin Digital Intelligence, told 36Kr: The company is the first to build an industrial-level AI application based on a large model and innovatively apply the model to cross-border e-commerce industry services. In the future, we will increase investment in production and research, improve scientific and technological capabilities, continue to deeply explore the core pain points and inefficient scenarios in the cross-border e-commerce field, explore more diversified industrial-level AI application solutions, and promote the digital and intelligent transformation and upgrading of vertical industries."

According to Mingxin Digital Intelligence, the company has served tens of thousands of enterprises, covering hundreds of thousands of small and medium-sized enterprises. In addition, the company is recognized as a "Demonstration Unit for the Development of the Big Data Industry" by the Ministry of Industry and Information Technology, and won the national-level "Specialized, Sophisticated, Characteristic and Novel Little Giant" title in the artificial intelligence industry in 2024.

Investor Views:

The investment director of Bairui Capital said: Cross-border e-commerce is an important thematic track globally, and generative AI is a powerful tool to facilitate the transformation of software into service-oriented delivery. The intersection of the two is bound to give birth to strong growth potential; and the Mingxin Digital Intelligence team is a rare top team that is mature, efficient, and balances commercialization and technological pursuit, and is long-term committed to building the digital infrastructure of cross-border e-commerce; Bairui Capital is honored to be able to walk with outstanding entrepreneurs and promote the wave of full AI implementation.

Zhang Zhi, the partner of Guofang Innovation, said: Mingxin has been deeply engaged in the cross-border e-commerce industry in the Pearl River Delta for many years. Through the long-term data accumulation, algorithm polishing, product iteration in the industry, and the in-depth understanding of scenarios and users, it has continuously maintained its leading position in the industry. Guofang is optimistic about Mingxin's future prospects in the context of industrial development, and also hopes to work with Mingxin to open up more data industry chains, expand the radius of technology empowerment, strengthen the assistance to the development of the cross-border e-commerce industry in the Yangtze River Delta region, and expects Mingxin to grow into a cutting-edge infrastructure technology service platform in the field of cross-border e-commerce in China.

Guo Yanni, the partner of Lion City Capital, said: Mingxin Digital Intelligence perfectly interprets that once the large model technology dividend finds the right application scenarios, the value and financial performance it brings can be disruptive compared to traditional enterprise services. It is an inevitable trend for AI to reconstruct and activate the enterprise service industry.

Guo Qizhi, the partner of CDH VGC, said: CDH has been accompanying Mingxin's growth since 2021 and has witnessed the continuous innovation and enterprising spirit of the Mingxin team. Mingxin uses multi-dimensional industrial big data and self-developed core algorithms to build a leading domestic industrial big data analysis and application platform, and through self-developing various vertical models combined with a general large model, it has built an integrated service system such as AI intelligent customs declaration, intelligent tax refund, and digital evaluation of industrial-financial credit in vertical fields such as cross-border e-commerce, manufacturing, and trade circulation, becoming a benchmarking innovative case of AI application in vertical scenarios. In the future, Mingxin Digital Intelligence is expected to continue to provide extended services to the upstream and downstream of the industry and multiple horizontal fields by leveraging the advantages of a unified technology platform base and full-chain data sharing, forming a strong positive flywheel effect.

Xu Kun, the Managing Director of the Investment Banking Division of Huaxing Capital and the head of the Technology and Industry Group, said: In the past two years, Mingxin Digital Intelligence has deeply integrated AI technology to launch the first cross-border e-commerce AI full trusteeship service in China, and has achieved explosive performance growth. We expect the company to continue to develop at a high speed and become a global leading industrial-level AI application service provider.