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Startups

Chinese e-signature startup attracts Ant Financial backing

Alibaba throws weight behind growing industry as contracts go paperless

China's Ant Financial, a unit of Alibaba Group Holding invests in Tiangu Information Technology.   © Reuters

BEIJING -- China's Tiangu Information Technology, the operator of electronic signature service "Tsign," raised 650 million yuan ($92.4 million) in the latest series C financing round from a group of investors led by the China's Ant Financial, a unit of Alibaba Group Holding.

Co-investors include Gobi Partners and Eminence Ventures, both venture capital firms based in China. The amount raised will be used in talent recruitment, research and development, as well as utilizing artificial intelligence technology in its "smart contract" system.

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