Data Grand, a Chinese intelligent text processing startup, announced on Thursday that it has raised Series B funding of 160 million yuan ($23 million), to consolidate its position as a leader in offering semantic analysis solutions in the country.

The investment was led by Chenshan Capital under venture capital CBC Capital. Other investors participating in the round include Oriza PE Fund Management, Legend Star and Eastern Bell Venture Capital, the company said in a statement.

Data Grand, which is headquartered in Shanghai, offers artificial intelligence-powered text automation processing software systems. The service will help improve efficiencies via automatic text processing, enabling text element extraction, intelligent checking, public opinion analysis, knowledge search, content recommendation and automatic writing, the company claimed.

"The money will be used to further solidify our leading position in the text analysis big data market and improve our core research and development capabilities. Thus we will be able to drive the widespread application of intelligent text software systems in fields including finance, law, media, government and the military industry," said Chen Yunwen, chief executive officer at Data Grand.

Founded in 2015, the company has launched several branches in Beijing, Chengdu in Sichuan province, Shenzhen in Guangdong province and Xi'an in Shaanxi province. To date, the company has secured more than 200 million yuan in investment. Previous investors include Zhen Fund and SAIF Partners China.