Beijing-based artificial intelligence startup 4Paradigm announced on Wednesday that it has raised 1 billion yuan ($150 million) in its series C round of financing.

With Agricultural Bank of China and Bank of Communications among its new investors, the company has become one of the few startups in which China's "Big Five" banks have all invested.

Founder and CEO Dai Wenyuan said that the fresh financing will be used for developing the company's technology and platform.

"It will also be devoted to accelerating large-scale application of AI in different industries," he added.

Founded in 2015, 4Paradigm uses AI to help people and organizations analyze data to improve efficiency.