Tencent Holdings’ investment fund and Chinese investment banking and asset management firm China Renaissance have led a RMB1 billion (US$159.2 million) series C round in Chinese big data firm MiningLamp, according to China Renaissance’s official WeChat account. China’s big data industry reached RMB361.5 billion (US$57.6 billion) in value last year. With the Chinese government’s push for development of big data technology, the industry is expected to grow to RMB598 billion (US$95.2 billion) in 2018, according to a ASKCI Consulting.