Strengths
- Brand/entity identity is supported by official and registry sources.
- Major historical financings were reported by DoNews/36Kr.
Diligence report
TUNGEE
TUNGEE Startup Diligence Research Report
TUNGEE may be a scaled China AI/data sales-intelligence SaaS platform. Upside depends on verified recurring revenue and retention, durable data rights, strong privacy/security controls, and defensible AI-enabled workflows.
Company profile
TUNGEE Startup Diligence Research Report
Provisionally eligible and operating, but not underwritable from public information alone. Major financing reports and active product pages support continued diligence; valuation, financial quality, customer retention, cap table, data compliance, and litigation materiality remain key gaps.
- Website
- www.tungee.com
- Sector
- Enterprise Tech / AI sales intelligence SaaS
- Geography
- Guangzhou, Guangdong, China
- Stage
- Private unicorn (provisionally eligible)
- Known aliases
- TUNGEE, 探迹, 探迹科技, 广州探迹科技有限公司, Guangzhou Tungee Technology Co., Ltd.
- Report version
- 1.0
- Timezone
- Asia/Shanghai
Executive summary
Risks
- Financials and valuation bridge are not public.
- Large data/AI prospecting model creates privacy exposure.
- Customer retention, concentration and paid ARR are unverified.
Gaps
- Audited financials, ARR, margins, cash, burn and debt schedules
- Full cap table, financing documents, liquidation preferences and CB export
- Customer ARR, concentration, cohorts, churn and renewals
- Data provenance, architecture, model-eval and security audits
- PIPL/DSL/CSL artifacts, DPIAs, DPAs and regulator correspondence
- Official court dockets and counsel letters
Risk register
R-001: Unverified valuation and missing financials
No public financial statements, ARR, margins, cash, burn, debt or valuation bridge.
Diligence request: Request primary documents, management representation, and specialist diligence.
R-002: PIPL/data compliance exposure
Large data and AI outreach claims raise provenance, consent, transfer, retention and DPA questions.
Diligence request: Request primary documents, management representation, and specialist diligence.
R-004: Crowded sales/marketing-tech market
CRM, CDP, data and AI-agent competitors can attack parts of the workflow.
Diligence request: Request primary documents, management representation, and specialist diligence.
R-003: Litigation materiality unknown
Commercial snippets mention lawsuits/hearings but not official status or reserves.
Diligence request: Request primary documents, management representation, and specialist diligence.
R-005: Retention and ARR quality unverified
Logo/user claims do not prove paid ARR, churn, NRR or concentration.
Diligence request: Request primary documents, management representation, and specialist diligence.
R-006: AI/data moat and security posture unproven
Architecture, model-eval, security, data lineage and IP ownership remain private.
Diligence request: Request primary documents, management representation, and specialist diligence.
R-007: Founder ownership and governance opaque
Ownership, board rights, incentives and related-party controls are not public.
Diligence request: Request primary documents, management representation, and specialist diligence.
R-008: Runway/down-round risk after 2021
No later financing is public while claimed headcount and AI investment imply burn.
Diligence request: Request primary documents, management representation, and specialist diligence.
01Financial Information
Financial Information diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
I.A Annual and quarterly financial information for the past three years
partially verified confidence: medium
Public-source diligence for Annual and quarterly financial information for the past three years. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Annual and quarterly financial information for the past three years are unavailable publicly.
Hidden risks
- Unverified valuation and missing financials
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Annual and quarterly financial information for the past three years.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
I.B Financial Projections
partially verified confidence: medium
Public-source diligence for Financial Projections. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Financial Projections are unavailable publicly.
Hidden risks
- Unverified valuation and missing financials
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Financial Projections.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
I.C Capital Structure
partially verified confidence: medium
Public-source diligence for Capital Structure. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Capital Structure are unavailable publicly.
Hidden risks
- Unverified valuation and missing financials
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Capital Structure.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
I.D Other financial information
partially verified confidence: medium
Public-source diligence for Other financial information. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Other financial information are unavailable publicly.
Hidden risks
- Unverified valuation and missing financials
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Other financial information.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
02Products
Products diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
II.A Description of each product
partially verified confidence: medium
Public-source diligence for Description of each product. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Description of each product are unavailable publicly.
Follow-up questions
- Provide data-room artifacts and management explanation for Description of each product.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
| Item | Public evidence | Diligence implication |
|---|---|---|
| Product modules | Official pages describe AI Sales Brain, Xunji, RPA, CRM/SCRM, growth, Yunyan, Lvtong, and Yucebao modules. | Map each module to actual contracted SKUs, attach rates, renewal history, and product gross margin. |
| Pricing and packaging | Public materials reviewed did not disclose standard price cards, discounting, implementation fees, or module-level revenue mix. | Request price book, contract templates, cohort pricing history, discount approval policy, and professional-services attachment. |
| Product profitability | Cost structure, hosting cost, data acquisition cost, and support burden by module are not publicly verifiable. | Request module P&L, cloud/data vendor contracts, gross margin bridge, and roadmap investment plan. |
Pricing, module economics, and implementation-cost evidence are not publicly verifiable from the reviewed sources.
03Customer Information
Customer Information diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
III.A Top customers by application
partially verified confidence: medium
Public-source diligence for Top customers by application. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Top customers by application are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
Follow-up questions
- Provide data-room artifacts and management explanation for Top customers by application.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
III.B Strategic relationships
partially verified confidence: medium
Public-source diligence for Strategic relationships. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Strategic relationships are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
Follow-up questions
- Provide data-room artifacts and management explanation for Strategic relationships.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
III.C Revenue by customer
partially verified confidence: medium
Public-source diligence for Revenue by customer. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Revenue by customer are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
Follow-up questions
- Provide data-room artifacts and management explanation for Revenue by customer.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
III.D Significant relationships severed within the last two years
partially verified confidence: medium
Public-source diligence for Significant relationships severed within the last two years. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Significant relationships severed within the last two years are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
Follow-up questions
- Provide data-room artifacts and management explanation for Significant relationships severed within the last two years.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
III.E Top suppliers
partially verified confidence: medium
Public-source diligence for Top suppliers. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Top suppliers are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
Follow-up questions
- Provide data-room artifacts and management explanation for Top suppliers.
04Competition
Competition diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
IV.A Competitive landscape by market segment
partially verified confidence: medium
Public-source diligence for Competitive landscape by market segment. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Competitive landscape by market segment are unavailable publicly.
Hidden risks
- Crowded sales/marketing-tech market
Follow-up questions
- Provide data-room artifacts and management explanation for Competitive landscape by market segment.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
05Marketing, Sales, and Distribution
Marketing, Sales, and Distribution diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
V.A Strategy and implementation
partially verified confidence: medium
Public-source diligence for Strategy and implementation. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Strategy and implementation are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
- Outbound automation complaint risk
Follow-up questions
- Provide data-room artifacts and management explanation for Strategy and implementation.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
V.B Major Customers
partially verified confidence: medium
Public-source diligence for Major Customers. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Major Customers are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
- Outbound automation complaint risk
Follow-up questions
- Provide data-room artifacts and management explanation for Major Customers.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
V.C Principal avenues for generating new business
partially verified confidence: medium
Public-source diligence for Principal avenues for generating new business. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Principal avenues for generating new business are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
- Outbound automation complaint risk
Follow-up questions
- Provide data-room artifacts and management explanation for Principal avenues for generating new business.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
V.D Sales force productivity model
partially verified confidence: medium
Public-source diligence for Sales force productivity model. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Sales force productivity model are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
- Outbound automation complaint risk
Follow-up questions
- Provide data-room artifacts and management explanation for Sales force productivity model.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
V.E Ability to implement marketing plan with current and projected budgets
partially verified confidence: medium
Public-source diligence for Ability to implement marketing plan with current and projected budgets. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Ability to implement marketing plan with current and projected budgets are unavailable publicly.
Hidden risks
- Retention and ARR quality unverified
- Implementation and data-quality scalability risk
- Outbound automation complaint risk
Follow-up questions
- Provide data-room artifacts and management explanation for Ability to implement marketing plan with current and projected budgets.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
06Research and Development
Research and Development diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
VI.A Description of R&D organization
partially verified confidence: medium
Public-source diligence for Description of R&D organization. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Description of R&D organization are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- AI/data moat and security posture unproven
- Implementation and data-quality scalability risk
Follow-up questions
- Provide data-room artifacts and management explanation for Description of R&D organization.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
VI.B New Product Pipeline
partially verified confidence: medium
Public-source diligence for New Product Pipeline. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for New Product Pipeline are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- AI/data moat and security posture unproven
- Implementation and data-quality scalability risk
Follow-up questions
- Provide data-room artifacts and management explanation for New Product Pipeline.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
07Management and Personnel
Management and Personnel diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
VII.A Organization Chart
partially verified confidence: medium
Public-source diligence for Organization Chart. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Organization Chart are unavailable publicly.
Hidden risks
- Founder ownership and governance opaque
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Organization Chart.
VII.B Historical and projected headcount by function and location
partially verified confidence: medium
Public-source diligence for Historical and projected headcount by function and location. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Historical and projected headcount by function and location are unavailable publicly.
Hidden risks
- Founder ownership and governance opaque
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Historical and projected headcount by function and location.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
VII.C Senior management biographies
partially verified confidence: medium
Public-source diligence for Senior management biographies. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Senior management biographies are unavailable publicly.
Hidden risks
- Founder ownership and governance opaque
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Senior management biographies.
| Item | Public evidence | Diligence implication |
|---|---|---|
| Legal representative | Registry aggregators list Guangzhou Tungee Technology Co., Ltd. as active/operating, founded 2016-04-18, with legal representative Li Zhan. | Confirm current officer, director, board, and shareholder registers with original registry extracts. |
| Employee scale | Official/careers materials indicate more than 1,000 employees; role mix and attrition are not public. | Request HRIS export by function/location, hiring plan, attrition, compensation bands, and key-person retention analysis. |
| Founder/executive biographies | Founder/executive verification is incomplete beyond visible legal representative and registry data. | Request founder biographies, background-check consents, board minutes, option plan, vesting schedules, and key employment agreements. |
Senior-management biographies, reporting lines, board rights, compensation, and equity incentives require private company documentation.
VII.D Compensation arrangements
partially verified confidence: medium
Public-source diligence for Compensation arrangements. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Compensation arrangements are unavailable publicly.
Hidden risks
- Founder ownership and governance opaque
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Compensation arrangements.
VII.E Incentive stock plans
partially verified confidence: medium
Public-source diligence for Incentive stock plans. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Incentive stock plans are unavailable publicly.
Hidden risks
- Founder ownership and governance opaque
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Incentive stock plans.
VII.F Significant employee relations problems, past or present
partially verified confidence: medium
Public-source diligence for Significant employee relations problems, past or present. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Significant employee relations problems, past or present are unavailable publicly.
Hidden risks
- Founder ownership and governance opaque
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Significant employee relations problems, past or present.
VII.G Personnel Turnover
partially verified confidence: medium
Public-source diligence for Personnel Turnover. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Personnel Turnover are unavailable publicly.
Hidden risks
- Founder ownership and governance opaque
- Runway/down-round risk after 2021
Follow-up questions
- Provide data-room artifacts and management explanation for Personnel Turnover.
08Legal and Related Matters
Legal and Related Matters diligence is provisional and evidence-backed from public sources; private source documents are needed to close major gaps.
VIII.A Pending lawsuits against the Company
partially verified confidence: medium
Public-source diligence for Pending lawsuits against the Company. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Pending lawsuits against the Company are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- Litigation materiality unknown
- AI/data moat and security posture unproven
Follow-up questions
- Provide data-room artifacts and management explanation for Pending lawsuits against the Company.
VIII.B Pending lawsuits initiated by Company
partially verified confidence: medium
Public-source diligence for Pending lawsuits initiated by Company. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Pending lawsuits initiated by Company are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- Litigation materiality unknown
- AI/data moat and security posture unproven
Follow-up questions
- Provide data-room artifacts and management explanation for Pending lawsuits initiated by Company.
VIII.C Environmental and employee safety issues and liabilities
partially verified confidence: medium
Public-source diligence for Environmental and employee safety issues and liabilities. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Environmental and employee safety issues and liabilities are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- Litigation materiality unknown
- AI/data moat and security posture unproven
Follow-up questions
- Provide data-room artifacts and management explanation for Environmental and employee safety issues and liabilities.
VIII.D Material patents, copyrights, licenses, and trademarks
partially verified confidence: medium
Public-source diligence for Material patents, copyrights, licenses, and trademarks. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Material patents, copyrights, licenses, and trademarks are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- Litigation materiality unknown
- AI/data moat and security posture unproven
Follow-up questions
- Provide data-room artifacts and management explanation for Material patents, copyrights, licenses, and trademarks.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
VIII.E Insurance coverage and material exposures
partially verified confidence: medium
Public-source diligence for Insurance coverage and material exposures. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Insurance coverage and material exposures are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- Litigation materiality unknown
- AI/data moat and security posture unproven
Follow-up questions
- Provide data-room artifacts and management explanation for Insurance coverage and material exposures.
VIII.F Material contracts
partially verified confidence: medium
Public-source diligence for Material contracts. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Material contracts are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- Litigation materiality unknown
- AI/data moat and security posture unproven
Follow-up questions
- Provide data-room artifacts and management explanation for Material contracts.
VIII.G Regulatory agency problems
partially verified confidence: medium
Public-source diligence for Regulatory agency problems. TUNGEE has supporting public signals, but primary company documents remain required for reliance.
Evidence gaps
- Primary documents for Regulatory agency problems are unavailable publicly.
Hidden risks
- PIPL/data compliance exposure
- Litigation materiality unknown
- AI/data moat and security posture unproven
Follow-up questions
- Provide data-room artifacts and management explanation for Regulatory agency problems.
| Item | Evidence | Implication |
|---|---|---|
| Known public evidence | See linked evidence claims | Preliminary signal |
| Missing private evidence | Data room not available | Diligence gap |
| Priority follow-up | Request primary documents | Gate investment reliance |
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | TUNGEE/探迹科技 maps to Guangzhou Tungee Technology Co., Ltd., an AI/big-data sales SaaS vendor in Guangzhou. | verified high | SRC-001SRC-002SRC-014 |
| EC-002 | Registry aggregators list 广州探迹科技有限公司 as active/operating, founded 2016-04-18, legal rep 黎展. | partially verified medium | SRC-014SRC-015 |
| EC-003 | User/CB Insights metadata states US$1.30B private-unicorn valuation and 2021-12-15 entry date. | partially verified medium | SRC-026 |
| EC-004 | No credible public evidence of IPO, acquisition close, or shutdown was found. | inconclusive medium | SRC-001SRC-014SRC-026 |
| EC-005 | DoNews reported a 2018 Series A of tens of millions RMB from Alibaba. | verified high | SRC-011 |
| EC-006 | 36Kr reported a 2020 RMB120m Series B+ led by Hillhouse, with Sequoia and Linear. | verified high | SRC-012 |
| EC-007 | 36Kr reported a 2021 RMB400m Series C led by Tiger Global, with Sequoia. | verified high | SRC-013 |
| EC-008 | Official pages claim a 180m China enterprise graph and 230m global enterprise database. | unverified medium | SRC-001SRC-002 |
| EC-009 | Official pages claim 80,000+ enterprises, 150,000 users, 500m contact methods, and 10,000+ SaaS deliveries. | unverified medium | SRC-001SRC-002 |
| EC-010 | Official pages describe AI Sales Brain, Xunji, RPA, CRM/SCRM, growth, Yunyan, Lvtong, and Yucebao modules. | verified medium | SRC-005SRC-006SRC-007SRC-008SRC-009SRC-010 |
| EC-011 | Tianyancha excerpts show 157 trademarks, 44 patents, 94 software copyrights, and 12 administrative licenses. | partially verified medium | SRC-015 |
| EC-012 | Official materials claim 200+ copyrights/patents, which needs reconciliation with registry excerpts. | unverified medium | SRC-002SRC-015 |
| EC-013 | Official footer shows ICP 粤ICP备16029964号-2 and VATS license 粤B2-20210801. | partially verified medium | SRC-001SRC-019 |
| EC-014 | PIPL, Data Security Law, and Cybersecurity Law govern contact-data and AI sales workflows. | verified high | SRC-016SRC-017SRC-018 |
| EC-015 | Public customer materials do not disclose ARR concentration, churn, renewals, NRR, or cohorts. | not publicly verifiable high | SRC-003 |
| EC-016 | Comparable vendors include SalesEasy, Facishare, Sensors Data, Qichacha, and Convertlab. | verified medium | SRC-020SRC-021SRC-022SRC-023SRC-024 |
| EC-017 | Official partner page claims 3,100+ partners; partner-sourced ARR is not public. | unverified medium | SRC-004 |
| EC-018 | Official/careers materials indicate >1,000 employees; role mix and attrition are not public. | unverified medium | SRC-002SRC-025 |
| EC-019 | Founder/executive verification is incomplete beyond visible legal representative and registry data. | partially verified medium | SRC-014SRC-015 |
| EC-020 | Tianyancha snippets mention lawsuits/hearings; case status, amount, merits, and materiality require official dockets. | partially verified medium | SRC-015 |
| EC-021 | No audited financials, ARR, margin, burn, cash, debt schedule, or unit economics were found publicly. | not publicly verifiable high | SRC-011SRC-012SRC-013SRC-026 |
| EC-022 | No public SOC/ISO, security audit, data-processing inventory, or customer DPA pack was found. | not publicly verifiable medium | SRC-001SRC-016 |
| EC-023 | AI prospecting/contact enrichment creates provenance, consent, accuracy, anti-spam, and automated-outreach questions. | inconclusive medium | SRC-005SRC-006SRC-007SRC-016SRC-017 |
| EC-024 | The bridge from the 2021 RMB400m Series C to US$1.30B valuation is not public. | not publicly verifiable medium | SRC-013SRC-026 |
| EC-025 | No public post-2021 financing was found, making runway/down-round risk unobservable. | not publicly verifiable medium | SRC-013SRC-026 |
| EC-026 | Active product and careers pages support current operating status. | partially verified medium | SRC-001SRC-005SRC-025 |
| EC-027 | Case pages imply multi-vertical B2B coverage, but vertical revenue split is not public. | unverified medium | SRC-003SRC-005 |
| EC-028 | AI commoditization and suite bundling by CRM/CDP/data vendors can pressure differentiation. | inconclusive medium | SRC-005SRC-020SRC-021SRC-022SRC-023SRC-024 |
| EC-029 | No public evidence was found for material debt, pledged equity, guarantees, or related-party transactions. | not publicly verifiable low | SRC-014SRC-015 |
| EC-030 | Small PRC registered capital relative to unicorn valuation requires cap-table, offshore-structure, and investor-rights review. | partially verified medium | SRC-014SRC-026 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | TUNGEE | Official homepage | 2026-05-30 |
| SRC-002 | TUNGEE | About page | 2026-05-30 |
| SRC-003 | TUNGEE | Cases page | 2026-05-30 |
| SRC-004 | TUNGEE | Partner page | 2026-05-30 |
| SRC-005 | TUNGEE | AI Sales Brain | 2026-05-30 |
| SRC-006 | TUNGEE | Xunji agent | 2026-05-30 |
| SRC-007 | TUNGEE | RPA | 2026-05-30 |
| SRC-008 | TUNGEE | CRM/SCRM | 2026-05-30 |
| SRC-009 | TUNGEE | Growth platform | 2026-05-30 |
| SRC-010 | TUNGEE | Yunyan/Lvtong/Yucebao | 2026-05-30 |
| SRC-011 | DoNews | DoNews Series A | 2026-05-30 |
| SRC-012 | 36Kr | 36Kr Series B+ | 2026-05-30 |
| SRC-013 | 36Kr | 36Kr Series C | 2026-05-30 |
| SRC-014 | Baidu Aiqicha | Aiqicha registry | 2026-05-30 |
| SRC-015 | Tianyancha | Tianyancha profile | 2026-05-30 |
| SRC-016 | State Council PRC | PRC PIPL | 2026-05-30 |
| SRC-017 | State Council PRC | PRC Data Security Law | 2026-05-30 |
| SRC-018 | State Council PRC | PRC Cybersecurity Law | 2026-05-30 |
| SRC-019 | MIIT | MIIT filing query | 2026-05-30 |
| SRC-020 | SalesEasy | SalesEasy | 2026-05-30 |
| SRC-021 | Sensors Data | Sensors Data | 2026-05-30 |
| SRC-022 | Facishare | Facishare | 2026-05-30 |
| SRC-023 | Qichacha | Qichacha | 2026-05-30 |
| SRC-024 | Convertlab | Convertlab | 2026-05-30 |
| SRC-025 | TUNGEE | Careers page | 2026-05-30 |
| SRC-026 | CB Insights/user | CB Insights metadata supplied by requester | 2026-05-30 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.