China Dealbook: Tencent leads $34m round in Transwarp; Jin Jiang invests in Canaan

Tencent's booth is pictured at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee/Files

Chinese big data software developer and service provider Transwarp has raised $34 million in a series C round led by tech giant Tencent Holdings Ltd, while Jin Jiang International participated in a $43 million funding round of Canaan.

Tencent leads $34m funding in Transwarp

Chinese big data software developer and service provider Transwarp Technology Co Ltd has raised $34 million (RMB235 million) in a series C round of funding led by tech giant Tencent Holdings Ltd, according to a report in China Money Network.

Other investors who took part in the round include Shenzhen-based Triwise Capital and venture capital firm Co-Stone Capital.

In addition to this, Tencent’s cloud services division Tencent Cloud has also partnered with Transwarp to integrate the latter’s big data storage and analysis into its own cloud services.

Established in 2013 by two former employees from Intel Co., Transwarp plans to use the funds to develop new products and to strengthen and enhance its technology development team, the report said.

The company had raised series A and A+ rounds, each worth tens of millions in 2014 and 2015, respectively. It raised series B of $22 million in 2016 from Qiming Ventures, China’s National Small and Medium-sized Enterprises Development Fund and Shenzhen Capital Group Co., Ltd.

Jin Jiang International invests in Canaan

Chip maker Canaan has raised series A round of RMB300 million (US$43 million) from a clutch of investors including Chinese hotel operator Jin Jiang International Group Co., Ltd, Chinese investment firms Baopu Asset Management Co. Ltd. and Tunlan Investment, as per a China Money Network report.

With the latest round, Hangzhou-based Canaan’s valuation had touched RMB3.3 billion (US$480 million), as per Chinese media reports.

Founded in 2013, Canaan produces Blockchain servers and develops application-specific integrated circuit (ASIC) microprocessor solutions. The company’s products are sold globally.

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