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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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.