Chinese smart city operator CCI nets $76m in a pre-D funding round

Smart City

China’s big data solutions operator City Cloud Technology Co., Ltd (CCI) has secured 500 million yuan ($76 million) in a Pre-D round of financing led by Zhejiang Fu Zhe Capital Management.

The lead investor is a 10 billion yuan ($1.5 billion) government-led fund co-launched in 2018 by Zhejiang Fu Zhe Capital, Industrial and Commercial Bank of China (ICBC), and China Construction Bank, as per a company statement on Tuesday.

The fresh round also saw participation from new investors Winreal Investment and new-economy based Yinxinggu Capital.

CCI had closed an undisclosed strategic investment from blockchain provider Hangzhou Qulian Technology in January 2020.

With headquarters in Hangzhou and offices in Hong Kong, Beijing, Shanghai, Chengdu and Wuhan, CCI has been engaged in developing intelligent products and services such as city management, and social governance solutions. Driven by big data and cloud computing technologies, CCI expedites digital transformation for enterprises and cities. 

The operator has forged partnerships with Chinese tech giant Huawei to upgrade digital cities, per a press release on November 23. In September, it had also partnered with China Unicom to facilitate smart city developments.

In addition, CCI and Zhejiang University had co-worked together setting up a big data research laboratory.

“Digital is indispensable in industry transformations, and the degree of government digitalizations influence industry developments in the digital era,” said Lei Wang, a partner at Winreal Investment, in the statement. 

CCI had completed 300 million yuan ($46 million) in a Series C round of financing exclusively from Shanghai-listed Chinese state-backed real estate developer Greenland Holdings in 2019. In 2017, it had raised 200 million yuan ($30 million) from Hong Kong-listed Chinese realty operator Country Garden and global internet solutions provider Cisco. 

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.