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.