China dealbook: Legend Capital leads $30m round in Haizi, Cybernaut launches $9b M&A fund

Legend Capital led a $30 million round in cloud computing service provider Haizhi, while Cybernaut launched a $9 billion M&A fund.

Legend Capital invests in Haizhi’s Series C round

Legend Capital has led a $30 million series C round in China-based Haizhi, a cloud computing service provider.

The funding values the startup at $250 million, reports Tencent QQ News. Other investors who participated include IDG Capital Partners, Morningside Ventures and financial data provider Wind Information.

The funds will be used by Beijing-based Haizhi to upgrade its data analytics technology, and expand its team. The company also wants to build a tech ecosystem around big data and cloud computing.

Haizhi was founded three years ago by Xuyang Ren, former head of Baidu’s wireless search division, to provide cloud analytics and storage services to enterprise customers. Most of the company’s clients are in the financial, internet, and retail spaces.

Haizhi had previously raised $6.5 million from Bertelsmann Asia Investments (BAI) and IDG in 2013, and a Series B round from Hillhouse Capital, IDG Ventures and Morningside in 2014.

Startups in this space have been raising late-stage venture funding of late. Recent cases include Transwarp Technology, a big-data technology developer, which raised $24 million in a series B round from Shanghai Real Power Emerging Industry Funds and Shenzhen Capital Group. Cloud storage provider Qiniu raised $100 million in a series D round  from China Broadband Capital, Telstra Ventures and Chinese mutual fund provider Harvest Global Investments.

Cybernaut launches $9b M&A fund

Cybernaut, a China-focussed private equity firm, has hired Matt Wang as president and announced the launch of a $9 billion M&A fund.

Wang was previously a vice-president and general manager at IBM‘s China development laboratories. He will manage the new fund, and lead teams to build a big data and cloud computing platform. He will also be responsible for setting up about 100 co-working centers for startups in 15 cities, a company statement said.

The M&A fund will focus on global acquisitions, through which it hopes to take Chinese tech into global markets.

Cybernaut focusses on early and growth stage funding to startups, and also provides strategic guidance. It manages more than RMB100 billion in assets.

The PE firm was founded 11 years ago by Min Zhu, a former venture partner at US-based New Enterprise Associates.

Also read:

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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.