Tungee, a Chinese startup that uses big data and AI to provide intelligent sales solutions, has secured 120 million yuan ($17 million) in a Series B round of financing led by Sequoia Capital China, while office IT equipment rental service Little Bear Rental has raised a Series D1 round of financing led by JD.com.
Sequoia China leads $17m round in Tungee
Tungee, a Chinese startup that uses big data and AI to provide intelligent sales solutions, has secured 120 million yuan ($17 million) in a Series B round of financing led by Sequoia Capital China with participation from Qiming Venture Partners.
The startup plans to use the proceeds from the new round to finance its product R&D, market expansion and brand building, according to a statement.
Guangzhou-based Tungee has developed a cloud platform that offers intelligent Software-as-a-Services (SaaS) sales solutions covering customer acquisition, business opportunity engagement, and customer relationship management.
The startup targets to become the Chinese version of ZoomInfo, a Vancouver, Washington-based business-intelligence platform that raised $935 million early June in what was the largest U.S. trading debut for a technology company so far this year.
The startup raised tens of millions of yuan in a Series A round from Alibaba and Qiming Venture Partners. It also completed a Series Pre-A round in January 2017 and an angel round in June 2016, shows the company website.
JD.com, Fortune Capital invest in Little Bear Rental
Chinese office IT equipment rental services provider Little Bear Rental announced on Tuesday that it has raised a Series D1 round of financing led by JD.com, with participation from venture capital firm Fortune Capital.
Financial details of the Series D1 round remained undisclosed. This is the sixth investment completed by Little Bear Rental in the past two years, said the startup in a WeChat post.
The six funding rounds were backed by JD.com, Tencent, Fortune Capital, Shenzhen-based venture capital firm Oriental Fortune Capital, Great Wall Fund, as well as China’s National SME Development Fund and a government-led fund in southern China’s Shenzhen city.
Fortune Capital, which manages a combined 30 billion yuan ($4.28 billion) across 23 funds, has participated in four of the six rounds, while JD.com has injected capital into a total of three rounds.
After the Series D1 round, the company intends to enhance collaboration with JD.com in the digital and technological areas.