Chinese digital service provider Yunxi Technology secures $50m Series B round

Chinese intelligent digital service provider Yunxi Technology announced on Friday that it has closed 350 million yuan ($50 million) in a Series B round of financing.

The company’s existing shareholder Sequoia Capital China, Chinese TMT-focused venture capital firm Xiang He Capital, and an investment platform operated by the Chinese fund of funds (FOF) Oriza Holdings, among others, participated in the new round.

Yunxi Technology, founded in 2016 and based in eastern China’s Hangzhou city, leverages big data and cloud technology to provide corporate networks, data management platforms, cloud-based digital marketing solutions and other cloud application services to enterprises.

The company claimed to have contributed to over 400 billion yuan ($57 million) in gross merchandise volume (GMV) from more than 40 corporate clients, including Chinese property developer R&F Properties, Midea Real Estate, automaker Changan Automobile, and online electronic marketplace Lenovo Hui.

“The wave of digital transformation has brought great market opportunities,” said Jason Xi Xingjie, head of tech and enterprise services at China Renaissance, in a statement. “[The development of] corporate intelligent digital networks represents a chance that Chinese enterprises should grasp to lead the global digital transformation.”

Along with the investment, Yunxi Technology also appointed Herbert Chia, a venture partner of Sequoia Capital China, as a board director and its data strategy consultant. Chia previously served as the former vice president of Alibaba, heading the group’s data committee.

Proceeds will be used to finance a three-year plan that aims to develop a new infrastructure platform equipped with services and solutions to help corporate clients go digital.

The Series B round is the fourth investment raised by Yunxi Technology. The company raised 150 million yuan ($21 million) in a Series A+ round led by Sequoia Capital China with participation from Alibaba co-founder Jack Ma-led YF Capital in September 2018.

The company also closed nearly 100 million yuan ($14 million) in a Series A round from YF Capital in February 2018, and 50 million yuan ($7 million) in an angel round from Yinxinggu Capital in August 2016.

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.