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.