China Digest: Cloudwise raises $60m; SoftBank backs FineMEMS’s $30m Series D

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Cloudwise has secured a $60 million Series D3 round funding led by CITIC Private Equity Funds Management, while Wuhan FineMEMS Inc. has garnered 200 million yuan ($30 million) in a Series D round of financing from SBCVC, Changing Innovation Investment, and FG Venture.

Cloudwise raises $60m in a Series D3 funding round

Corporate digital solutions provider Cloudwise said on Tuesday that it has pocketed $60 million in a Series D3 round funding led by CITIC Private Equity Funds Management, an alternative asset manager co-launched by state-owned CITIC Group and over 200 investors in 2008. 

A clutch of new investors participated in the latest round including new economy based V Fund, Shenzhen-listed Guangzhou Yuexiu Financial Holdings, CICC Capital, Zhongnan Group’s investment arm Zhongnan Capital, and tech-innovation driven CR Capital.

Existing backers Sequoia Capital China, ASG, and Zhejiang United Investment Group (ZUIG) also re-upped in the fresh fundraising round, Cloudwise said on WeChat.

With the fresh funding, Cloudwise will strengthen its DevOps, product manufacturing, solutions and services systems, and the business ecosystem.

Headquartered in Beijing, Cloudwise is a specialist in digital solutions dedicated to delivering intelligent business operations and maintenance services and applications to enterprises. The cloud-based provider claims to have provided services to clients from internet, manufacturing, transport, energy, and finance, among other sectors.

Aside from a domestic market spanning over 20 cities, Cloudwise has ramped up efforts to expand in Singapore and Hong Kong.

Before the current round, Sequoia Capital China had teamed up with ZUIG, WestSummit Capital, and Gongqingcheng Xingchuang together pouring $25 million for Cloudwise’s Series D round in 2019. In addition, Sequoia Capital China had also participated in its Series C round in 2017, Series B+ round in 2015, and Series B round in 2014.

SoftBank backs FineMEMS’s $30m Series D round

MEMS sensors and system products supplier Wuhan FineMEMS Inc. has garnered 200 million yuan ($30 million) in its Series D round of financing from SoftBank China Capital (SBCVC), Changjiang Securities’ joint fund Changing Innovation Investment, and existing investor FG Venture, per a company statement on Tuesday.

FineMEMS completed its Series C+ round of financing exclusively from Chinese semiconductor-focused investment firm CTC Capital on Monday.

Set up in 2011 in Central China’s Hubei province, FineMEMS uses mechanics model packaging technologies and algorithms to produce new generation MEMS sensors and others tools, which primarily cater to the automotive, internet of things (IoT), smart home appliances, and industrial control sectors. 

Its top clients include Chinese automobile majors such as BYD, Great Wall Motors, Geely, and Ford, the company said. 

FineMEMS’ early-stage investors also includes SIG China. The backer had solely invested 30 million yuan ($4.6 million) in FineMEMS’ Series A round in 2012. Subsequently, in 2015, it joined hands with Shanghai-listed Ningbo Tianlong Electronics infusing an undisclosed Series B round funding in FineMEMS.

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.