China’s Clounix snags nearly $63m in angel, pre-Series A funding

Network servers underlying cloud computing.

Software solutions firm Hangzhou Clounix Technology has raised approximately 400 million yuan ($63 million) in angel and pre-Series A funding, it said in an announcement.

The angel round of funding was led by Qiming Venture Partners and joined by computing platform Inspur Group.

The pre-Series A round was led by China Internet Investment Fund and backed by a clutch of investors, including Qianhai FOF, GoldenSand Capital, Sunic Capital, Shanghai Lingang Innovation, Spinnotec and Ondine Capital.  

Chinese leading investment bank Lighthouse Capital facilitated the transaction, it said in a WeChat post on Wednesday. 

Established late last year, Clounix focuses on developing network chips and cloud-computing software solutions. Proceeds from its funding round will be invested in the R&D of chip products, talent pool advancement and product commercialisation.

According to Gartner forecasts, end-user spending on the global data centre market is projected to reach $200 billion this year. Network equipment expenditure will account for more than 20% of this market, Clounix said.

Lighthouse’s WeChat post noted that the core chip market for mid-to-high-end network equipment is currently dominated by foreign companies. Clounix, it added, has developed a chip architecture to address problems such as the lack of independent network chips, the slow development of network architectures, and the vacuousness of customised network operating systems.

“A significant trend for the IT infrastructure industry will be the constant expansion into cloud computing,” said Qiming Venture Partners principal Nan Chen.

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.