Alibaba-backed Chinese unicorn DT Dream hits $1.5b valuation after Series B round

Illustration/Photo: Internet Archive

Alibaba-backed Chinese cloud computing and big data services provider DT Dream announced on Thursday that it has secured 600 million yuan ($84.10 million) in a Series B round of financing, which valued the unicorn at $1.5 billion.

The Series B round was led by Zheshang Venture Capital, a venture capital firm listed on The New Third Board, a Chinese over-the-counter system for trading the shares of a public limited company that are not listed on either the Shenzhen or Shanghai stock exchanges.

A government-led fund, launched in July 2018 to promote the reform and development of state-owned enterprises in eastern China’s Zhejiang province, was another lead investor in the deal.

DT Dream, fully known as Shumeng Gongchang Technology, was founded in March 2015 in Hangzhou, the capital of Zhejiang province and home to some of the Chinese technology giants including Alibaba and NetEase.

The company mainly delivers cloud computing and big data-powered products and solutions to enterprises and government departments. Its offerings include data management centers, internet-enabled government service solutions, smart city solutions, and digital marketing services.

Chinese state-owned electric utility monopoly, State Grid Corporation of China, privately held Geely Auto, and SAIC Volkswagen, a joint venture between Volkswagen Group and Chinese state-owned automaker SAIC Motor, are among its customers.

“An era led by big data is coming amid the development and application of internet and intelligent solutions. Big data-enabled decision-making process is efficient, accurate and diversified, and its result can be explained, quantified and iterated,” said Wu Jingchuan, chairman and CEO of DT Dream, during a public speech in Hangzhou on Thursday.

Proceeds will be used for product research and development, talent recruitment and market expansion.

DT Dream reached the unicorn valuation of $1 billion after the company closed 750 million yuan ($105.13 million) in a Series A round from Alibaba, Chinese investment firm Yinxinggu Capital and China Everbright Industry Group Limited in June 2017.

The company also raised 450 million yuan ($63.08 million) in an angel round from Alibaba and Yinxinggu Capital in August 2015.

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.