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.