China Digest: Hillhouse leads $44m funding in Paraview; Cyclone bags $40m

Photo: Internet Archive

Paraview Software has pocketed nearly 300 million yuan ($44 million) in a Series C round of financing led by Hillhouse Capital, while Cyclone has secured $40 million Series B round funding led by MatrixPartners China. 

Hillhouse Capital leads $44m funding in Paraview

Digital identity security specialist Paraview Software announced on Wednesday that it has pocketed nearly 300 million yuan ($44 million) in a Series C round of financing led by Chinese global venture capital firm Hillhouse Capital. 

The new investors who joined the round include state-backed China Internet Investment Fund, CICC Capital’s CICC Qichen, London-based Sova Capital, Shangqi Capital, and Shenzhen-listed Huajin Capital. Returning backers Oriental Fortune Capital, Chenhui Venture Partners, and Xiaomiao Langcheng also participated, Paraview posted on WeChat. 

Oriental Fortune Capital had teamed up with Shanghai Nami Venture Capital to invest a cumulative 21.50 million yuan ($3.2 million) in Paraview in September 2019. Subsequently in March 2019, Oriental Fortune Capital also invested in the company’s 60 million yuan ($8.8 million) Series B round.

Paraview will designate the fresh proceeds for product and service innovations, it said.

Headquartered in Shanghai, Paraview offers high-performing identity and access management (IAM) software for enterprises. Its new-generation technologies use AI, algorithms, the internet of things (IoT), and big data to help with information security.

Set up in 2008, the company has serviced over 1,000 clients in areas across finance, real estate, automobile, retail, education, biomedicine, manufacturing, and government administration. 

Cyclone bags nearly $40m in a Series B round 

Chinese venture capital firm MatrixPartners China has led a nearly $40 million Series B round funding in robotic process automation (RPA) software developer Cyclone, according to a company statement on Wednesday.

The round was joined by new investors Lenovo Group’s corporate investment arm Lenovo Capital and Qianhai Renzhi Capital Management (Shenzhen) and existing backers DCM and Source Code Capital. The fresh funding comes a year after DCM along with Source Code Capital infused about $10 million in Cyclone’s Series A round in June 2019.

Cyclone says the fresh funds will help expedite digital transformations.

Five-year-old Cyclone specialises in developing novel intelligent RPA software-as-a-service (SaaS) that caters to a slew of industries such as finance, banking, insurance, power, energy, government administration, public security, manufacturing, retail, logistics, and technology, among others.

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.