Beijing Internetware Limited Corporation, a subsidiary of Hong Kong-listed Digital China Holdings Ltd (DC Holdings), has raised as much as 700 million yuan ($103 million) in its Series B round from state-owned investors, according to an announcement.
The funding has pegged Internetware’s valuation at about 6.2 billion yuan ($918 million).
While Changchun Financial has invested 400 million yuan ($59 million) in the current round in lieu of 6.45 per cent stake, Changchun Jingyue picked up another 4.84 per cent for 300 million yuan ($44 million).
Headquartered in Hong Kong, DC Holdings develops intelligent solutions for smart cities and industries spanning manufacturing, agriculture, and financial technology, among others. The group was founded in 2000, and got listed in Hong Kong in 2001.
Meanwhile, Internetware was set up by DC Holdings in 2013 in Beijing, which is active in data-as-a-service (DaaS) solutions space, driven by big data and and cloud computing. It primarily offers services to government arms and enterprises to advance intelligent city management offers such as environment protection, transportation and medical care.
As the Chinese government strongly supports the development of new infrastructure, many local authorities have embarked on projects worth ‘hundreds of billions of US dollars’, said Guo Wei, Chairman of the Board and Chief Executive Officer, DC Holdings.
China called for a strategy of new infrastructure in April this year to focus on 5G networks, data centres and artificial intelligence, among others.
In 2017, Shenzhen Shenzhou Puhui Information had invested 63 million yuan ($9 million) in Internetware’s pre-Series A round of funding.