China’s Internetware raises $103m in Series B round to expand ops

Beijing Internetware Limited Corporation

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. 

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.