Beijing Cloudwise Technology Co., Ltd, which specialises in artificial intelligence for IT operations (AIOps), said on Thursday that it has received a $150 million Series E round funding led by its long-term investor Sequoia Capital China.
Other returning investors who participated in the fresh round include SIG, CPE, and ASG. It also attracted a string of new investors including Boston Investment, the Greater China-focused FutureX Capital, and investment bank CR Capital.
Following the capital injection, Cloudwise will target to advance a pipeline of programmes such as AIOps platforms and solutions, partnerships, and service supports.
In a statement, the company cited a report from market research institute MarketsandMarkets that the global AIOps market size is expected to reach $11.02 billion by 2023, a 34% compound annual growth rate.
It also said that China is ramping up efforts to speed up digital transformation in its 14th Five-Year Plan (2021 to 2015), and AIOps will provide efficient IT infrastructure.
Headquartered in Beijing, Cloudwise’s domestic market spans over 20 cities, and it is now expanding to Singapore and Hong Kong.
The lead investor in the latest round Sequoia Capital China had initially invested in Cloudwise in 2014 when it partnered Gobi Partners China infusing $15 million for its Series B round. Subsequently, Sequoia Capital China made investments in Cloudwise’s Series B+ round in 2015, Series C round in 2017, Series D1 round in 2019, and Series D+ round in March 2020.
Before the latest round, in December 2020, Sequoia along with investors like CITIC Private Equity Funds Management CICC Capital, Guangzhou Yuexiu Financial Holdings, and CR Capital together pumped $60 million for Cloudwise Series D++ round.