Tingyun, an application performance management (APM) service platform managed by Beijing NetworkBench Inc, has raised 400 million yuan ($57 million) in a Series C round of financing, as per a company statement on Monday.
The round saw participation from new investors CICC Capital’s sub-fund CICC Fengtai, China Universal Asset Management Company Limited, GF Securities’ GF Qianhe, and Shenzhen-based Mangrove Capital, among others.
Returning investor Plum Ventures also participated in the round. Plum Ventures along with TMT-focused (technology, media, telecom) Geek Ventures had made a strategic investment in Tingyun in 2014.
Going forward, Tingyun will provide more innovative products and solutions to help digital transformation for enterprises, the statement said.
Launched in 2007 in Beijing, Tingyun specialises in developing applications for companies to conduct algorithmic IT Operations (AIOps) on mobile, on servers, and on the web. It supports enterprises to maximise user-friendly experiences through cloud-based IT infrastructure including Tingyun APP, Tingyun Server, and Tingyun Browser.
Tingyun has been profitable since 2018, the company claims. The company has served “tens of millions of clients” in government administration, finance, operator, internet, aviation, energy and power, manufacturing and education, it said.
“With the dramatic development of consumption and industrial internet, the imperative of AIOps is increasing,” said Shulin Liu, managing director, CICC Capital. “We are positive regarding the future innovation of IT operation management (ITOM), and also believe that Tingyun can provide much more software-as-a-service (SaaS) solutions for Chinese companies.”
Tingyun has also pocketed capitals from investment manager Hina Group, ZhenFund, Zhencheng Capital and Shanghai Nami Ventures in the past.