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Tech Financing in China this week – Cloud services flourish

Our weekly column summarizes the tech financing highlights in China this week.

The enterprise services industry continues to attract investors’ attention due to the prosperous entrepreneurial environment in China. New startups in various vertical industries launch everyday in China, and it is often difficult for them to build the infrastructure to support their operations. Because of this, enterprise services are booming, due in large part to China’s huge market. This week, cloud service provider Kingsoft Cloud, which mainly provides online cloud storage and distribution services for businesses and developers, received USD 220 million in a series D+ financing round from Kingsoft. Additionally, Bianligou, an unmanned retail platform backed by Missfresh, secured USD 200 million in series A and B financing from investors including Tencent and Dinghui Store. Bianligou is deploying unmanned shelves in offices to allow employees instant access to snacks as well as fresh foods.

1. Car sharing startup TOGO, which offers intelligent transportation services, landed USD 26 million in series B+ funding from CHP, SIG, and others on January 2nd. It will use the financing to further invest in EVs.

2. Freight trading platform Fuyoukache received USD 23 million for series C+ on January 2nd, led by JD’s logistics unit, to further invest in big data and AI to improve its operational efficiency.

3. AI and cloud computing-oriented intelligent security startup AISEC secured USD 15 million in series A on January 2nd. It will use the investment, which was largely provided by Tencent, to enlarge its market share.

4. On January 3rd, podcast platform Lizhi FM landed USD 50 million in a series D financing round from Orchid Asia and EMC. It will use the money to provide a better user experience for its 30 million customers.

5. Additionally, Chinese traditional online medical platform Xiaolu received USD 30 million in series B+ financing on January 4th, and it will use the funding to improve its big data analysis capabilities. The funding was provided by Fosun Tonghao.

6. Car leasing platform Zhongdayongche received USD 60 million for an angel and series pre-A round in January and aims to grab a larger market share.

7. Fintech startup Xiaoying, which offers P2P financial and investment services, received USD 60 million in strategic financing led by the Macrolink Group.

8. On January 5th, electric bicycle-sharing startup YongjiuChuxing received USD 15 million in an angel round. The startup will use the money to provide diverse travel services in China and to compete for market share with existing bike-sharing giants such as ofo, Mobike, and Hellobike. Qianchuan Capital led the financing round.

9. Property appraisal startup Tuboshe received USD 10 million on January 5th from an undisclosed group of investors. The startup will use the money to help customers find suitable properties and facilitate transactions.

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