Tech Financing in China this week – Cloud services are hot

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

Cloud services are the highlight of this week’s tech financing in China. Cloud platforms will be necessary infrastructure for most enterprises in the future, including both those in tech and in traditional industries. Because of their growing importance, cloud services integrated with big data and AI (Artificial Intelligence) will contribute to improved enterprise operation and management. Many enterprises in China are launching and expanding their cloud service platforms, including tech giants Tencent and Alibaba, and some old software enterprises have recently entered this field, expanding their businesses to compete for market share. Kingsoft Cloud, a cloud service provider, mainly offers cloud services for the video, gaming, finance, manufacturing and healthcare industries. The company landed USD 200 million in financing on January 29th, led by a group of investors including Forebright and Shunwei Capital. With the backing from these venture capital firms, Kingsoft Cloud aims to increase its market share by 30% in the following year.

1. On January 26th, bookkeeping app Huisuanzhang, which provides integrated tax services for micro and small-sized enterprises, received USD 32 million in a Series B+ financing round led by Xiaomi and U51. The capital will be used for market expansion.

2. On January 26th, fintech startup Rongjinsuo received USD 24 million in Series A funding led by Shandong Tianye Group. Rongjinsuo operates online lending and related financial services for individual users as well as small and micro enterprises. The startup will further support enterprises in the agriculture industry, as well as improve its financial services by optimizing supply chains to better support customers in other commercial fields.

3. On January 29th, auto parts supply chain platform Kzmall receives USD 11M in a Series A round led by Zhengzhi Capital. Kzmall provides one-stop solutions for auto repair companies with an integrated spare auto parts supply chain. The startup will use the funding to recruit more talent, expand its team, further invest in IT system construction, and build a new warehouse.

4. On January 30th, unmanned convenience store Jian24 received tens of millions of USD for a Series A financing round led by Galaxy Internet. Existing investors Redpoint and Bluerun Ventures also participated. Jian24, which is similar to Amazon Go, provides an unmanned shopping experience using various sensors and cameras. After this round of financing, Jian24 will invest in market expansion by opening 30 to 50 new stores within the next year.

5. On January 30th, medical imaging startup Rimag received USD 64 million in Series B funding led by Baidu. Rimag focuses on providing medical imaging technology for clinical applications. The startup will further introduce its imaging technology to more medical centers, recruit more talent, and strengthen its technological innovation.

6. On January 31st, automobile loan provider Meiliche, which mainly provides loans to facilitate new car and second-hand car sales, received USD 92 million in Series B funding led by New Hope Group. Meiliche will use the capital to invest in market expansion, strengthen its loan services, optimize it’s risk control system, as well as further invest in team building and management.

7. On January 31st, surgical robotics startup Huazhiweichuang received USD 8 million for financing from Tasly Holding Group. Huazhiweichuang develops surgical robots for neurosurgery. The startup plans to introduce its frameless brain stereotactic technology to more medical institutions.

8. On February 1st, PICC’s subsidiary AIbao, which operates automobile and health insurance services via the Internet, raised USD 31 million from Bitauto, 58Group and others. Aibao will use the funding to further invest in market expansion in order to expand its market share.

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Kaikai Shi

Kaikai Shi writes for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.

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