Ronglian Cloud Communications, the China-headquartered cloud communication technology provider also known as Yuntongxun, has closed a $125m series F round featuring education provider New Oriental’s Industrial Fund, China Money Network reported yesterday.
The round was led by Capital Venture Investment Fund, a fund formed by the state-owned China Reform Holdings Corporation with Postal Savings Bank of China, China Construction Bank and Shenzhen Investment Holdings.
Financial services provider Mirae Asset, brokerage Parantoux Capital and hedge fund manager CloudAlpha also took part in the round, which Ronglian claimed in a WeChat post was the largest ever raised by a Chinese cloud communications company.
Ronglian provides smart cloud communications software for customers in industries such as transport, education, energy and finance. The funding will be channelled into international growth and product development.
Zhao Zheng, managing partner of New Oriental Industrial Fund, said: “Ronglian empowers the entire lifecycle of the education industry through the entire product line, deeply integrating promotion, sales, customer service, academic management, fission (and) return visits to form a closed-loop service.
“The founding team of Ronglian has many years of experience accumulation and resource barriers to the cloud communications industry, and the company attaches equal importance to technology and product strength.”
The company – then known as Cloopen – closed a series D round in October 2019 that was led by Prospect Avenue Capital and backed by V Fund, Steppe Capital and Sequoia Capital China, having secured a nine-digit renminbi amount (RMB100m = $14.2m).
Telecommunications firm Telstra had invested an undisclosed sum in Ronglian in 2016 through corporate venturing vehicle Telstra Ventures, shortly after it secured $70m in a round led by Sequoia Capital and backed by fellow existing investor TBP Capital.
Sequoia Capital had reportedly provided $4m for the company in 2013 before TBP Capital – also known as TrustBridge Partners – led its $15m series B round two years later.
