Baifendian, a China-based big data technology provider backed by publisher International Data Group’s local venture capital affiliate, IDG Capital Partners, has closed a RMB 400m ($63m) series D round, China Money Network reported yesterday.
The round was led by securities brokerage firm Everbright Securities. Baifendian has not named any of the round’s other participants.
Established in 2009, Baifendian operates a big data platform for enterprise clients in the e-commerce, manufacturing, financial and telecommunications sectors. The technology analyses consumers’ habits to help companies drive more traffic and sales.
Baifendian chose to raise the capital in renminbi as it is considering a flotation on the Chinese stock market. The company is also currently dismantling its variable interest entity structure, indicating it may seek out an initial public offering overseas.
Baifendian, which raised $25m in a series C round led by hedge fund Hillhouse Capital in July 2014, initially secured $7.2m in an IDG Capital-backed series A round in 2011 that also included Mingxin China Growth Fund.
IDG Capital returned for a $10m series B round in 2013, investing alongside Zhejiang Shinkansen Media Investment, a firm set up by media company Sheijang Daily Group, tobacco producer China Tobacco and the local Zheijang government .