Cloudwise, a China-based enterprise management technology developer that counts quantitative trading firm Susquehanna International Group (SIG) as an investor, has raised $24m in series D-plus funding, DealStreetAsia has reported.
Venture capital firm Everest Venture Capital led the round, which included Sequoia Capital China, WestSummit Capital, ASG and Lakala Koala Fund, a vehicle co-sponsored by financial services provider Lakala Payment.
Founded in 2009, Cloudwise provides cloud-based, artificial intelligence (AI)-equipped enterprise software that enables companies to operate and control their IT applications and manage business operations.
The company said it has achieved an annual revenue growth rate in excess of 100% in the previous three years. The round boosted its total funding to more than $100m and the proceeds will be used to improve its research and development, supply, AI development and maintenance capabilities.
WestSummit Capital led a $25m series D round for Cloudwise in June 2019 that included Sequoia Capital China, Tsing Ventures and Zhejiang SilkRoad Fund. It had secured $26m in a series C led by CBC Capital and backed by SIG and Sequoia China two years earlier.
Sequoia China led Cloudwise’s $15m series B round in 2014 before adding another $12.3m in a series B-plus round the year after. The company’s earliest funding involved it receiving $3m in series A financing from investors including Gobi Partners in 2013.
Yin Jin, Cloudwise’s founder and chief executive, said in a statement seen by DealStreetAsia: “Intelligent business operation and maintenance is a key technology supporting the high efficacy of digitised corporate operations, application systems and infrastructures.
“In the past four years, Cloudwise has helped partners in areas like finance, energy, advanced manufacturing and transportation-go-digital.”
