Cloudwise, a China-based developer of artificial intelligence-driven operational technology, secured $150m today in a series E round featuring quantitative and technology trading firm Susquehanna International Group (SIG).
Venture capital firm Sequoia Capital China led the round, which included consulting firm Albright Stonebridge Group (ASG), Boston Investment, CR Capital, FutureX Capital and investment bank Citic’s Private Equity Funds Management subsidiary.
Founded in 2009, Cloudwise runs a cloud-based platform that helps enterprises handle their digital operations. It operates across some 20 cities in mainland China and is in the process of entering markets such as Singapore and Hong Kong.
The company will use the cash to strengthen its technology, forge strategic partnerships and ramp up its customer service capabilities.
Citic Private Equity Funds Management led Cloudwise’s $60m series D3 round in December 2020, investing with construction group Zhongnan Holding subsidiary Zhongnan Capital, ASG, China Resources Group’s CR Capital unit, CICC Capital, Guangzhou Yuexiu Financial Holdings, Sequoia Capital China, V Fund and Zhejiang United Investment Group.
The company had received $24m in a series D-plus round nine months earlier led by Everest Venture Capital and backed by ASG, Sequoia Capital China, WestSummit Capital and Lakala Koala Fund, a vehicle backed by payment services provider Lakala Payment.
WestSummit Capital led a $25m series D round for Cloudwise in mid-2019 that also featured Sequoia Capital China, Tsing Ventures and Zhejiang SilkRoad Fund. SIG had already participated in a $26m series C round two years earlier that was led by CBC Capital and which included Sequoia China.
Sequoia China led the company’s $15m series B round in 2014 before supplying $12.3m in series B-plus funding the following year. Investors including Gobi Partners had backed its $3m series A round in 2013.
