DT Dream, a China-based cloud computing provider backed by e-commerce and internet group Alibaba, secured RMB600m ($84m) in series B funding yesterday, according to China Money Network.
Venture capital firm Zheshang Venture Capital co-led the round with an unnamed enterprise reform and development fund owned by the province of Zhejiang. It valued the company at $1.5bn according to DealStreetAsia.
Founded in 2015, DT Dream provides cloud computing and big data-powered services to enterprise and government clients. Its offering includes products aimed at smart cities and an integrated database platform called DTBase.
The company is legally incorporated as Hangzhou DT Dream Technology and is also known as Shumeng Gongchang Technology. It will use the series B funding to hire staff, drive expansion efforts and continue development of its products.
Alibaba previously contributed to DT Dream’s $110m series A round in June 2017, participating alongside investment platform Yinxinggu Capital and Everbright Industry Capital Management, a subsidiary of state-owned investment holding group China Everbright.
The series A funding was secured at a valuation of about $1bn according to DealStreetAsia. Alibaba and Yinxinggu Capital had already co-led a $70m angel round for the company in 2015.
