IDG Capital, the corporate venturing unit of research firm IDG, and East Sky Investments, a corporate venturing unit founded in 2008 by Zhejiang Daily Group, which manages RMB500m ($82m), have backed a $10m series B round of funding for China-based Baifendian Information Technology Co.. The latest round will bring the big data management company’s funding to date to $17.2m.
The company specialises in big data management and applications to create personalised recommendations.
Founded in 2009, it raised $7.2m in a series A financing in July 2011 from IDG Capital and private equity firm Mingxin China Growth Fund.
The latest fundraising will go towards the company’s plans to search and development new technologies and products in addition to building up its server group and other infrastructure.