Cloud software provider Kingdee International Software invested an amount in China-based human resources management platform Xinrenxinshi on Wednesday reported by China Money Network to be $26.5m in series C funding.
Founded in 2015, Xinrenxinshi has developed a software platform that helps small and medium-sized enterprises (SMEs) execute processes such as payroll, employee management, recruitment, performance evaluation and social security.
Robert Xu, founder and chairman of Kingdee, said: “Xinrenxinshi is a dark horse in the HR cloud services market for SMEs. It experienced phenomenal growth in a short span of three years with ample room for future expansion.”
“The founding team is driven by a strong sense of mission coupled with a deep understanding of HR requirements by SMEs. They stay dedicated and committed to the provision of enterprise cloud services. Our strategic investment in Xinrenxinshi will reinforce Kingdee’s leadership in cloud services industry and accelerate our transformation towards cloud services.”
The funding comes eight months after Xinrenxinshi raised $13.5m in a series B round featuring venture capital firm Sequoia Capital and Alpha Startups Fund, according to China Money Network. The company said it had previously closed an additional round but did not provide further details.
Kingdee’s enterprise resource planning software offers a suite of integrated business management applications, and was valued at $1.68bn in 2015 when e-commerce company JD.com paid $168m for a 10% stake.