China-based industrial digitalisation service Youye Technology has secured almost RMB100m ($15.4m) in a round co-led by Tencent Industrial Ecosystem Investment, a vehicle for internet group Tencent’s cloud computing subsidiary, Tencent Cloud.
Investment firm Langcheng Capital co-led the round, which also featured Changshu Dongnan Industry Fund.
Youye has built a platform-as-a-service data operating system and provides consulting services to help enterprise customers in spaces including the metal, power and petrochemical industries achieve digital transformation.
The company will use the money to accelerate product development, expand into new markets and increase customer service capabilities.
Youye graduated from the second cohort of Tencent’s SaaS Accelerator’s in October 2020, seven months after raising an eight-digit yuan amount (RMB10m = $1.4m at contemporary rates) from backers including Shanghai Yonyou Industrial Investment, a subsidiary of enterprise software producer Yonyou Network Technology.
