Rootcloud, a China-based industrial device software developer spun off by heavy engineering equipment producer Sany Heavy Industry, has closed an RMB800m ($122m) series C round featuring internet group Tencent, DealStreetAsia reported today.
The round was led by venture capital group IDG Capital and included Haitong Investment Group, KY Private Equity Fund, ZWC Partners, Tianya Capital and Jian Xin Jin Yuan Investment, a private equity vehicle allied to asset manager China Cinda Asset Management.
Founded in 2016, Rootcloud builds products that enable industrial facilities to access cloud computing and big data to underpin their internet-of-things (IoT) networks.
The company closed a $72.2m series B round in June 2019 led by private equity firm Hejun Capital and backed by Galaxy Finance Holding Group, a subsidiary of real estate developer Galaxy Holding Group, as well as ZWC Ventures, Matrix Partners, Huaxu Capital and Rising Investments.
Chinese state-owned investment holding company State Development & Investment Corporation (SDIC) had backed a nine-figure yuan series A (RMB100m = $15.3m at contemporary rates) round two years earlier, investing alongside Matrix Partners and Hiyield Capital.
Media reports have now identified China Mobile Industry Fund, a vehicle backed by mobile network operator China Mobile, as an investor in RootCloud, but has not confirmed when it provided funding.