China cloud technology start-up Transwarp secures $24m
Transwarp Technology, a Chinese big-data technology developer, has raised a RMB155 million ($24 million) Series B round of funding from domestic investors including Shanghai Real Power Emerging Industry Funds and Shenzhen Capital Group.
New investors also included state-backed China Small and Medium Enterprises Fund and Shenzhen Stone VC, 36kr reported. Existing investors Qiming Venture Partners and F&G Venture also re-upped in the round.
Shanghai-headquartered Transwarp was founded in 2011, specializing in providing enterprise cloud-computing technology solutions based on Hadoop and Spark to Chinese corporates. Hadoop is an open-source data processing software built on hardware devices. Transwarp said it has improved the Hadoop big-data platform software with stabilized operational system when it commercialized the technology in China.
The company also has offices in Beijing, Guangzhou, Nanjing and Jinan. Prior to Series B round, it raised three rounds of funding which amounted to RMB70 million in total.
Shanghai Real Power Capital is an investment unit established by the Shanghai International Group (SIG). Other units in the same group include Sailing Capital and GP Capital.
Last month, Qiniu, a Chinese cloud storage service provider, received a $100 million Series D round from China Broadband Capital, Telstra Ventures and Chinese mutual fund provider Harvest Global Investments. Prior to that, UnitedStack, which claims to be the first OpenStack-enabled cloud computing provider in China, secured a Series C round of funding of undisclosed size from Sequoia Capital.
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