Sequoia leads $70m round for China cloud services specialist
Existing investor Sequoia Capital China has led a $70 million Series C round for Yuntongxun, a Chinese provider of cloud-based services for corporate communications, followed by TrustBridge Partners.
Yuntongxun was founded in 2009 and launched its service in May 2013. It provides cloud communication technology solutions, such as video calls and instant messaging, to more than 50,000 Chinese enterprises including Tencent Holdings, Alibaba Group, Baidu and Xiaomi.
The company received $4 million in a Series A financing from Sequoia in 2014, and a further $15 million Series B round led by TrustBridge last year. The company will use the latest capital injection to improve its existing operations, develop new products and expand into overseas markets, Yuntongxun's founder Changxun Sun told local media.
Enterprise software is a key area of interest for Sequoia China, Neil Shen, the firm's managing partner, told AVCJ in a previous interview. In addition to Yuntongxun, Sequoia invested in cloud computing provider UnitedStack in December.
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