China big data start-up gets $30m Series C
Yonghong Tech, a Chinese big data analytics software provider, has raised RMB200 million ($30 million) in Series C funding from Tencent Holdings’ VC unit, Yuansheng Capital, Oriental Fortune Capital, and Matrix Partners.
An investment unit linked to Beijing-based technology consultancy iResearch Consulting Group is also said to have taken part. According to AVCJ Research, Matrix invested RMB60 million in Yonghong in 2014. This was followed by a RMB100 million Series B round in late 2015 featuring Matrix, Oriental Fortune and Delta Capital, among others.
Founded in 2012 by Henry He, who previously spent 10 years as head of research at a multinational business intelligence company, Yonghong creates data calculation and visualization tools for large corporations and small and medium-sized enterprises. It has provided customized solutions for companies in the financial services and internet finance, healthcare, and utilities sectors.
Yonghong wants to leverage an expected 50-fold increase in global data consumption between 2010 and 2020, reaching 40 zettabytes. China's consumption share is projected to rise from 13% to 21% during this period.
He said that the latest round of funding would mainly go towards R&D in order to keep Yonghong's core technology offering competitive, expanding its partner ecosystem, and improving customer service. The company is also looking to build big data applications specific to financial services, energy, transportation, telecommunications, internet services, healthcare and education, local media reported.
Other recent investments in China's big data space include a $10 million commitment led by DCM Ventures to SequoiaDB, which is developing a new class of enterprise-level database management systems, and a Series B round led by Ally Bridge Group for LinkDoc Technology, an oncology-focused big data company.
Yuansheng Capital is a venture capital firm established by Richard Peng, formerly head of M&A at Tencent.
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