Alibaba-backed cloud computing business raises $84m Series B

According to an IDC report, Dt Dream is the largest cloud management service provider in China with a 6.5% market share, ahead of the likes of Accenture or IBM. Founded in 2015, it received a RMB450 million angel round from Alibaba and Yinxinggu Capital. This was followed by a RMB 750 million Series A led by China Everbright and Alibaba in 2017 at a valuation of$1 billion.

The company claims to have integrated cloud computing, artificial intelligence (AI) and big data technologies to deliver solutions in three main areas. First, Dt Dream assists provincial-level governments on municipal management. For example, it screens and aggregates data to enable automatic approval of enterprise registrations. This was previously a lengthy process that involved submitting materials to several government departments.

Second, the company provides smart city services - such as traffic management systems - to nearly 100 cities, including Hangzhou, Guangzhou, Nanjing, Chengdu. In lower-tier cities that have no dedicated bus lanes, Dt Dream devises more efficient bus routes based on billions of pieces of information, with a 10-second response time. Third, the company works with automakers like SAIC Volkswagen and Geely Auto to help them go digital. This typically involves combining online and offline sales data to deliver process efficiencies in manufacturing.

The IDC report notes that China's cloud services market is currently worth $307 million and growing at 131.4% year-on-year. The top eight cloud service providers control 34.3% of the market.

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