Everest leads $24m round for China's Cloudwise

The entire Series D amounts to $49 million, taking the total raised by the company since inception to $100 million. Cloudwise received a $3 million Series A from Gobi Partners in 2013, followed by two Series B tranches of $27 million led by Sequoia in 2014 and 2015. CBC Capital took the lead in the $26 million Series C in 2017, with WestSummit doing the same for the first tranche of the Series D.

Founded in 2010, Cloudwise offers end-to-end for support for performance, measurement, monitoring and management. This typically involves building integrated, cloud-based systems that handle data capture, processing and analysis with a view to delivering operational efficiencies. 

The company now adds an artificial intelligence (AI) layer to these services, referred to as AIOps. This involves leveraging AI to develop smart systems that can manage complex processes with a higher degree of autonomy. Research firm Gartner predicts that 40% of large corporates globally will deploy some form of AIOps by 2022.

Cloudwise has posted annual revenue growth of more than 100% over the last three years, according to a statement. It also claims to have served 300,000 corporates across multiple fields including technology, financial services, manufacturing, energy, and government. Customers include seven of China's 20 largest insurers, five of the top 10 smart manufacturers, and two of the five largest restaurant chains.

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• Topics
• Greater China
• Expansion
• Technology
• China
• TMT
• Sequoia Capital
• WestSummit Capital