Sequoia leads $150m Series E for AIOps player Cloudwise
Cloudwise, a Beijing-based artificial intelligence operations (AIOps) provider, has raised $150 million in Series E funding led by Sequoia Capital China.
Other investors include FutureX Capital, SIG China, CPE, ASG, and CRC Capital, according to a statement.
Founded in 2009, Cloudwise develops AIOps systems that can manage complex processes with a high degree of autonomy. This service area aims to enhance the efficiency of monitoring and automations functions and service desks as well as help customers quickly improve production efficiency.
Cloudwise aims to differentiate itself in this space by providing full-stack intelligent operation and maintenance services, as well as a product matrix that forms solutions for the entire operation and maintenance life cycle. There are 178 real application scenarios to meet customer needs for more than 20 industries.
Target markets include finance, government, energy, transportation, manufacturing, and education. The company claimed to have served 300,000 corporate clients in 2020, having maintained an annual revenue growth rate of more than 100% over the past three years.
Additional operations include an “Intelligent Research Institute” which actively cooperates with Tsinghua University and the Chinese Academy of Sciences to use advanced AI algorithms used in solving complex AIOps problems.
The value of the global AIOps market is expected to grow to $11.02 billion by 2023, up from $1.73 billion in 2017, according to MarketsandMarkets.
Cloudwise received a $3 million Series A from Gobi Partners in 2013, followed by two Series B tranches led by Sequoia in 2014 and 2015 for a combined $27 million. CBC Capital took the lead in a $26 million Series C in 2017, with WestSummit leading the first tranche of a Series D in 2019. This was followed by an extended Series D led by Everest Venture Capital in March 2020. CPE led the third tranche of the Series D in December.
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