China IT maintenance player raises $27m
Chinese IT system operations and maintenance solutions provider Bizseer Technology has raised a Series C round of about CNY 200m (USD 27m) led by Firstred Capital.
Other investors include Cathay Funds, Sequoia Capital China, and Shunwei Capital. It follows a CNY 150m Series B led by Sequoia in 2020 that also featured Shunwei, Gaorong Capital, Future Capital, and Shenzhen Oritental Fortune Capital.
Bizseer was incubated by Tsinghua University’s computer science department in 2016 and raised an angel round from Future Capital, Plum Ventures, and Tsinghua Capital the following years. Shunwei led a Series A round in 2019, and Gaorong led an extension the following year with support from Shenzhen Oriental. Future Capital re-upped in both investments.
The company now has more than 200 staff, 85% of whom on in R&D. Its artificial intelligence for operations (AIOps) solutions have been used by more than 40 enterprise customers in sectors including banking, insurance, securities, energy and manufacturing. The re-purchase rate is close to 100%.
The offering is based on the idea that traditional maintenance and operations systems are exposed to challenges around costs, efficiency, and knowledge accumulation, especially in terms of serving large data centres.
Bizseer claims it can detect abnormalities in advance, locate faults, predict risks, and reduce manual intervention. This is said to improve the efficiency of IT maintenance and operation and facilitates digital transformation.
Index Capital serves as the exclusive financial advisor for the Series C.
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