Legend leads $30m round for China cloud services provider
Legend Capital has led a $30 million Series C round of funding for Haizhi, a China-based cloud computing service provider.
The round values the start-up at $250 million, Tencent QQ News reported. IDG Capital Partners, Morningside Ventures and financial data provider Wind Information also participated.
Beijing-based Haizhi was founded in 2013 by Xuyang Ren, former head of Baidu's wireless search division. The company provides enterprise cloud analytics and storage services to Chinese corporates operating in the internet, retail, financial and manufacturing industries. It raised $6.5 million from Bertelsmann Asia Investments (BAI) and IDG in 2013, and a Series B round from Hillhouse Capital, IDG and Morningside in 2014.
The new capital will be used to improve the company's data analytics technology, expand its team and build a technology ecosystem around big data, cloud computing and mobile internet.
Earlier this week, Transwarp Technology, a big-data technology developer, raised a RMB155 million ($24 million) Series B round from domestic investors including Shanghai Real Power Emerging Industry Funds and Shenzhen Capital Group.
This follows a $100 million Series D round for Qiniu, another cloud storage service provider, from China Broadband Capital, Telstra Ventures and Chinese mutual fund provider Harvest Global Investments. Prior to that, UnitedStack, which claims to be the first OpenStack-enabled cloud computing provider in China, secured a Series C round of undisclosed size from Sequoia Capital.
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