Chinese Data-as-a-Service Startup Internetware Bags US$103M Series B

With the latest investment, Internetware’s valuation reached approximately US$918 million

Beijing Internetware Limited Corporation, a subsidiary of DC Holdings which provides government and corporate clients with big data software products and services, has secured RMB700 million (US$103 million approximately) in its Series B funding round from Changchun Financial and Changchun Jingyue, according to filings updated by DC Holdings on Tuesday.

Changchun Financial, a wholly-owned subsidiary of the Finance Bureau of Changchun, a government body, has entered into an agreement with Internetware to invest RMB400 million for a 6.45% stake, the filings show.

The remainder of the financing will come from Changchun Jingyue, a wholly-owned entity of the State-owned Assets Supervision and Administration Commission of Changchun Jingyue High-tech Industrial Development Zone. A government agency, the filings indicate that it has agreed to invest RMB300 million for 4.84% stake in Internetware..

According to a report by Deal Street Asia, the current funding round valued Internetware at about RMB6.2 billion ($918 million approximately).

DC Holdings’ stake in Internetware will decrease from 80.65% to 71.54% upon completion of the investment.

The startup will apply the fresh funds to the strategic layout, development and daily operation of Internetware, the document noted.

Established by DC Holdings in 2013, Internetware primarily operates YanYun DaaS (Data-as-a-Service) or YanCloud, a data mining platform that rebuilds the APIs of an IT system, and forms a multi-source data sharing pool.

In other words, the platform can reconstruct data from Excel, Word, or any other system or document, and then obtain data for a data sharing pool. It is used in the big data industry for data accessing, function interoperation, and system integration.

The startup also operates Yanyun Infrastructure-as-a-Service, a cloud-based data center management platform that is autonomous, safe, efficient and reliable, according to the startup’s website.

The cloud management kernel can be used to manage thousands of virtual machines, physical servers and applications distributed in multiple data centers, visually and intuitively showing the operation of the infrastructure, the website adds.

Additionally, the startup also operates IM Data, a data service platform that provides data APIs for finance, transportation and other services, to help developers shorten the development cycle of APIs, and also helps developers build customized data APIs.

IM data also has a large directory of government and enterprise data files and reports, and provides online preview and download of data to further facilitate API development.

Internetware primarily provides services to Chinese government bodies and enterprises to help advance intelligent city management in sectors spanning from transportation and healthcare to manufacturing, agriculture, financial technology, among others.

According to the unaudited financial information of Internetware, the startup bagged a revenue of RMB286.2 million with net profit of RMB85 million (about $12.5 million) in the year ending on December 31, 2019.

Header image by xresch from Pixabay

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