US-based collaborative workspace provider Evernote has spun out its Chinese unit, Yinxiang Biji, with several hundred million Chinese yuan (RMB100 = $15m), TechCrunch reported yesterday.
The funding was supplied by Sequoia Capital’s CBC Cross-border Digital Industry Fund. Ownership of Yinxiang Biji has been split almost equally between Evernote, Sequoia and the spinout’s management team.
Evernote and Yinxiang Biji have signed an initial two-year deal to cross-license intellectual property and collaborate closely. The deal may be extended in future.
Founded in 2007,…
