Digital China Holdings' big data services spinoff has raised funding from two state-owned investment entities at a $918m valuation.
Beijing Internetware, a subsidiary of China-based software-focused holding company Digital China Holdings, has received RMB700m ($103m) in series B funding, DealStreetAsia reported yesterday, citing a company announcement.
Changchun Financial provided about $59m and is acquiring a 6.45% stake in the company while another state-owned entity, Changchun Jingyue, paid approximately $44m for a 4.8% stake. The round valued Internetware at approximately $918m.
Internetware was formed by Digital China in 2013 and provides cloud computing-based big data products for government and business clients, for purposes such as smart city and infrastructure management. Its core product is a cloud data management platform called Yan Cloud.
The round comes after an entity known as Shenzhen Shenzhou Puhui Information provided roughly $7m in pre-series A funding for the company in 2017, according to DealStreetAsia.