Alibaba Cloud's stake in the digitalisation technology provider now stands at over 31% following the latter's $61.5m series A round.

China-headquartered business management software provider Terminus has closed a series A round featuring e-commerce group Alibaba at RMB400m ($61.5m), DealStreetAsia reported yesterday, citing a company statement.

Venture capital firm Sequoia Capital China led the round, which included technology investment firm Glory Ventures, while Alibaba participated through cloud services subsidiary Alibaba Cloud.

Terminus provides software that helps businesses improve the efficiency of their IT operations and execute digitalisation activities. It will put the series A funding into software development and human resources.

The latest round came in the wake of an investment of undisclosed size by Alibaba Cloud in 2017, according to DealStreetAsia, which reported the corporate now holds a 31.4% stake in Terminus.

The company’s earlier investors reportedly include Haier Capital, the corporate venturing arm of appliance manufacturer Haier, in addition to VC firms Fortune Capital, Fibonacci VC and Tianjin Venture Capital.

Image courtesy of Terminus.io.

Robert Lavine

Robert Lavine is special features editor for Global Venturing.