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Chinese IoT Platform Rootcloud Raises $122m Series C Led by IDG Capital

By DealStreetAsia / Dec 18, 2020 05:52 PM / Finance

Guangzhou-headquartered IoT platform Rootcloud announced on Thursday that it has closed a Series C round of financing raising 800 million yuan ($122 million) led by Beijing-based global investment and asset manager IDG Capital.

A slew of new investors participated in the latest round — Chinese tech giant Tencent; manufacturing-focussed Haitong Investment Group; KY Private Equity Fund, which targets technology innovation, clean energy, smart manufacturing and smart cities; China Cinda Asset Management’s joint fund Jian Xin Jin Yuan Investment; and Tianya Capital.

Existing backer ZWC Partners — a China and Southeast Asia-focused Chinese VC fund that achieved a first close of $400 million on December 8 — also joined the round, Rootcloud posted on WeChat. ZWC Partners along with MatrixPartners China, Galaxy Holding Group and others had together pumped 500 million yuan ($77 million) in a Series B round of funding in Rootcloud in June 2019. In addition, MatrixPartners also invested in its Series A round in 2018.

New economy-driven investment bank Lighthouse Capital facilitated the transaction.

Rootcloud, formerly a part of Chinese global heavy equipment manufacturing giant Sany Heavy Industry Group, leverages new generation technologies such as cloud computing, big data, AI, 5G network and blockchain to help in the digitalization of the manufacturing industry.

It develops IoT platform solutions to support industrial equipment lifecycle across operations, logistics, and services. Set up in 2016, Rootcloud claims to have served 81 niche areas including equipment, environment protection, textile, and furniture in over 50 countries and regions. It roped in a clutch of Chinese leading industrial players as top clients comprising Sany, Foton, China State Shipbuilding Corporation, Deppon Express, and Lens Technology.

“Going forward, Rootcloud will continue to focus on IoT platform services and solutions driven by technology innovations, as well as to establish an emerging IoT ecosystem in partnerships with counterparts,” said Dongdong He, the co-founder and CEO at Rootcloud, in the statement.

Rootcloud is also backed by China Mobile’s joint fund China Mobile Industry Fund, state-owned SDIC Fund Management, and Hyieed Capital, among others.

Contact editor Marcus Ryder (marcusryder@caixin.com)

Related: As Washington Restricts Tech, State-Owned Giant Gets Into Cloud Computing


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