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AI Platform Developer Cloudwise Raises $150 Million

By Ding Yi / Jul 23, 2021 08:14 PM / Business & Tech

Cloudwise, a Beijing-based company that develops artificial intelligence for IT operations platforms, has raised $150 million in a series E funding round led by Sequoia Capital China.

Such platforms use big data, AI algorithms and other analytics technologies to enhance the efficiency of operations like monitoring, automation and service desks.

The round attracted several other investors including FutureX Capital, SIG China and Citic Private Equity Funds Management, Cloudwise said in a statement Thursday.

The company said that it will use the fresh capital to support R&D for its platforms for customers in more industries, as well as the improvement of its service systems.

The company also said that China’s ongoing efforts to accelerate a digital transformation that aims to enhance productivity and spur economic growth will give a boost to its business.

In 2020, the digital economy accounted for nearly 40% of China’s GDP, according to a white paper published in April by the China Academy of Information and Communications Technology, a think tank affiliated with the Ministry of Industry and Information Technology.

Cloudwise has customers in industries including banking, insurance, manufacturing, energy, aviation and real estate, according to its website.

The value of the global market for artificial intelligence for IT operations is expected to grow to $11.02 billion by 2023, up from $1.73 billion in 2017, according to MarketsandMarkets.

Related: Weekend Long Read: Five Ways AI Will Put China Ahead

Contact reporter Ding Yi (yiding@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)t

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