China VC Weekly: Background Checks, Cloud Services and Enterprise Resource Planning
Enterprise services were the center of attention last week. Hangzhou-based employee background check service provider iBeiDiao took on tens of millions of yuan in funding from Legend Capital. A couple of hours away from Hangzhou, in Shanghai, cloud services firm Aishu Technology raised over $35 million from several state-owned entities. E-commerce enterprise resource planning (ERP) system developer Jushuitan fetched the biggest investment round of the week, raising $100 million from heavyweight investment bank Goldman Sachs.
Employee background check platform iBeiDiao raises tens of millions of yuan from Legend Capital
Hangzhou-based employee background check platform iBeiDiao, has raised an undisclosed amount of tens of millions of yuan in its series B2 round financing, led by Legend Capital, with existing investors FutureCap and Frees Fund also contributing to the round.
The round is expected to allow the firm to continue to develop its “AI+SaaS+professional services” model. To this end, iBeiDiao plans to increase investment in AI technologies, including machine learning and deep learning library construction and also establish more targeted and polished delivery and service standards in key industries including fintech, real estate, and healthcare, according to China Money Network.
Established in 2015, iBeiDiao provides enterprises with pre-employment background check solutions. The enterprise customer assigns the background check task to iBeiDiao that proceeds with the task once electronic authorization is received from the candidate.
Aishu Technology Corp raises 250 million yuan to strengthen cloud computing capabilities
Cloud services firm Aishu Technology Corp has raised a 250-million yuan ($35.2 million) investment round led by state-owned Tianjin Jinlian Investment Holding Company Limited and state-backed Haihe Industrial Fund, with contribution from Cybernaut Investment Group, according to 36Kr.
The proceeds of the round will go towards growing the firm’s cloud computing capabilities, building partner networks, and launching the firm’s operational centers in Europe (Germany) and Asia Pacific (Singapore).
About Aishu Technology
Shanghai-based Aishu Technology Corp was founded in 2006 to develop an array of cloud services to help companies and governments manage, protect, and restore data.
E-commerce ERP system developer Jushuitan Network Technology bags $100 million from Goldman Sachs
E-commerce enterprise resource planning (ERP) system developer Jushuitan Network Technology bagged $100 million in its series C round of financing led by Goldman Sachs with the Yangtze River Delta Science and Technology Fund under CICC Capital and existing investor Blue Lake Capital also participating.
According to Luo Haidong, founder and CEO of Jushuitan, the raised funds will be used to upgrade and optimize the company’s product and service systems, create a collaborative supply chain, expand to overseas markets, and invest in the SaaS collaborative ecosystem.
“China has e-commerce giants equally as powerful as Amazon and Facebook, but the development of enterprise services, especially SaaS, lags behind the United States by 5 to 10 years. After doing in-depth research, Goldman Sachs believes that China is gradually ushering in a turning point of SaaS industry,” said Sun Mengxi, managing director at Goldman Sachs.
About Jushuitan Network Technology
Jushuitan was established in 2014 as a SaaS ERP solution provider specializing in ordering, purchasing, after-sales, supply chain, and third-party warehousing services, for e-commerce platforms.