Shanghai-based AI cloud computing startup Enflame has raised a total of 1.8 billion yuan ($279 million) in its Series C round, according to an announcement. Last June, Enflame raised an undisclosed sum as part of its Series C round from state-backed Yun He Capital and YTI Capital. The latest tranche of the Series C funding is jointly led by CITIC Private Equity Funds Management, CICC Capital’s sub-fund and Primavera Capital while existing investors Tencent, Redpoint Ventures China, and SummitView Capital, too joined the round.
Tencent, Redpoint Ventures, SummitView, and others had collectively invested 700 million yuan ($108 million) in Enflame’s Series B round in May 2020. Besides, Tencent also participated in Enflame’s Series A round in 2019 and pre-Series A round in 2018. Enflame, co-founded by Yalin Zhang and Lidong Zhao, banks on cloud-computing algorithms to deliver solutions to its clients in areas of internet, finance, and smart city, among others.
Enflame’s previous investors include ZhenFund, Hong Kong-based Oceanpine Capital, state-backed Shanghai S&T Investment, PE firm ChinaEquity Group, and technology-focused Delta Capital, among others.
Source: Enflame
