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China-based Newlink secures $124 mn funding for cloud business

Newlink funding
The funding round was led by China International Capital Corporation’s private equity arm CICC Capital

China-based energy services platform Newlink has secured around $129 million in its Series D funding round to venture into the clouding business, the media reported.

The funding round was led by China International Capital Corporation’s private equity arm CICC Capital.

Other investors who participated in the funding round for Newlink include Xiaomi Corporation, Korea Investment Partners, smart automobile player NIO’s investment arm NIO Capital and Yuyue Capital.

Previously, New link has also been backed by a collection of marquee investors which include state-owned National Small Medium Enterprises Development Fund (National SME Development Fund), ACL Fund, Oriental Fortune Capital, Rizhao Caijin Investment Group, Sino Pacific Capital, Zero2IPO Investment, among others.

Reportedly, Newlink has raised around $343 million in separate funding rounds so far.

Yuekai, the head at Xiaomi’s supply chain finance arm SCF-MI said in a statement, “The developments of 5G network and AIoT will profoundly change our lives and industries. The traditional sectors such as energy ask for digital and intelligent transformations. Xiaomi will firmly support Newlink through our strong capacities on Artificial Intelligence (AI) and the Internet of things (IoT).”

Based in Beijing, Newlink uses new generation technologies such as AI, big data, and IoT to provide digital energy infrastructure services.

Newlink operates three platforms – Chezhubang, Tuanyou, Kuaidian. Tuanyou connects over 20,000 gas stations to serve 400 million drivers, while Chezhubang helps drivers locate the nearest gas station and enables cardless fueling.

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