29.10.2020, 20:11

Sequoia China leads $22m funding round in software startup BizSeer

BizSeer , a Beijing-headquartered startup that develops artificial intelligence for IT operations (AIOps), announced that it has raised 150 million yuan (US$22.4 million) in a series B round led by Sequoia Capital China.

Sequoia China leads $22m funding round in software startup BizSeer

Photo credit: Shunwei Capital

Existing investors Shunwei Capital, which was founded by Xiaomi founder Jun Lei, Gaorong Capital, Future Capital, and Oriental Fortune Capital also participated in the round.

Established in 2016 BizSeer develops AIOps for enterprises, which helps users detect and repair issues with IT systems.

AIOps replaces manual IT operations tools with automated systems to enable teams to respond more “quickly and proactively.”

With the fresh funds, BizSeer plans to hire talent and develop its product, according to a statement.

The company said it serves over 30 customers, including ride-hailing startup Didi Chuxing, telecommunication services provider China Mobile, as well as some state-owned banks.

The global AIOps platform sector is estimated to reach
US$14.3 billion
by 2025 rising at a compounded growth rate of 32.9%, according to market research company Research and Markets.

Last year, BizSeer received “tens of millions of yuan” in a series A round led by Shunwei Capital in February and “tens of millions of yuan” in a series A+ round led by Gaorong Capital in July.

Currency converted from Chinese yuan to US dollar: US$1 = 671 yuan.