BRV China-Backed Edge Cloud Provider PPIO Closes RMB 250 Million Series A Funding
BEIJING, June 10, 2022 /PRNewswire/ — PPIO, a leading edge cloud service provider, has raised nearly 250 million RMB (about. $37.6 million) in a Series A funding led by Panlin Capital, China Creation Ventures (CCV), Shanghai Zhangjiang Technology Venture Investment and IMO Ventures, and with ongoing funding from existing investor BlueRun Ventures China (BRV China).
BRV China was the angel investor and led its pre-A funding round exceeding 100 million RMB in 2021. With the Series A funding, the PPIO has brought together over 400 million RMB in financings, making the company one of the best cutting-edge cloud providers in China in terms of fundraising capacity.
“We believe that low latency computing maturity is critical for many applications, such as cloud gaming, AR/VR, space scanning, metaverse, and other life scenarios and next-generation workplaces, to break into the mainstream market and become truly viable enterprises,” said Jui Tan, Managing Partner of BRV China.
PPIO was co-founded by Wang Wenyu and former founder of PPTV Yao Xin in 2018 to deliver edge cloud computing services and solutions that meet the needs of low-latency, high-bandwidth, and large-scale distributed processing systems. Today, PPIO’s industry-leading cloud solutions enable customers to meet distributed computing demands in more than 1,000 cities and regions in more than 30 provinces across China in an offset from the central cloud.
The demand for high-performance cloud technologies is on the rise as industrial digitalization accelerates. iResearch Consulting Group predicts China Internet of Things (IoT) connected devices will reach 14.8 billion in 2023, up from 5.5 billion in 2019, representing a CAGR of 28.1%. By 2025, China will produce 48.6 zettabytes of data each year, according to IDC. As a result, investment in cutting-edge technology is expected to grow at an all-time high in 2022 – a new Gartner, Inc. survey of global mid-sized and large companies has found they are expected to spend on average $462,000 on technology in 2022, up 76% from a year ago.
“The migration of data storage to end devices from the central cloud is accelerating, and the trend will be here to stay. Latency and bandwidth requirements will only become more stringent for application scenarios with end devices.Edge Computing is the storage, processing, and analysis of data closer to the user’s device to enable rapid, near real-time, short-cycle analysis and response to to enable the rapid execution of local operations,” said Mr. Yao, Founder of PPIO.
Among PPIO’s main customers are Internet companies that take low-latency transmission and large-scale cost control as basics, such as long and short video platforms, live streaming platforms and cell phone manufacturers. PPIO provides them with complete solutions, including audio and video management, cloud security and application performance optimization. Additionally, an array of leading internet companies, tier-one cloud computing service providers, and unicorn-level startups have entered into collaborations on cloud computing business with PPIO.
“We plan to invest the proceeds of the funding to further improve proprietary technologies and cutting-edge infrastructure, as well as strengthen R&D in scenarios with even higher requirements for ultra-low latency, such as live streaming. ultra-low latency direct streaming, cloud gaming, cloud rendering, vehicle connection and space digitization,” said PPIO’s Yao.
“Mr. Yao and the PPIO team have developed in-depth knowledge on future scenarios of interactive applications and services. BRV China is optimistic about the outlook and in the long term will support PPIO to strengthen its position as the industry leader,” Mr. Tan added.
About BRV China
BlueRun Ventures China (BRV China) is a leading venture capital firm in China with offices at beijing and Shanghai. Having its heritage in Silicon Valley since 1998 and entered China in 2005, BRV China managed over $2 billion via several funds in USD and RMB, with more than $1 billion cash distributions. BRV China is focused on investing in entrepreneurs who create lasting impact through technological innovations in business services, transport and smart machinery, digital healthcare and consumer technologies in China. The company has invested in more than 150 portfolio companies, including Li Auto (NASDAQ: LI), QingCloud (688316.SH), WaterDrop (NYSE: WDH), Energy Monster (NASDAQ: EM), Mogujie/Meilishuo (NYSE: MOGU ), Qudian (NYSE:QD), Ganji/58.com, PPTV, Guazi, Meishubao, Nanyan, Shanzhen, Gaussian Robotics, Yi Auto, Pinecone, etc. ” in China by Zero2IPO and ChinaVenture, and “Consistent Performing Venture Capital Fund Manager” by Preqin. For more information, please visit https://www.brv.com.cn/en/.
SOURCE BRV China