Baijiayun, a Chinese video technology startup has announced it raised RMB178 million yuan the equivalence of US$26.5 million in series B round financing.
This funding round was led by GP Capital and saw participation from Qinglan Capital, Guoke Jiahe, and Houde Qianhai as co- investors. Taoli Capital and Hailan Capital also served as financial advisors for the round according to the statement.
Additionally, Baijiayun’s management and employees have also increased their holdings to the tune of tens of millions of RMB, the statement noted.
According to the founder & CEO Li Gangjiang the fresh funds will be invested in or talent introduction, expansion of sales network, R&D investment, mergers and acquisitions.
Founded in2 017 by Li Gangjiang the startup mainly provides one-stop video SaaS services to customers mainly in educational institutions. The business has been noticing a significant growth as a result of the stay home orders from governments due to the coronavirus pandemic.
“[Baijiayun] not only provides cloud video services for educational institutions, but also provides educational institutions with product innovation, large-scale expansion, and enhancement of customer stickiness and single customer value,” Investment Director at CASH Capital, Lu Yongchang said in the statement.
“The full range of tools, including marketing automation and AI value-added applications, fully empower all types of educational institutions in technology and business,” Lu added.
Accoridng to Crunchbase, Baijiayun had previously raised US$9.4 million in a Series A round in 2018 from Xiaodu Tv, Huatu Capital and BaishanCloud.