BEIJING, June 10, 2022 /PRNewswire/ — PPIO, a leading provider of edge cloud services, has raised nearly RMB 250 million (approx. USD 37.6 million) in a Series A financing led by Panlin Capital, China Creation Ventures (CCV), Shanghai Zhangjiang Technology Venture Investment and IMO Ventures, and with continued funding from existing investor BlueRun Ventures China (BRV China).
BRV China was the angel investor and led its pre-A round of financing exceeding RMB 100 million in 2021. With the Series A funding, PPIO has aggregated more than RMB 400 million in financings, making the firm among the top edge cloud vendors in China in terms of fundraising capability.
“We believe that the maturity of low latency computing is essential for many applications, such as cloud gaming, AR/VR, space digitization, metaverse and other next-generation life and work scenarios, to break into the mainstream consumer market and become truly viable businesses,” said Jui Tan, Managing Partner of BRV China.
PPIO was co-founded by Wang Wenyu and former PPTV founder Yao Xin in 2018 to provide edge cloud computing services and solutions that meet the needs of low latency, high bandwidth, and large-scale distributed processing systems. Today, PPIO edge cloud solutions empower clients with distributed computing demands in more than 1,000 cities and regions in 30+ provinces across China in a shift from the central cloud.
The urge for high-performance cloud technologies is on the rise as industrial digitization accelerates. iResearch Consulting Group predicts China’s connected Internet of Things (IoT) devices will reach 14.8 billion in 2023, up from 5.5 billion in 2019, representing a 28.1% CAGR. By 2025, China will be producing 48.6 zettabytes of data every year, IDC says. As a result, investment in edge technologies is set to grow at a highest ever pace in 2022 – a new Gartner, Inc. survey of global mid- to large enterprises found they are to spend an average of USD 462,000 on the technology in 2022, up 76% from a year ago.
“The migration of data storage to end devices from the central cloud is picking up pace, and the trend will be here to stay. Latency and bandwidth requirements will only be ever more stringent for application scenarios with end devices. Edge computing is the storage, processing and analysis of data nearer to the user’s device to enable rapid, near real-time, and short-cycled analysis and response, to enable timely execution of local operations,” said Mr. Yao, PPIO’s founder.
Among PPIO’s primary client base are internet firms that see low-latency transmission and large-scale cost control as staples, such as long and short video platforms, live streaming platforms and cell phone manufacturers. PPIO provides them with comprehensive solutions, including audio and video management, cloud security, and application performance optimization. In addition, an array of leading Internet companies, first-tier cloud computing service providers and unicorn-level startups have entered collaborations on edge cloud business with PPIO.
“We plan to invest the funding proceeds to further enhance proprietary technologies and edge infrastructure, as well as strengthen R&D into scenarios with yet higher requirements for ultra-low latency, such as ultra-low latency live streaming, cloud gaming, cloud rendering, connected vehicles and space digitization, ” said PPIO’s Mr. Yao.
“Mr. Yao and the PPIO team have developed deep insights into future interactive applications and service scenarios. BRV China is optimistic about the prospects and, over the long term, will support PPIO to reinforce its position as an industry leader,” BRV China’s Mr. Tan added.
About BRV China
BlueRun Ventures China (BRV China) is a leading early-stage venture firm in China with offices in Beijing and Shanghai. Having its heritage in Silicon Valley since 1998 and entered China in 2005, BRV China has managed over $2 billion through multiple USD and RMB funds, with over $1 billion cash distributions. BRV China focuses on investing in entrepreneurs who create a sustainable impact through technological innovations across enterprise services, transportation and smart machine, digital healthcare, and consumer technology sectors in China. The firm 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. The firm has been recognized as the “No.1 Early-Stage Investment Firm” in China by Zero2IPO and ChinaVenture, and “Consistent Performing Venture Capital Fund Manager” by Preqin. For further information, please visit https://www.brv.com.cn/en/.
SOURCE BRV China