IDG And East Sky Investment Lead $10M Series B For Baifendian

Beijing-based Baifendian Information Technology Co. says it has secured US$10 million series B financing from IDG Capital and East Sky Investment Co. Ltd.

The company says it will also expand its business to big data management and application.

Founded in 2009, Baifendian is a technology start-up focused on using big data to create personalized recommendation.

The company received US$7.2 million series A financing in July 2011 from IDG Capital and Mingxin China Growth Fund.

It will use the proceeds of the latest round of financing on search and development of new technologies and products, as well as building up its server group and other infrastructure.

"Data will become an isolated information island if it cannot be connected with other data internally and externally," says Baifendian’s founder Su Meng. "The potential practical value from big data is the basis for its commercialization."

East Sky Investment is founded in 2008 by Zhejiang Daily Group. It manages RMB500 million ($82 million).

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