China’s SaaS provider Xiaoe-tech announces $120 million Series D led by IDG Capital

Xiaoe-tech, a SaaS platform based in Shenzhen, Guangdong, today announced it has received $120 million in Series D funding round led by IDG Capital, with participation from Qiming Venture Partners, GGV Capital, GL Ventures, and other investors, according to its news release.The funding will help the company invest more in product and technology research, continue to build up development, operation and service teams, and further improve its sevice system.Founded in 2016, Xiaoe-tech is a developer of SaaS knowledge payment tools designed to provide SaaS services, PaaS services, traffic services, and ecological services for businesses engaged in knowledge payment and education.It has three products: knowledge shop, corporate training, and an assistant to help users operate on WeCom, a communication platform for enterprises designed by Tencent.  The company said more than 1.6 million registered business users have used its platform as of June 10, including education providers New Oriental and TAL, as well as providers across other sectors, such as China Asset Management and Caissa.It also claimed these users have launched more than 20 million intellectual products on its platform, which are used by 780 million end users.