5Y News | Low-Code Platform ClickPaaS Closes Tens of Millions of Dollars in Series B Funding, 5Y Capital Continues Support
Empowering enterprise digitalization through standardized capabilities.
ClickPaaS, a global leader in low-code platforms, has officially announced the completion of its Series B funding round in December 2020, raising tens of millions of dollars. The round was co-led by BAI Capital and SIG Asia Investments, with follow-on investments from Series A+ investor Future Capital and Series A investor 5Y Capital. Silver Oak Capital served as the exclusive financial advisor for this round.
The proceeds will be primarily used to accelerate product R&D, strengthen technical barriers, expand the ecosystem partner network, speed up commercialization, grow overseas markets, and solidify ClickPaaS's position as the industry's leading low-code platform.
Liu Kai, Partner at 5Y Capital, commented: "5Y Capital has long been bullish on the digital transformation prospects of Chinese enterprises. Yet as companies move toward digitization, organizations of different sizes and industries vary dramatically in their digital capabilities and progress — and the biggest obstacle in this journey is the high degree of customization required. How to empower enterprise digitalization through standardized capabilities while significantly reducing costs for businesses — we believe this represents a massive opportunity."
"Through its top-tier product capabilities in the application PaaS space, robust ecosystem development, and comprehensive sales and service infrastructure, ClickPaaS is helping numerous large and medium-sized enterprises rapidly build digital capabilities. We believe ClickPaaS will become a global industry leader in low-code, serving not only the digital transformation of Chinese enterprises but also empowering more world-class customers in building their digital capabilities," Liu Kai added.
Low-code development platforms represent a major global trend in software development in recent years. Traditional programming, which began in the 1980s, has reached its productivity limits, and application development has shifted toward modeling and visualization. Global software giants Salesforce and Microsoft launched their respective PaaS offerings, Force.com and Power Platform, while newcomers like C3.AI, OutSystems, Mendix, and Unqork have garnered significant attention from capital markets.
Meanwhile, ClickPaaS was founded in China in 2017. Built on a fully self-developed low-code platform, the company works with a broad partner ecosystem to serve digital and intelligent transformation across engineering and infrastructure, cross-border logistics, agile government, and financial innovation.
Despite the pressures of the 2020 pandemic, ClickPaaS achieved over 100% business growth and has fully established a domestic large-customer subscription revenue model. Signed projects now have subscription fees accounting for over 75% of revenue, with more than 50% delivered through ISV partners, and delivery cycles shortened to 1-2 months. On the international front, ClickPaaS has earned recognition from multiple Fortune 500 clients, with its product now used in 45 countries worldwide.
ClickPaaS founder and CEO Hu Bai said: "The low-code sector is entering a phase of intense competition. Looking back at 2020, the COVID-19 outbreak not only drove rapid adoption of remote work, video conferencing, and livestreaming, but also brought low-code and no-code development platforms into the spotlight. Given the urgency of the pandemic, many government agencies and enterprises needed to rapidly develop complex business applications to respond to changing conditions — in two or three weeks, or even one week, or a day or two. With traditional development approaches, this would have been nearly impossible, but low-code and no-code platforms made it possible."
"On one hand, ClickPaaS is competing head-to-head with overseas low-code companies, using that international validation to further advance our domestic market position. On the other hand, beyond working with leading large customers, ClickPaaS is also partnering with product collaborators, providing them with our platform to extend our reach to more small and medium-sized enterprises."
"As the Chinese saying goes, 'Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.' ClickPaaS hopes that while helping more enterprises build their own business application systems on our platform, we can empower our customers and ecosystem partners to unlock new growth opportunities."
"After nearly two years of hardening our product maturity through core system replacement and construction projects at central SOEs, ClickPaaS has completed its product refinement. In 2021, ClickPaaS will continue to focus on developing our ecosystem and core channel partners, offering the global market a high-value alternative that can surpass American competitors."
5Y Capital (formerly Morningside Venture Capital) currently manages approximately $3 billion across USD and RMB dual-currency funds. We believe that if the crazy you in others' eyes starts to be believed in, the world will be a better place.
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