5Y News | R&D Management Tool ONES Closes Series C Funding, Raising Nearly $100 Million Across Three Rounds in Six Months
A R&D management system that meets the needs of Chinese tech companies.
5Y Capital portfolio company ONES recently announced the completion of its $50 million Series C round. This comes just over two months after ONES announced in late June that it had raised RMB 300 million across its Series B1 and B2 rounds.
Singapore sovereign wealth fund GIC led this round, while existing investors Source Code Capital and XVC continued to increase their stakes for the third consecutive round. Yuanyi Capital served as the exclusive financial advisor. 5Y Capital, an early investor in ONES, has backed the company across four consecutive rounds.
With this, ONES has completed three rounds totaling nearly $100 million within six months. Its investor roster includes prominent domestic and international funds such as 5Y Capital, China Growth Capital, Jiayu Capital, XVC, Source Code Capital, SoftBank China Capital, and GIC. This makes ONES the most-funded company in China's R&D management sector, and sets a record for the fastest fundraising pace in this space.
This also signals that capital markets have reached a consensus: ONES's position as a sector leader in China's software R&D and engineering management track has been further solidified and strengthened.
"We spent six years refining an R&D management system tailored to Chinese tech companies, serving numerous leading enterprises across various industries," said Yingqi Wang, founder and CEO of ONES. "With ample funding in place, we will actively recruit top talent, expand our team, accelerate product iteration, serve our customers well, maximize enterprise value, and proactively fulfill our social responsibilities."
Founded in 2015, ONES has grown in just a few years into a leading domestic provider of R&D management solutions. Its eight specialized R&D management products cover the full software development lifecycle. In 2020, ONES acquired Tower, a well-known domestic team collaboration tool, expanding its business footprint to achieve "comprehensive coverage" from small teams to large and medium-sized teams, providing one-stop solutions ranging from general project management scenarios to professional R&D management.
Currently, ONES's clients include multiple Fortune 500 companies such as Xiaomi, China Telecom, Kweichow Moutai, SAIC, China Merchants Fund, and Inspur Software. Tower serves leading enterprises across various sectors including Transsion Holdings, China Resources Innovation and Learning Center, Sunner Group, and Yuanfudao, with over one million teams served cumulatively.
From a global perspective, project management and development collaboration represents a massive market exceeding $100 billion. The sector's overseas benchmark, Atlassian, debuted on the public markets in late 2015 with a market cap of $5.8 billion; as of now, its valuation has surpassed $100 billion — a more than 17x increase in under six years.
As the Chinese company positioned as Atlassian's counterpart, ONES similarly faces enormous growth opportunities. Despite China's large base of technical talent and high human capital value, Chinese enterprises previously had to choose among only a limited set of overseas software tools for project management and development collaboration. In response, ONES has continued to deepen its presence in this sector, iterating products that better fit Chinese enterprise usage patterns and feature more advanced technical architectures than overseas competitors, while building out a comprehensive product matrix and go-to-market system within just a few years.
Today, while China's software and SaaS industry is developing rapidly, it remains in an early stage overall. As digital transformation accelerates across industries, demand for collaborative and efficient R&D management continues to grow. Meanwhile, amid intensifying requirements for domestic software substitution and technological self-reliance, ONES has gained significant market opportunities alongside the rise of the domestic IT innovation industry.
It is foreseeable that with this funding round completed, ONES will enter an even faster growth trajectory, with continued strengthening of product R&D and service investment, and continued expansion of its talent pool — thereby building more advanced, secure, user-friendly, and localized products, delivering quality service to customers while making sustained contributions to the development of China's software industry.
5Y Capital (formerly Morningside Venture Capital) currently manages approximately RMB 32 billion across USD and RMB dual-currency funds. 5Y Capital seeks out, supports, and inspires entrepreneurs who are alone in their convictions, providing support ranging from spiritual encouragement to full operational assistance. We believe that if the "crazy" you in others' eyes begins to be believed in, the world will become a different place.
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