(Yicai Global) Sept. 28 -- Weiling Times Technology, a Xiaomi-backed Chinese video game rendering technology provider, has secured USD40 million in its latest financing round, the startup’s fifth fundraiser in three years.
Weiling’s B2 round of financing was led by Singapore sovereign wealth fund Temasek Holdings, the Beijing-based firm said via WeChat on Sept. 26. Existing shareholders Future Capital and CDH Investments also took part.
The proceeds will be used to further improve Weiling’s layout in the field of real-time cloud rendering and promote the development of the entire cloud gaming industrial chain, it said.
Cloud gaming is a type of online gaming that runs on remote servers and streams games on players’ devices. Unlike downloaded game software, cloud gaming’s computing and image processing are done in the cloud, reducing device configuration requirements. Real-time cloud rendering is a key technology in cloud gaming.
Chinese tech giant Xiaomi led Weiling’s CNY150 million (USD20.1 million) A round fundraiser in April last year and participated in its CNY400 million (USD55.7 million) B round last December. Weiling was founded in 2019.
Shanghai-based game developer MiHoYo Technology also took part in two of Weiling’s fundraisers last year. The pair also partnered to create a cloud version of popular game Genshin Impact.
After last year’s final fundraiser, Weiling expanded its business footprint based on existing cloud games, including developing special hardware and software for cloud rendering and building a cloud rendering-based digital human development platform, the company added.
Editors: Dou Shicong, Futura Costaglione