Singularity Data, a cloud computing startup, has reportedly secured USD 10 million in an angel round led by venture capital firm Yunqi Partners. With this funding, the company plans to achieve its objective of building on its cloud-based streaming database that generates real-time insights.

1. Sources claim that the firm is focusing on targeting the digital advertising segment to track user activity and recommend ads that offer both high performance and scalability. Apart from this, the intelligent vehicle segment is a viable application scenario where Singularity Data can process data acquired from external sensors in real-time.

Commenting on the funding, Founder and CEO of Singularity Data, Wu Yingjun said that as the cloud market matures, the existing databases will not match the user’s demand for ultra-fast speeds.

Wu formerly worked at Amazon Web Services in the Redshift data warehouse team and received his PhD from the National University of Singapore. Zhang Huanchen, one of the company's co-founders, is currently an assistant professor at Tsinghua University's Yao Class, a unique program for China's upcoming computer scientists.

Chen Yu, Partner at Yunqi Partners, stated that global digital transformation and data management software adoption is a budding trend. The firm (Singularity Data) has a unique vision, technology, and product and its founding team possesses excellent scientific research capabilities combined with the experience of working at leading cloud data center companies. As a result, they are confident about the future generation of real-time cloud data storage.

According to a IDC report, China's public cloud infrastructure-as-a-service industry would be worth RMB 208.7 billion (USD 32.21 billion) by 2023, increasing at a compound annual growth rate of 46%. Moreover, by 2024, 50% of Chinese firms will use cloud computing services from third-party providers like Singularity Data.

Source Credit: https://kr-asia.com/cloud-computing-provider-singularity-data-raises-usd-10-million-angel-round