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Read More<\/strong>: https:\/\/www.avcj.com\/avcj\/official-record\/3028946\/deal-focus-china-saas-gets-specific<\/a> <\/p> The 2022 Annual Awards ceremony of Asian Venture Capital Journal (AVCJ), Asia’s leading private equity and venture capital information agency, was held in Singapore on November 14, 2022. After completing the B2 round of financing led by Temasek and followed by CDH VGC and Future Capital, Well-link won the AVJC “Deal of the Year-Small Cap 2022”, becoming the only Chinese technology enterprise winning the annual award.<\/p> AVJC was established in 1987, and its annual awards are recognized by the industry as one of Asia’s most authoritative private equity and venture capital awards. The awards cover a wide range of categories to recognize the achievements and best practices of venture capital firms in fundraising, investment, exit, value creation and responsible investment.<\/p> Founded in 2019, Well-link is the world’s leading provider of real-time cloud rendering solutions. In only 3 years, Well-link has completed 5 rounds of financing, and completed the B2 round of financing of $40 million in September 2022. Starting from cloud games, looking at the GaaS (Graphics as a Service) era, Well-link currently has four business units, including Cloud Gaming BU, Digital Human BU, SiLAND server BU and Virtual Ark Studio BU.<\/p> Well-link went through all the hurdles and arose from the top to win the “Deal of the Year-Small Cap 2022” award from five candidates.<\/p> With the investment of Temasek and other international institutions, Well-link is going on the journey of globalization, to help more content providers start building cloud games and bring excellent user experience to the global cloud gaming players.<\/p> By AVCJ Larissa Ku<\/p> Investors told the AVCJ Private Equity & Venture Forum that they are looking to accelerate their pace of investment in China next year despite economic and regulatory challenges.<\/strong><\/p>
Chinese software-as-a-service (SaaS) start-ups have experienced feast and famine over the past two years. Now, though, they appear to be back on the menu, albeit at more reasonable valuations and with a more nuanced view as to which industry verticals can generate the most traction.<\/span>
The enduring SaaS question was whether domestic enterprise customers would be willing to pay for standardised, subscription-based products. Investors appeared to put all doubts to one side during the post-pandemic technology boom of 2021, with consumer internet specialists picking SaaS as they made their first forays into business services.<\/span>
These investors left abruptly last year following a string of public market corrections that wiped billions off the maket capitalisations of leading US players like Snowflake, Shopify, and Atlassian. New investment activity in China came to a virtual standstill.<\/span>
“SaaS was overheated in 2021 and then it became too cold last year and this year – so cold that many local investors stopped looking at the industry,” said Qizhi Guo, a senior partner at CDH Venture and Growth Capital.<\/span>
“But I believe in the SaaS business model. It means efficiency gains and zero maintenance costs for customers; it generates stable cash flows and strong growth for suppliers; and entrepreneurs can make headway if they focus on service quality to retain customers.”<\/span>![\"\"](\"https:\/\/www.cdhfund.com\/static\/upload\/image\/20230103\/1672738434127757.png\")
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