Evernote Restructures to Chinese-controlled Firm, Wins RMB 9-digit Funding from Sequoia
The Beijing News, 6/07/18
Beijing-based Evernote Technology recently announced that it has completed its restructuring process and that it will now operate as a Chinese-controlled, Chinese-American joint venture entity after nearly 6 years of operating in China as a brand under California-based note-taking and archiving software and services developer Evernote Corporation. The company said that it has completed its first funding round as an independent entity with a RMB 9-digit investment from Sequoia Broadband Cross-border Data Industry Fund.
Evernote Technology said that previously, its products and development operations had been concentrated in Evernote's US headquarters, which has made it difficult to respond quickly to special requests from Chinese users and business partners.
Following the restructuring, Evernote Technology will have a tri-part equity structure with equal shares controlled by Evernote Corporation, a Chinese investor, and Evernote Technology's Chinese management team. With support from Sequoia Capital, Evernote Technology will also partner with Chinese internet conglomerate Tencent's (0700.HK) social networking group on architectures, consumer services, enterprise services, and artificial intelligence technologies.
Tang Yi, CEO of Evernote Technology, also said that the company will release a new version of its mobile app platform in late June.
Keywords: VC Internet funding Tencent Sequoia Capital 0700.HK Evernote JV personal cloud storage corporate restructuring wireless Tang Yi
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