Author | Zhao Jiangyu This report was jointly released by Shicheng Capital and Light Cone Intelligent. The low-code and no-code fields have been paid attention to by the capital market since 2019 and have been developing in controversy. There are still many concepts that have not

Author | Zhao Jiangyu

This report was jointly released by Shicheng Capital and Light Cone Intelligent

Low code and no code field have been paid attention to the capital market since 2019 and has been developing in controversy. There are still many concepts that have not yet been clarified to be discussed. Therefore, we have comprehensively studied and sorted out the latest situation in the low-code/no code industry, trying to explore the following core issues:

• No code/low code is a pseudo demand?
• What are the driving factors for the rapid rise of the no-code/low-code industry in recent years? What is the relationship between the
• codeless/low code industry and the rapidly emerging cloud-based business?
• What new industry trends or changes have been made in the domestic and foreign code-free/low code fields in the past one or two years?

This time, Scale Partners will strive to analyze this industry in a comprehensive and objective manner, and on this basis, elaborate on our current views and make predictions on future trends.

Core conclusion summary

1. Overall, the current no/low code industry faces the pain points that professional programmers are not often used by, and business personnel are not easy to use by skilled people. However, we believe that in the context of the increasingly strong demand for enterprise digital transformation and the supply of IT developers is increasingly short of, the value of non-/low-code products will be gradually recognized by the market. In addition, with the rapid increase in the number of virtual content adapted to VR and other devices in the future, the demand for this part of content creation needs to be met by AI on the one hand, and the other is expected to require people to use low-code tools to meet it.
2. form-driven, non-/low-code manufacturers may find it difficult to solve the complex needs of cross-industry and multi-scenarios. We believe that model-driven products will gradually become the mainstream. For low-code companies, improving product strength requires two aspects: First, improve the underlying technical strength and enrich the richness of data models; at the same time, we must deepen our understanding of the specific scenarios of the industry and business development of customers through cooperation with professional consulting companies, solution service providers and other institutions.
3. Considering that low-code platforms have certain requirements for users' code capabilities, it is important to control the number and quality of service providers on low-code platforms. A good ISV ecosystem is not only conducive to the promotion of low-code products for enterprises, but also helps enterprises build barriers in specific regional markets.
4. has become increasingly popular in software development and application fields, but considering the limited innovation capabilities of users of non-/low-code platforms in the industry in promoting product improvement, we believe that the non-/low-code industry does not have the risk of being hit by the dimensionality reduction of open source products.
5. Since enterprises without/low code will strengthen the service capabilities of cloud computing enterprises, cloud computing enterprises will continue to pay attention to the non-low code industry and include enterprises in their own ecosystem through investment integration. From the perspective of customer acquisition and growth, no-code enterprises tend to cooperate with platforms with huge user base, while low-code enterprises are suitable for cooperation with software companies that provide high degree of customization.
6. Currently, the models, data and applications on various no/low code platforms are not portable. This situation may be welcomed by cloud computing manufacturers with no/low code platforms and cooperative bindings, because it will increase customers' dependence on their own products. Behind the competition between non-/low-code enterprises, we can definitely see the shadow of cloud computing manufacturers.
7. Many foreign non-/low-code manufacturers announced their entry into the Chinese market around the beginning of 2021, and Internet giants have also increased their investment in this direction in 2021. We judge that in the future, there will be a large number of "little giants" that have been deeply rooted in specific industries or scenarios, but a single "little giant" may not be enough to support a large valuation, and integration and mergers and acquisitions in the industry will be very active in the future. The potential risks that the industry may face include: market demand is lower than expected, slow progress in technology research and development, intensified market competition, tightening of policies such as data security and privacy protection.

Market environment

1. Definition and boundaries of the non-/low-code industry

Let’s first clarify the specific meanings of “ no-code development ” and “low-code development”: the so-called “low-code development” refers to a visual application development method , aiming to enable developers of different levels of experience to use drag-and-drop components and model-driven logic to create web, software and mobile applications through the graphical user interface.

Broadly speaking, the term "low code development" includes "low code development" and "no code development". The difference between the two is intuitively reflected in the amount of code required to complete application development - the former still requires a small amount of code, while the latter does not require a code writing. Therefore, low-code applications are mainly aimed at internal enterprise developers, while no-code applications are mainly aimed at business personnel. In the backend, the difference between low code and no code is mainly reflected in the degree of modular encapsulation of the code.

low-code and no-code decibels realize specific functions through programs and encapsulation modules

It is easy to see that the low-code platform belongs to the PaaS layer, is set up on IaaS, and is jointly built through "application platform as a service (aPaaS, application platform as a service) + integrated platform as a service (iPaaS, integration platform as a Service).

2. Industry history and stages

(1) Overview of the overall development history of the industry

The concept of low-code development can be traced back to the proposal of the fourth generation programming language in the 1980s. In 2000, the visual programming language (VPL) promoted the further development of the concept of low-code development. In 2014, Forrester Research officially proposed the concept of "Low Code Development Platform" (LCAP). In 2018, Gartner further proposed the concepts of aPaaS and iPaaS, which attracted more and more people's attention in the low-code industry.

In the "2021 China ICT Technology Maturity Curve Report (Hype Cycle for ICT in China, 2021), the low-code application development platform (LCAP) was included as a hot topic in emerging technology for the first time. According to Gartner's forecast, by 2024, 65% of all application development activities will be completed in low-code mode, while 75% of large enterprises will use at least four low-code development tools for application development.

Note: First-generation to fourth-generation computer language

• First-generation language (or machine language): A computer-oriented programming language , using 0 and 1 to represent various commands. The user enters instructions into the computer system through the panel of the computer system switch.
• second-generation language (or assembly language): Each line in the program corresponds directly to a processor instruction. The programs written in each language can only run on a specific class of processor architecture .
• 33333333333333333333 is more abstract than the first and second generation programming languages, and one sentence corresponds to multiple assembly languages. Advanced assembly language is closer to human languages and requires a compiler or translator .
• Fourth Generation Language (Target Language): The core of the target language is to use clear, clear and standardized language to accurately describe the functions that users want to achieve. The target translator will automatically translate the target language into the computer's operating language.

(2) Development of low-code industry abroad

• 1999, Salesforce was founded
• 2001, Outsystems was founded
• 2007, MITh will open low-code The concept of hair is applied to the field of children's programming, and launched Scratch
• In 2015, giants such as Amazon, AWS, Google, Microsoftml5 began to enter low-code development
• In 2018, Siemens acquired Mendix and integrated it with the industrial Internet platform MindSphere.In the same year, OutSystems received financing from institutions such as KKR, Goldman Sachs, and became the industry unicorn

(3) Development of the low-code industry in China

Some domestic low-code platform manufacturers were the first to engage in BPM related businesses, and have gradually transformed since 2014. During this period, the main players were traditional software manufacturers (such as Kingdee, UFIDA, Zhiyuan Internet, Fanwei , etc.), and users were more developers who understood code. At the same time, customers need to purchase servers, deploy environments, and develop and go online, and the threshold from use to online is relatively high.

Since 2019, domestic Internet manufacturers have begun to deploy in the non-/low-code industries. Based on public cloud, the threshold for use of products without/low code has been further lowered. Users usually only need to register an account to use it, and the ease of use and user experience of the product can be significantly improved. At this stage, with the continuous improvement of Internet infrastructure , many products without/low code can directly call the system without developing it themselves.

• In 2010, Aozhe was established and released H3 BPM
• 2012, Partner Cloud established
• 2013, Mingdao Cloud established
• 2014, APICloud and IVX established
• 2015, Qingliu was established, fanruan launched "Jiandao Cloud", Huayan Software launched the low-code development platform "Huayan Rubik's Cube", Aozhe launched " Tritium Cloud " (And the following year reached a strategic cooperation between Dingding )
• In 2016, Grape City GrapeCity launched the enterprise-level low-code development platform "movable type grid"; in the same year, Wuyuan and Shurui Data were established
• 2017, ClickPaas was established, and the aPaaS product was released the following year
• 2018, Jiuzhang Information Technology Incubation was launched In 2019, Heipa Cloud, Digital Technology, White Code, dimensional table was established, and the corresponding no-code or low-code development product
• 2019, Alibaba "Yita" low-code application construction platform was launched, connecting with DingTalk
• 2020, Huawei launched AppCube
• In November 2020, Byte launched the Feishu multidimensional table
• At the beginning of 2021, Tencent Cloud "Weidai" low-code platform was launched

(4) Trends and changes in the industry

1) Since model-driven products can meet more diverse needs, more and more companies have begun to transform from form-driven to model-driven. When creating model-driven products, data security, interface diversity, and model richness are dimensions that customers pay more attention to;

2) With the improvement of products and the accumulation of models, the non-/low-code platform will gradually move from enterprise management matters to the core business of enterprises, provide standardized development solutions, and participate in the process of enterprise value creation;

3) More and more traditional software companies and cloud computing companies have entered the low-code industry and have increased their investment to prevent low-code companies from eroding their own SaaS business and software custom development markets. Some enterprises have further enhanced their service capabilities to customers through investment and acquisition of low-code enterprises and enriched the enterprise service ecosystem they have built;

4) More and more non-/low-code enterprises have realized the necessity and significance of community construction. User feedback and shared experiences can help companies continuously improve product strength and lower the threshold for new users. In the benign interaction between users and enterprises, and between users, the value of the enterprise's platform has been improved, and the user's stickiness to platform products has been further enhanced.

3. Market demand and value

Only when the industry can create social value and enterprises within the industry can solve consumer needs (Needs) can this industry have meaning. It is worth our time and energy to search for excellent investment targets.So, what needs has the no-code/low-code industry solved and what value has it created?

(1) Help small and medium-sized enterprises to complete information construction at low cost and quickly

Although more and more enterprises have realized the necessity and urgency of information construction, small and medium-sized enterprises cannot promote information construction efficiently and with high quality due to practical factors such as shortage of talents, poor information foundation, and limited R&D investment budget. For SMEs, the codeless/low code development platform provides a lower cost and relatively reliable solution.

(2) Help medium and large enterprises to quickly meet temporary and marginal needs

Since developers of medium and large enterprises often cannot quickly respond to the large, variable, long-tail , long-tail needs of business personnel, business personnel may use outdated and inefficient business tools in their daily work, or have to seek help from outsourcing service providers. A no/low code development platform can improve the response and processing speed of developers to demands, and even directly empower business personnel, allowing them to develop their own application through the help of a no/low code development platform.

(3) Helps enterprises to open up multiple sets of software that have been used and realize data interconnection

Generally, larger enterprises usually use OA, HRM, CRM, ERP and other software systems. These systems may have the problem of information not being communicated with each other. No-code/low-code platforms usually have "connector" modules that can help enterprises connect and integrate multiple sets of software they have used. On the other hand, the same low-code tool/platform can develop applications for different businesses or scenarios, and these applications can naturally achieve data interconnection and solve potential problems invisibly.

(4) Help software companies deliver products and serve customers more efficiently

Software companies often face this situation: the products currently launched cannot meet some of the needs of customers, and if the company uses customized methods to develop, it will be inefficient and costly. This type of demand for customized software is "too heavy" and for SaaS products is "too light" to meet through no/low code development. Software companies can build a development platform with configurable and variable "Lego" tools on their own, helping corporate employees quickly develop customer personalized functions on standard products. In addition, the no/low code platform can also help the implementation teams of business partners and agents of software companies such as CRM and ERP to quickly complete secondary development and accelerate the overall delivery pace.

According to ClickPaaS calculation, compared with traditional software development, no/low code development can shorten the creation cycle by an average of 75% and the integration cycle by an average of 90%, greatly reducing the risk of code errors.

4. Market size and growth rate

If the market size of the codeless/low code industry is limited and the growth is slow, then the probability of a unicorn in this industry is much smaller, and entrepreneurs and investors will not pay too much attention to this field. Therefore, we need to have a correct understanding of the global market size and growth rate of the no-code/low-code industry in the world:

• According to the Forrester, which first proposed the concept of "low-code" in 2014, the first time in Forrester Research estimates that the global low-code development platform market size will be US$3.8 billion in 2017, and the market size will reach US$21.2 billion in 2022, with a five-year CAGR of 41.03%;
• According to Gartner, the global low-code market size will reach US$8.4 billion in 2020, and is expected to exceed US$10 billion in 2021, and will reach US$47.1 billion in 2025, with a five-year CAGR of 41%;
• According to Research And Markets estimates that the global low-code development platform market is expected to grow from US$13.2 billion in 2020 to US$45.5 billion in 2025, with a CAGR of 28.1%.

Of course, we also need to understand China's market size and growth rate: According to the statistics and forecast of Statista, the market size of China's no/low code in 2020 will reach 1.59 billion yuan, and is expected to exceed 13.1 billion yuan in 2025. Considering that the number of domestic uncoded/low-code companies is currently limited, and the annual revenue of leading companies is roughly in the order of tens of millions to tens of millions, we believe that this estimation result is more reasonable.

To sum up, although the market size of the codeless/low code industry in China is currently small, the global market size is in the order of tens of billions of dollars and is growing rapidly, which is a large enough market. Therefore, it is necessary and meaningful to conduct a rigorous analysis of this industry.

5. The driving factor of market growth

So, what exactly has made the non-/low-code platform continue to gain attention in the past few years and has made many institutions have quite optimistic expectations for the market size and growth rate? In summary, we believe that the main reasons are as follows:

(1) The process of enterprise informatization and digitalization continues to deepen

Against the backdrop of slowing economic growth and intensifying industry competition, more and more companies are aware of the necessity and urgency of digitalization and informatization construction, and are willing to pay for it. Since the no/low code development platform can effectively promote the enterprise's digital transformation of , the industry has developed rapidly in the past few years.

(2) The supply of software developers is relatively short of

Compared with the growing demand for application development, the number of software developers seems to be seriously insufficient. According to Gartner, the global market demand for application development in 2021 will be 5 times that of IT companies' production capacity . Microsoftml5 estimates that 450 million new applications will be developed in the next five years (this number exceeds the sum of the past 40 years), and IT talent capacity is severely short.

(3) Internet infrastructure is constantly improving

On the one hand, more and more enterprises are beginning to use products and services provided by cloud computing manufacturers; on the other hand, many mature applications have opened interfaces, and other products do not need to be developed by themselves, and can directly call the system or functions. Therefore, the basic conditions for the application of non-/low-code products are becoming more and more mature, and the industry is beginning to accelerate its development.

(4) The front-end technology and the foundation of modeled design of WEB applications are becoming more and more mature

From the perspective of historical evolution, the main context of the development of software programming languages is the abstract encapsulation and reuse of for low-level languages (such as C versus assembly, C++ versus C, Java versus C++). In the cloud era, we have reason to believe that the new trend is the abstract packaging reuse of traditional programming languages by Visual Programming Language (VPL).

Industry chain and industry pattern

1. Player classification and industry map

(1) Application derivative

(1) Software application enterprise's motivation to build a non-/low-code platform has very strong business attributes, that is, it is used to improve the development efficiency of internal personnel of the enterprise, make up for the shortcomings of standardized products, or help customers and integrators (or agents) to better carry out secondary development. On this basis, some enterprises open the platform to third-party application developers (ISVs), breaking through the business areas focused on by the company's own SaaS products and services to achieve "breaking the circle", and ultimately forming a larger application ecosystem. Representatives of enterprises derived from

SaaS manufacturers include Salesforce, Zoho, Sales Yi, Beisen, etc.

(2) Manufacturer transformation

Some software companies have been deeply engaged in a specific business scenario for a long time and have accumulated profound cognition and related technical capabilities. These companies can quickly expand and build their own/low-code product capabilities by migrating their original business engines. Representative companies in software manufacturers' transformation include Aozhe, UFIDA, Appian, etc. who started with business process management (BPM).

(3) Code native class

Most startups at home and abroad have chosen the path of low-code native, that is, skipping specific industries or scenarios, and directly building a general-purpose no/low-code development platform, representing companies such as OutSystems, Mendix, ClickPaaS, Jiandao Cloud, and Light Flow.

We compiled it for your reference according to the enterprise type:

China Non-Code Enterprise Industry Map

2. The two major technical paths of the industry

(1) Form-driven

(1) Form-driven

Form-driven products are somewhat similar to woodblock printing, emphasizing that "what you see is what you get". The core of this type of product development is to simulate the business development scenario in the software system through workflow , analyze possible business problems, and design modules and components that can be called by users.

In form-driven products, the hierarchical relationship of data is relatively simple, which is more suitable for creating lightweight applications with weak industry or scenario attributes, such as OA approval, data archiving, customer management, etc., which are generally for business personnel.

Form-driven products are mainly based on "what you see is what you get"

(2) Model-driven

If the woodblock printing is used to compare form-driven products, then the model-driven products are more like movable type printing. The key to this type of product development is to abstractly present the business process, model the business field at the practical level, and support a complete business model through logical judgment statements. It is highly flexible and can serve the company's complex scenario development needs and overall system development.

model-driven product itself tests the company's ability to "read books thinly", that is, to separate the characteristics of various industries and find commonalities in actual business development. However, in order to use model-driven products, users also need to have the ability to "read books well", that is, they can restore the specific usage scenarios faced by corporate business personnel from the logical relationship diagram without significant industry characteristics, and develop and apply them on this basis. Therefore, model-driven products are mainly aimed at professional developers.

model-driven products mainly use object-oriented model design

3. The industry's decisive element

(1) The ability to solve the needs in multiple scenarios. The depth of the enterprise's understanding of the industry and business scenarios of the user directly determines what kind of application the enterprise's low-code platform can build, because the more packaging modules and the richer and more detailed data models on the platform, the easier it is for users to meet the needs of complex and personalized scenarios;

(2) Ease of use determines the threshold for use, and scalability determines whether to pay. good products should enable users to quickly solve current problems and meet their potential future needs. Only products that take into account convenience and scalability can go more steadily and further in the process of commercialization;

(3) private cloud deployment capabilities and interface integration capabilities. The former determines whether no/low-code enterprises can meet the data security requirements of large and medium-sized enterprises, while the latter determines how open the non/low-code platforms are and how comprehensive the application scenarios are;

(4) Response speed and service quality. The competition between without/low code enterprises is not only a competition at the product strength level, but also in the dimensions of service provider implementation, product training, after-sales support, etc. Among service items, after-sales support (especially service response speed) is the key to enterprise differentiation.

Related companies in foreign countries

1. Company 1: Outsystem

(1) Development history:

• Founded in Lisbon, Portugal in 2001, it first provided agile development services to telecom operators
• 2006 launched low-code development tools and platforms
• 2011 began to gradually launch cloud service , and officially in 2015 Transformed into a cloud manufacturer
• released a new version of the low-code platform in 2017, introduced DevOps and API
• in 2020, and reached a strategic cooperation with AWS to accelerate the ability to integrate advanced cloud services into applications

(2) Business introduction:

adopts a model-driven technical path and provides an enterprise-level low-code development platform.

(3) Features:

• products are highly open and scalable. The platform provided by Outsystems can be connected to database, system, and open source interfaces. The APP developed through OutSystems can be directly published to the App Store and Google Play; the
• community ecology is fully constructed. The company has built a community that allows users to publish their own developed applications or plug-ins for use by other users. In daily operations, the company regards the number of citizen developers as the second key indicator after revenue;
• attaches importance to the development and maintenance of strategic partners. Outsystems maintains good partnerships with consulting agencies such as Accenture and IT solution providers such as Everis. These partners help Outsystems develop corporate customers.

(4) Financial and business data:

• The company's revenue exceeded US$100 million in 2018, and the number of customers currently exceeds 300,000;
• As of 2021, the OutSystems community has more than 435,000 members, the application download volume has reached 1 million, and more than 357,000 related courses.

2. Company 2: Mendix

(1) Development history:

• Founded in the Netherlands in 2005, it provides digital transformation services for large Dutch postal companies
• In 2010, it launched a one-stop service for agile development and launched visual construction applications The program platform
• launched the Mendix 3.0 version in 2011, and launched the cloud portal management and deployment function
• 2015, Mendix implemented model sharing
• 2018, Mendix realized the AI of logical processes, and was acquired by Siemens for 600 million euros in the same year. Siemens combines Mendix with MindSphere industrial Internet of Things system to improve enterprise digital solutions
• entered the Chinese market in January 2021 and reached a cooperation with Tencent Cloud in early April. Mendix 9 was officially launched on Tencent Cloud Mendix low-code development platform in November 2021

(2) Business introduction:

provides a model-driven visual low-code development platform Mendix Studio and a visual low-code development platform Mendix Studio Pro, which are aimed at business personnel and professional developers respectively. The two products have built-in agile development functions and provide various databases and connection components of typical core systems, allowing users to connect the data of multiple vertical business systems through Mendix through calls and parameter configurations and deploy them to any cloud with a single key.

(3) Financial and business data:

• Revenue exceeded US$100 million in 2020, and revenue is expected to double in 18 months
• Community active users exceed 200,000

3. Company 3: Appian

(1) Development history:

• Company was founded in 1999 and released BPM in 2004 (Business Process) Management) software platform
• began business transformation in 2004, and gradually transitioned from traditional BPM software service providers to PaaS platform around BPM, and launched Case one after another. Management, RPA and other functions
• Starting from 2014, the company has significantly increased its investment in products with subscription charging mode, gradually reducing its dependence on customized services
• 2017 In Nasdaq
• Entering the AI field in Nasdaq
• 2019, strengthening product ecosystem construction, and launching a low-code + AI product platform

(2) Business introduction:

Currently Appian's low-code automation platform mainly provides the following four services:

• BPM: an industry-leading intelligent business process management system, helping customers design, execute, manage and optimize complex processes
• Case Management: Through automated collaborative work and exception handling, solve customers' projects faster
• RPA: By using Appian or third-party software providers' RPA tools, help customers automate routine tasks in integrated workflows and improve productivity
• AI: Integrate artificial intelligence capabilities of Google , AWS and Azure, so that users' applications can intelligently mine information and analyze data

(3) Financial and business data:

• Revenue in 2020 exceeded US$300 million, gross profit exceeded US$200 million
• has more than 690 customers, and the number of government and non-commercial organizations has exceeded 140
• average customer unit price is around US$500,000. In the past three years, customers with customer unit price above US$1 million accounted for more than 10%

Recommended target

1. ClickPaaS

• Business Introduction:

ClickPaaS is a model-driven low-code development platform company, aiming to help SaaS enterprises, consulting companies and enterprise-level customers reduce the digital response time and costs in complex business demand scenarios.

• Financing history:

• 2018.1 Angel round Yunyan Capital
• 2019.8 Round A Millions of USD Wuyuan Capital
• 2019.12 Round A Millions of USD Mingshi Capital
• 2021.3 Round B Tens of Millions of USD BAI Capital SIG Haina Asia Venture Capital Mingshi Capital Wuyuan Capital
• 2021.10 Round B+ Tens of Millions of USD Sequoia China BAI Capital SIG Haina Asia Venture Capital Mingshi Capital Wuyuan Capital
• Recommended reasons:

1. ClickPaaS has completed modeling implementation and domestic replacement in key business systems and core business systems. It has top full-scene model-driven design capabilities. It is also the most leading enterprise in the construction of open source and open ecosystems in China;
2. customers cover finance, government affairs, industry, logistics, energy, medicine and other industries. The team has rich experience in large customers and has well-known partners in engineering construction, human resources management, MRO procurement and project management systems and other fields and scenarios;
3. revenue reached 10 million yuan in 2019, 2021 Annual revenue is expected to double.

2. Light stream

• Business introduction:

Light streaming A codeless system building platform. Without IT personnel helping to develop, users can build applications through light flow, so as to achieve "alignment", "alignment" and "allow use".

• Financing history:

• 2017.01 Seed round 600,000 RMB Longpei Capital
• 2017.08 Angel round Undisclosed Innovation Manger
• 2018.12 Pre-A round Nearly tens of millions of RMB Xiao Miao Langcheng New venture capital
• 2020.10 Round A Tens of millions of RMB Source code capital Xiao Miao Langcheng New venture capital
• 2021.03 A+ round tens of millions of RMB Tencent Investment Source Code Capital
• 2021.10 Series B Qiming Venture Capital Zero One Venture Capital Tencent Investment Reasons for recommendation of new venture capital
• :

1. has served more than 200,000 domestic and foreign enterprises, government agencies and schools, and the industry covers dozens of industries such as the Internet, manufacturing, retail, education, engineering and construction, finance, life services, entertainment and media;
2. has developed solutions for nearly 100 business scenarios such as enterprise resource management, production management, project management, order management, customer relationship management, personnel and administrative management, etc.;
3. has increased its revenue by 4-5 times for three consecutive years, and its profit model is mainly subscription-based annual fees, with an average customer price of 100,000 to one million;
4. Tencent Cloud Partner has received two rounds of investment support from Tencent.

3. Xingyun Innovation

• Business Introduction:

Xingyun Innovation is a one-stop cloud native development platform product and solution provider, providing enterprises with all support needed for project management, architecture design, code writing, test operation, operation and maintenance operations and other links, helping independent developers and enterprises to implement containers, DevOps, and microservice architectures, significantly improving development benefits.

• Financing history:

• 2018.07 Angel round Nearly ten million RMB Guotou Dongxing
• 2019.08 Round A 30 million RMB Zhengxuan Investment
• 2020.01 A+ round Shenzhen Hi-Tech Investment
• 2020.06 Pre-B round Zhongyun Chuang Investment Zhengxuan Xingyun Venture Capital
• 2021.07 Round B Alibaba
• Recommended reasons:

1. Alibaba Cloud and Xingyun Innovation will provide enterprise customers with cloud-native application development, business intelligent operation and maintenance services through product combinations, and conduct in-depth cooperation;
2. two founders have strong technical strength and business sensitivity. CEO Wu Di was the initiator of Dell Venture Capital in the United States. During his time at Dell and Huawei, he was responsible for the strategic planning of the enterprise's cloud business and IoT business; CTO Ma Hongxi designed and delivered Huawei desktop cloud, and served as chief architect, R&D manager, technical director and other positions in Rancher Labs, Citrix Systems, Oracle, Microsoft and other companies.