An Internet technology company operating in the content platform, ByteDance, has acquired the no code developing firm Hipacloud. Following the takeover, Hipacloud has stopped its services and website maintenance. ByteDance also acquired the Hipacloud team and founder Chen Jinzhou has joined ByteDance owned enterprise collaboration platform Feishu. Users have got time until 31st May 2022 to export their data from the platform and those with active policies will be given options of refund or migrating their data to Hipacloud’s partner Mingdao.
An initial Series A funding was received by Hipacloud from ByteDance during July 2021. Wuhan Quanying Technology Partnership and Beijing Quantum Jump Technology Co., Ltd. a subsidiary of ByteDance, real shareholders of Hipacloud have withdrawn from the ownership during the beginning of 2022.
Hipacloud is branded as a tool for creating web forms and collecting data. Feishu’s business team was driving the purchase, and Feishu already possessed multi-dimensional form and other basic products. Hipacloud’s business activities were supposed to be wrapped after some discussion.
After many low-code and no-code firms started receiving large investments, there was a no-code, low-code investment boom in China. Manufacturers often adopt one of two paths: one to target the major client market and give project services, and the other to target the SME market and supply goods, where Hipacloud favors the second path.
The weakness in the commercialization part was not able to get covered by its strength in research and production and this had resulted in the ownership transformation of Hipacloud. The unstable situation in the SME market has also fueled up the situation and impacted Hipacloud and other companies in the same domain as well.