Evernote spins off China unit to upgrade services

Evernote, the Silicon Valley-based information organization application, recently announced it has spun off its Chinese unit as an independent entity with full autonomy over its operation and management, in a significant step that will allow it to better approach the local market.

Yinxiang Biji, the China-based service launched by Evernote in 2012, claimed it raised more than 100 million yuan ($15.6 million) in a Series A round of financing from the Sequoia CBC Cross-border Digital Industry Fund, as part of its new move.

Raymond Tang, CEO of Yinxiang Biji, said the ownership of the new Sino-US joint venture is divided roughly equally between Evernote, the Chinese cross-border investor and the new company's management team.