E-commerce group Alibaba has invested RMB500m ($70m) in China-based property design software developer 3vjia, China Money Network reported today, citing a report by local media source Iyiou.
Founded in 2013, 3vjia supplies property developers with products and services that exploit deep technologies such as cloud computing, big data and artificial intelligence.
The company recently introduced a system that models building information, allowing customers to meticulously plot out the design of properties using virtual facsimiles of interior fixtures such as furniture.
The investment gave Alibaba a 20% stake in 3vjia, making it the company’s largest shareholder, followed by company founder Cai Zhisen with 12.7%.
Furniture retail chain Red Star Macalline is the company’s third-largest shareholder with a 12% stake, having led its $47.7m series B round in March 2018.
SoftBank China Venture Capital, an investment vehicle for telecommunications and internet group SoftBank, had reportedly already joined GF Xinde Investment Management to provide an undisclosed amount of series A funding for 3vjia according to China Money Network.