City Cloud Technology (CCI), a China-based smart city technology developer backed by corporates Cisco, Greenland Holdings and Country Garden, has received RMB500m ($76m) in a pre-series D funding round, DealStreetAsia reported on Tuesday.
The round was led by a fund co-launched by investment firm Zhejiang Fu Zhe Capital and financial services firms Industrial and Commercial Bank of China and China Construction Bank, all of which are state-owned.
Investment firms Winreal Investment and Yinxinggu Capital also participated in the round, which came after an undisclosed amount from Hangzhou Qulian Technology, the blockchain technology provider also known as Hyperchain, in January 2020.
Founded in 2012, CCI uses technologies such as artificial intelligence, the internet-of-things and cloud computing to provide products and services for applications including city management and social governance.
State-backed real estate developer Greenland Holdings provided $43.2m in series C funding for CCI in June 2019. It had raised $30m from networking technology producer Cisco’s corporate venturing unit, Cisco Investments, and residential property developer and operator Country Garden in 2017.