CasiCloud-Tech, a China-based industrial cloud technology provider backed by aerospace and defence equipment manufacturer China Aerospace Science and Industry Corporation (Casic), has raised RMB2.6bn ($404m), China Space News has reported.
The Chinese state-owned China Merchants Capital and Industrial and Commercial Bank of China’s ICBC Capital subsidiary co-led the round with venture capital firm Shenzhen Capital. The other 14 participants were undisclosed.
Founded in 2015, CasiCloud provides cloud-based automated production software for the aerospace industry. Its lead product, Indics, helps aircraft and spacecraft manufacturers enhance their processes through big data, machine learning algorithms and internet-of-things technology.
China Mobile, China Resources, China State Construction, China Telecom, Sinopec and State Grid are among the company’s customers. It will use the funding to boost product development efforts, improve its cloud technology, expand into new markets and optimise its capital structure.
Casic took part in a pre-series A round of undisclosed size for CasiCloud in 2018, investing alongside Honghui Holdings and Xinsheng Capital.
The corporate had already provided an undisclosed amount of angel funding for CasiCloud three years before, participating together with its Aerospace Precision Products, Aerospace Systems, Aerosun, Aisino and Avic Const Group subsidiaries, according to financial data aggregator Tianyancha.
