China-based industrial internet-of-things (IoT) platform Cosmoplat has raked in $155m in a series B led by insurance provider China Life, according to DealStreetAsia.
China Life led the round through the China Life Science and Technology Innovation Fund, a vehicle backed by the corporate’s alternative investment arm China Life Capital Investment.
Shanghai Guohe Capital, Guosheng Capital, Shandong New Growth Drivers Fund Management, Qingyue Fund, Cowin Capital, TopoScend Capital and Hongtai Aplus also took part.
Majority-owned by consumer appliance conglomerate Haier’s smart home division, Cosmoplat was founded in 2017 to develop IoT manufacturing capabilities, integrating equipment with smart control systems and artificial intelligence for interconnected industrial systems.
The series B money will be put towards developing the core platform, improving the product line and expanding the business.
Cosmoplat raised $146m in an initial series A round in April 2020 from Cowin Capital, TopoScend Capital, SAIF Partners, GF Venture Capital, China Structural Reform Fund and China Merchants Zhiyuan Capital Investment.
It was followed by a $30m second tranche in July 2020 from National Manufacturing Transformation and Upgrading Fund and state-owned DFI China Development Bank’s investment subsidiary China Development Bank Capital.
