China-based industrial internet technology developer Hanplatform has secured RMB300m ($42.9m) in series A funding from investors including media company Xinhua Daily Media Group, DealStreetAsia reported on Monday, citing a company filing.
Hedge fund manager Hillhouse Capital led the round, which also featured CETC Fund Management, an affiliate of telecommunications equipment maker China Electronic Technology Group Corporation, as well as growth equity fund SAIF Partners China, investment managers China Innovation Capital and Jiaxing Yunrong Investment Management.
Also known as Xreacloud, Hanplatform has built an industrial internet-of-things platform that can connect a range of machinery, sensors and control systems while generating considerable amounts of data from a user’s industrial processes.
The company was spun off from construction machinery manufacturer Xuzhou Construction Machinery Group (XCMG). Its stake in the company was diluted from 60% to 45% in the round, according to EqualOcean, which reported that it raised the funding at a $215m post-money valuation.
