Property developer Greenland Holdings has co-led a nine-figure renminbi (RMB100m = $14.1m) round for China-based wireless broadband technology developer Baicells Technologies, China Money Network reported yesterday.
The series C round was co-led by state-owned investment unit China Internet Investment Fund with contributions from Golden Brick Capital, Sunic Capital, Qiushi Capital and Silkroad Goldenbridge Capital Management.
Founded in 2014, Baicells offers 4G and 5G wireless internet infrastructure that enables mobile network operatoes and industry clients to expand the capacity of their networks across North America, Southeast Asia, Europe and the Asia Pacific region.
The first Chinese 5G networks have now launched but operators must generate revenue to fund expansions and reach more of the country’s 1.4 billion citizens.
Greenland Holdings supplied Baicells with $29.1m in funding in June 2019 after Qualcomm Ventures, the corporate venturing arm of mobile chipset maker Qualcomm, had led its $14.6m series B-plus round five months earlier.
The January round came after an undisclosed amount of funding from Heju Baichuan, Shengshi Ocean Shipping Fund, Yizhuang National Investment and Liuhe Fund in early 2018.