China-based manufacturing software developer Black Lake Technologies has secured RMB150m ($22.1m) in a series B round co-led by Bertelsmann Asia Investments, a corporate venturing subsidiary of media conglomerate Bertelsmann.
The round was co-led by GSR Ventures and also featured fellow venture capital firms GGV Capital and Zhenfund.
Founded in 2016, Black Lake provides cloud-based software that helps manufacturers collate, manage and analyse their data to help optimise the production process.
Proceeds from the round will be used to expand the company’s engineering and sales teams, with additional capital to be allocated to product development.
Black Lake received $1.4m in a 2017 series A round backed by GGV Capital, according to DealStreetAsia. It added to $1m the company had raised from ZhenFund, VC group IDG Capital and VC firm China Growth Capital in 2016.