China-based smart city technology developer City Cloud International (CCI) has raised RMB1bn ($154m) in series D funding from investors including media group Zhejiang Newspaper Media Holding Group, 36Kr reported on Wednesday.
Fresscon Capital invested on behalf of Zhejiang Newspaper Media and was joined by fellow returning investors DT Capital Partners, JG Investment and Tsinghua Venture Capital’s HuaYi Ventures.
The government-sponsored Yuexiu Financial Holdings’ Industrial Fund, Hangzhou Hi-Tech Investment, Hangzhou Gaoxin Venture Capital and Jiashan County State-Owned Assets Investment filled out the participants.
Founded in 2012 and also known as City Cloud Technology, CCI is developing big data technology for urban digital infrastructure, focusing on city management, social governance, parking space, security and other smart city-related areas.
The funding will go to technology innovation, talent recruitment, data analytics and other digitalisation initiatives. CCI had secured $76m in a November 2020 pre-series D round led by a representative of Zhejiang Fu Zhe Capital Management and backed by Winreal Investment and Yinxinggu Capital.
State-backed property developer Greenland Holdings supplied $43.2m in series C funding for the company in mid-2019, two years after networking technology producer Cisco’s corporate venturing arm, Cisco Investments, and real estate developer Country Garden had provided $30m.
