China-based residential community technology developer Qinlin Technology has raised a nine-figure renminbi sum (RMB100m= $14.9m) in a series B round that included two corporate investors, China Money Network has reported.
The round closed in March 2019 and featured consumer electronics producer Xiaomi and JD Digits, the financial technology subsidiary of e-commerce firm JD.com, according to information from business data provider Tianyancha.
Founded in 2015, Qinlin produces security technology that includes intelligent security gates that can be opened using smartphones, which link to a software platform that can track the entrance and departure of guests, manage residential services and function as a social network for local community residents.
Property managers can circulate and track information using advertisements on the company’s gates, which have been installed in roughly 25,000 neighbourhoods across more than 100 cities. Its platform also offers a buying service facilitating the delivery of goods such as fresh produce to residents.
Qinlin will use the funding to develop its business, make strategic hires across the company and strengthen its data management capabilities. It had previously raised a nine figure renminbi amount in a 2018 series A-plus round led by investment firm Shangshi Fund.