China-based smart industrial product manufacturer Jiangxing Intelligence has raised almost RMB100m ($15.2m) in a series A-plus round led by Poly Capital, an investment arm of conglomerate Poly Group, DealStreetAsia has reported.
The round also featured Lingang Ventures, the venture capital arm of state-backed property developer Shanghai Lingang Economic Development, as well as VC firms Tsing Ventures and Sequoia Capital China.
Lenovo Capital, the corporate venturing arm of electronics manufacturer Lenovo, was named as an investor in the round by local media, as was Mizuki Capital.
Founded in 2018, Jiangxing Intelligence provides edge computing technology that strengthens artificial intelligence functionality on industrial systems with restricted connectivity and energy capacity.
The company pulled in ‘tens of millions’ of yuan (RMB10m = $1.5m) from Sequoia Capital China’s Seed Fund in 2018 before a $4.5m series A round in 2019 featuring Baidu Ventures, a corporate venturing subsidiary of internet group Baidu, and Green Pine Capital Partners.
Jiangchuan Liu, a professor at Simon Fraser University’s School of Computer Science and fellow at the Canadian Academy of Engineering, is Jiangxing Intelligence’s founder.