Insurance firm China Life has co-led a RMB2.4bn ($356m) series A round for China-based supply chain services provider Jusda, according to an announcement on WeChat by China International Capital Corporation (CICC) today.
Investment manager CICC co-led the round through its CICC Capital unit, as did venture capital group IDG Capital, while engineering services firm China Railway Group, Titanium Capital and Yuanhe Origin Investment also participated.
Formed as an affiliate of manufacturing services firm Foxconn and rebranded in 2015, Jusda has built a platform that uses artificial intelligence and big data to manage diversified supply chains on behalf of customers.
The product brings together the sourcing of supplies, materials and equipment with the delivery of finished products, helping businesses find partners at both ends of the manufacturing process.
Proceeds from the series A round, which CICC claims is the largest ever to be closed by a business-to-business logistics provider, will be used to strengthen Jusda’s technology capabilities and increase the range of services it offers.
The company also intends to expand the reach of its platform geographically, to take in more international, cross-border activities as it looks to further integrate upstream and downstream supply chains. It already maintains 60 warehouses worldwide and services more than 400 urban centres.
