China-based 5G communications technology developer Hongshan Information Technology has collected RMB100m ($14.5m) in an angel round led by Legend Capital, the venture capital firm established by conglomerate Legend Holdings.
Private equity firm China Broadband Capital, venture capital firm Eastern Bell Capital and Broad Vision Funds also participated in the round.
Beijing Hongshan was founded in November 2018 by the former CEO of telecommunications equipment producer ZTE, Zhao Xianming, who had left the corporate four months earlier.
Officially known as Beijing Hongshan Information Technology Research Institute, the company is working on technologies for 5G mobile networks. China granted its first commercial-use 5G licences earlier this week, to telecoms companies and a large broadcaster.