China-based internet-of-things (IoT) technology developer Guangzhou Leyaoyao Information Technology has secured RMB150m ($21.5m) in series C funding from investors including internet group Tencent, DealStreetAsia reported on Monday.
The corporate was joined in the round by venture capital firm Bright Capital and GF Xinde Investment, an investment management subsidiary of capital markets service provider GF Securities.
Founded in 2015, Leyaoyao produces artificial intelligence-equipped IoT software that helps businesses manage the efficiency of automated systems such as vending machines, massage chairs or laundromat washing machines.
The company claims its technology is being utilised in upwards of 600,000 smart devices across Chinese cities.
The latest round comes in the wake of approximately $43m in earlier funding from rom GF Xinde Investment as well as DT Capital Partners, Qianhai Mergers and Acquisition Funds, Chengwei Capital and Mia, according to DealStreetAsia.
