US-headquartered wealth management software provider MX Federation has secured an eight-figure dollar sum in a series C1 round that included media conglomerate Bertelsmann, China Money Network has reported.
The round was led by BitRock Capital, an investment fund sponsored by logistics services provider and asset manager Global Logistics Properties, and included Qianshan Capital, Korea Investment Partners (KIP) and Fellow Partners. Bertelsmann took part through its Bertelsmann Asia Investments (BAI) unit.
Founded in 2015 and formerly known as Meixin Global, MX Federation, has developed software that helps Chinese high-net-worth investors access overseas asset managers and wealth management products such as fixed-income and private equity investments, secondary vehicles and hedge funds.
The funding will go to research and development as MX looks to enhance its artificial intelligence (AI) technology and improve its core platform and investment services. It told 36Kr it expects to file for an initial public offering in the US by 2020.
KIP led an eight-figure dollar-sized series A round for the company in 2017, which came after an eight-figure renminbi (RMB10m = $1.49m at current rates) amount of pre-series A funding from BAI, Plum Ventures, Atom Ventures and Taoshi Capital in 2016.