China-based industrial software provider New Core Tech has received RMB200m ($30.9m) in a series C round co-led by consumer electronics producer Xiaomi.
Shunwei Capital co-led the round, which included Northern Light Venture Capital and Cowin Capital. Xiaomi was represented by coprorate venture capital vehicle Xiaomi Ventures.
New Core Tech has built industrial artificial intelligence, big data and internet-of-things technologies to help digitalise automotive parts and equipment factories. It claims more than 1,200 companies are among its customers.
The funding will be used to foster strategic alliances, expand geographically and increase headcount. New Core Tech had received $23.3m in a series B-plus round led by Cowin Capital in January this year and backed by IDG Capital and Northern Light VC.
Northern Light had joined Futian Capital and Qinglan Capital, a vehicle sponsored by IT services firm ChinaSoft International, in a series B round sized at tens of millions of yuan (RMB10m = $1.4m) for the company in 2019. It had raised $3m in series A funding from Northern Light two years earlier.
