China-based industrial software developer RootCloud closed a RMB500m ($72.2m) series B round on Monday that included Galaxy Finance Holding Group, a subsidiary of real estate developer Galaxy Holding Group.
The round was led by private equity firm Hejun Capital and also featured ZWC Ventures, Rising Investments, Huaxu Capital and Matrix Partners.
Founded in 2016, RootCloud has built a software platform that enables industrial manufacturers to digitise their operations using internet-of-things (IoT) and big data technology.
The company has helped connect more than 560,000 pieces of industrial equipment, in areas such as industrial robotics, smart motors, intelligent machine tools, medical devices, dryers and farming tools.
The proceeds will fund research in technologies such as artificial intelligence, edge computing and big data, as the company looks to expand its industrial IoT offering.
RootCloud previously received a nine-figure remnibi amount (RMB100m = $15m at contemporary rates) in a 2017 series A round backed by Chinese state-owned investment holding firm State Development & Investment Corporation (SDIC), Matrix Partners and Hiyield Capital.