US-based mobile sensor manufacturer Shanghai QST Corporation has received RMB350m ($49.4m) in series B-plus funding from investors including conglomerate Runcheng Group, DealStreetAsia has reported, citing a company statement.
The round also featured GP Capital, a fund backed by government-owned financial holding group Shanghai International Group, as well as Jiuyou Fund, Junyida Capital Management, New Alliance Capital and Lingang Sc-Innovation Investment.
Founded in 2012, QST provides microelectromechanical system sensors for use in smart mobile terminals, internet-of-things systems, unammed aerial vehicles, wearable devices and vitrual and augmented reality systems.
The company has allocated the series B-plus funding to the scaling up of its inertial measurement unit manufacturing.
Shanghai Alliance Investment, Chongqing Linkong Development Investment Group and State Development and Investment Corp’s SDIC Venture Capital Fund had provided an eight-figure renminbi amount for QST in October 2018. It has not revealed firm details of earlier financing.
