Real Estate Industry Chain Empowerment Fund, co-founded by property developer Country Garden and conglomerate Poly Group, led a $50m series B round today for China-based cleaning equipment manufacturer Beijing Shunzao Technology.
Consumer electronics provider Xiaomi also took part in the round, as did Blue Lake Capital and Shunwei Capital.
Founded in 2019, Shunzao produces artificial intelligence-powered household cleaning appliances such as portable vacuum cleaners and smart sweeping robots, covering 20 international markets including Germany, Japan, Russia and Singapore.
Shunzao will use the funding to conduct technology research and development and build intelligent factories in a bid to meet the increasing global demand for household cleaning products. Xiaomi and Shunwei Capital had backed a March 2021 round of undisclosed size for the company.
Tang Cheng, founder of Shunzao Technology, said: “Shunzao has gathered a group of industry talents and cross-border elites to create a team with both industry expertise and multi-dimensional innovation capabilities.
“From day one, the company has focused on the needs of its users, creating products that are truly tailored to the cleaning scenarios of different countries and regions.” (Translated from Chinese by Global Corporate Venturing)
