AAA Wuxi Xuelang exalts pre-series A round

Wuxi Xuelang exalts pre-series A round

Wuxi Xuelang Digital System Technology, a China-based industrial data analytics provider co-founded by e-commerce firm Alibaba, has collected almost RMB100m ($14.5m) in pre-series A funding.

The round was led by Mount Morning Capital,  a subsidiary of VC firm China Broadband Capital, and featured SDIC FOF, part of state-owned investment holding group State Development and Investment Corporation.

Founded in 2018 by Alibaba and Wuxi’s city government, Wuxi Xuelang Digital has built a 5G-driven data analytics platform that is used by almost 50 corporate clients to glean real-time data insights into their industrial operations.

Wuxi Xuelang reported an eight-figure renminbi (seven-to-eight figure dollar) turnover for 2018, the same year VC firm Yinxingu Capital reportedly supplied the business with an eight-digit renminbi amount of seed funding.

Tian Suning, chairman of China Broadband Capital, said: “The integration of 5G and industrial internet is the key to the digital transformation of the manufacturing industry. It is also the key segment of our investment in the industrial internet space.”

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