China-based internet-of-things (IoT) chipmaker Xinyi Information Technology has received nearly RMB500m ($77.6m) in a series B round featuring water meter manufacturer Ningbo Water Meter, DealStreetAsia reported today.
Financial services firm China Merchants Bank’s CMB International arm and financial services provider China International Capital Corporation’s CICC Alpha unit co-led the round.
China Merchants Capital, a joint venture between logistics services provider GLP and state-owned conglomerate China Merchants Group, also participated in the round, as did Frees Fund, Chendao Capital and Huarui Investment.
Founded in 2017, Xinyi is developing and commercialising a range of narrowband IoT computer chips that utilise low-power, wide-area technology. Its products are used in sectors such as telecommunications and power management.
The series B funding will support research and development activities for the company’s products and will allow it to hire new staff and enhance the strength of its supply chain.
Xinyi picked up $28.3m in a series A-plus round in June 2020 that was led by CTC Capital and backed by Septwolves Venture Capital, a vehicle representing tobacco and apparel prrovider Septwolves, in addition to Sinowisdom Capital, Frees Fund and Orient Jiafu Asset Management.
The company had previously raised an eight-digit renminbi amount (RMB10m = $1.45m) of series A funding in a 2018 round that included Septwolves Venture Capital, Orient Jiafu Asset Management and Jiangsu Govtor Capital Group’s Bondshine Capital.
The 2018 round came after Xinyi secured an undisclosed amount of pre-series A funding in July 2017, following an undisclosed sum raised from Frees Fund, CAS Star and Zhejiang Pudu Technology three months earlier.