China-based internet-of-things (IoT) chipmaker Xinyi Information Technology has received almost RMB200m ($28.3m) in series A-plus financing from investors including tobacco and apparel brand Septwolves, DealStreetAsia reported yesterday.
Private equity firm CTC Capital led the round, which included Septwolves vehicle Septwolves Venture Capital as well as Sinowisdom Capital, Frees Fund and Orient Jiafu Asset Management, according to a WeChat post by CTC Capital.
Founded in March 2017, Xinyi provides IoT communication chips that utilise an ultra low-power design. The capital will go to accelerating its research and development activities.
Frees Fund, CAS Star and Zhejiang Pudu Technology invested an undisclosed sum in the company in April 2017, three months before it added an undisclosed amount of pre-series A funding.
Xinyi then secured an eight-digit renminbi amount (RMB10m = $1.45m) in an October 2018 series A round featuring Septwolves Venture Capital, Orient Jiafu Asset Management and Jiangsu Govtor Capital Group’s Bondshine Capital vehicle.
Image courtesy of Xinyi Information Technology Ltd.
