CASICloud-Tech Co., Ltd, a developer of cloud-driven industrial internet platforms, has garnered 2.632 billion yuan ($404 million) from 17 marquee investors, the company said in a statement dated March 17.
It added that the new round marks the largest single funding in the industry in the country.
The round was co-led by China’s state-backed investors including ICBC Capital, the investment arm of Industrial and Commercial Bank of China (ICBC), and China Merchants Capital, besides Shenzhen Capital Group.
With the new funding, CASICloud will accelerate the developments linking to tech-innovations, cloud platform ecosystems, market expansions, as well as assets management.
The fundraising comes less than a week after China’s State Council, in its Fourteenth Five-Year Plan, stressed on the need to facilitate the added value of the Chinese economy’s core sectors to 10% by 2025, up 2.2% compared with 2020. The core sector includes cloud computing, big data, IoT, the industrial internet of things, blockchain technology, AI, virtual reality, and augmented reality.
CASICloud, which is backed by state-owned aerospace and defence equipment giant China Aerospace Science and Industry Corporation, is designed to support the transformation of smart manufacturing through delivering new generation industrial internet platforms and tools.
The developer’s flagship platform INDICS, a versatile system integrating cloud computing, IoT, big data, and other machine learning technologies, can help enterprises improve operational efficiency.
The Beijing-based CASICloud claims to have served over 800,000 industry conglomerates like China Mobile, China Telecom, China State Construction, Sinopec, State Grid, and China Resources, among others.
Before the latest transaction, CASICloud closed two other rounds of financing from China Aerospace Science and Industry, Aerosun Corporation, Avic Const Group, Honghui Holdings, and Xinsheng Capital, among others.