AI-based smart city internet operator City Cloud Technology Co Ltd has secured a strategic investment from blockchain provider Hangzhou Qulian Technology Co. Ltd (Hyperchain).
Following the deal, Hyperchain will become a majority stakeholder in CCI.
Set up in 2012, CCI seeks to provide intelligent products and solutions to expedite digital transformation. CCI has launched the concept of the Internet of City, an ecosystem that combines new technologies such as big data, AI and IoT.
Headquartered in Hangzhou, CCI has offices in Hong Kong, Beijing, Shanghai, Chengdu and Wuhan.
As part of the latest partnership, the firm will deploy blockchain products and solutions to boost efficiency in areas such as smart parking, cross-border e-commerce, and banking.
CCI previously raised as much as 500 million yuan ($73 million) from state-owned real estate developer Greenland Group and Country Garden Holdings Co.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on January 15, 2020.