Beijing Wanlihong Technology Co.Ltd has garnered as much as 300 million yuan ($42 million) in a new funding round led by state-backed investment manager Cash Capital, according to a company statement on Thursday.
The move comes about seven months after it had secured 850 million yuan ($120 million) from electric appliances giant Gree, and Jingque Capital in September 2019.
Founded in 2001, Wanlihong offers more than 120 proprietary products covering cybersecurity, e-governance, iris recognition, telecommunication, AI, among others.
With about 1,000 professionals, the Beijing-based Wanlihong has also set up two subsidiaries in Tianjin and Zhuhai.
Wanlihong will allocate the proceeds to upgrade its R&D capacity, accelerate business development, and expand its presence in the iris recognition market.
Back in 2012, Wanli Jincheng Investment had infused an undisclosed equity investment in Wanlihong. Currently, Wanli Jincheng is the largest shareholder with a 29.40 per cent stake.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on April 16, 2020.