Instruction Set has raised 100 million yuan ($14 million) in its Series A round of funding from Zhejiang Paradise Silicon Valley Asset Management Group while Soterea has secured ‘tens of millions of USD dollars’ in a Series A round from SK China.
Instruction Set bags over $14m in Series A round
Chinese internet of things (IoT) driven software startup Instruction Set said it has garnered more than 100 million yuan ($14 million) in its Series A round from Zhejiang Paradise Silicon Valley Asset Management Group and other unspecified investors.
The startup plans to invest in its IoT management platform innovation, the company announced on WeChat.
Headquartered in Hangzhou, the two-year-old Instruction Set is active in the IoT business providing IT infrastructure services for hotels, offices, campus spaces, among others. It claims that to have served over 300 clients.
Instruction Set has established an R&D centre in Hangzhou as well as two subsidiaries in Shanghai and Chongqing.
In 2019, Instruction Set had closed its angel round and equity investments from Zhongzhou Holding Group and Taiyou Fund, respectively.
SK China backs Soterea in Series A round
Commercial-vehicle driving safety solution developer Soterea has closed ‘tens of millions of USD dollars’ in a Series A round of financing exclusively from SK China, per a company statement.
The developer, set up in 2014, offers smart safety services to the commercial automotive segment. It leverages new-generation technologies for its advanced emergency braking system, intelligent brake-by-wire system, and IoT cloud platform.
It counts a collection of Chinese motor giants as top clients including Foton Motor Group, BYD, SANY, Golden Dragon, Saic-iveco Hongyan Commercial Vehicle, among others.
SK China, a subsidiary of Korean conglomerate SK Holdings, targets China-based investments in AI, semiconductor, information and communications technology, new material and logistics.