Chinese logistics startup Cortp.com has banked hundreds of millions of Chinese yuan in a Series C funding round led by US-China Green Fund and Lantern Venture, according to an announcement.
Offering recyclable packaging solutions for its customers through an IoT-based logistics sharing platform, Cortp.com said it will use the funding to further develop the cloud-based platform, which will enhance the smart packaging embedded in the entire supply chain.
The company claims it operates nearly 200 service stations, providing returnable alternatives to disposal shipping boxes for six industries of liquid goods, fresh fruits and vegetables, postal express, flower delivery, cold chain logistics, and auto parts.
It added that the technology also allowed customers to track their cargo transportation in real-time.
US-China Green Fund CEO Bo Bai said the maturity of 5G, IoT and AI has created huge market space for industrial upgrading and green investment. Meanwhile, more than 80 per cent of Chinese manufacturing businesses still use traditional packaging products, which places huge pressure on environment protection.
Founded in 2016, the fund focuses on investments in green energy and consumption in China and the US. Its debut fund is a 3.7-billion-yuan ($550-million) vehicle, and the firm is already raising a larger second yuan fund, Techcrunch reported.