Chinese industrial internet platform COSMOPlat, developed by home appliance giant Haier Group, has raised 950 million yuan ($134 million) in a Series A funding round, led by state-owned China Structural Reform Fund Corporation Limited (CSRF).
Other investors who participated in the round include Shanghai Chengtou Holding’s investment vehicle ChengDing Capital, China Merchant Securities’ subsidiary CMSC, investment management firm TopoScend Capital, SH-listed Cowin Capital, China and India-focused private equity fund SAIF Partners and GF Venture Capital, according to a company statement.
Qingdao-based COSMOPlat, set up in 2017, claims to integrate smart manufacturing and technology to create what it calls an ecosystem for industries. The platform operates business layouts in internet platform management, industrial artificial intelligence (AI) research, smart control, and automation.
Driven by internet of things (IoT), COSMOPlat helps companies with big data applications, supply chain finance, collaborative manufacturing, and knowledge sharing.
COSMOPlat was listed on the national project of industrial internet innovation development by Ministry and Information Technology (MAIT) in 2018.
Haier Smart Home, a subsidiary of Chinese multinational home appliances and consumer electronics giant Haier Group, is the largest shareholder in COSMOPlat with 77.14 per cent stake.
Haier Group develops new technologies such as 5G, AI and AR to improve efficiency across 15 industries for small-to-medium enterprises.
The funding in COSMOPlat – one of the largest in the industry – will help it spruce up its flagship platform, ramp up talent, expediate sales and marketing developments, among others.
Launched in 2016 by China Chengtong Holding Group, CSRF is backed by ten state-owned organisations. The fund primarily provides financial support to state-owned enterprises thereby helping them with development, industrial consolidation, capacity adjustment, international mergers and acquisitions, among others.