China’s industrial internet platform COSMOPlat raises $134m in Series A round

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.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.