Giga Cloud Logistics has secured 260 million yuan ($40 million) in new funding from JD.COM and Oriza Holdings, while Jiangxing Intelligence has raised nearly 100 million yuan ($15 million) in its Series A+ round led by Poly Capital.
JD.COM invests in Giga Cloud Logistics
Crossborder business-to-business (B2B) logistics solutions provider Giga Cloud Logistics Inc. has announced the completion of a 260 million yuan ($40 million) funding round from Chinese e-commerce conglomerate JD.COM and Oriza Holdings, an investment firm with over 50 billion yuan ($7.6 billion) in assets under management.
It marks a milestone for Giga to join hands with JD and set up a global digital trading platform.
“Besides Europe and US, we will foray into other international markets, as well as advance our capacities in technology innovation, logistics storage, and talent recruitment,” said Lei Wu, the CEO at Giga, in the statement.
As a subsidiary of crossborder logistics player Oriental Standard, Giga helps suppliers and resellers transport heavy and large parcel merchandise globally. Besides, it also offers supplementary last-mile delivery and third-party logistics (3PL) services.
The company is based in East China’s Suzhou city, with divisions in Shenzhen, Ningbo, and also overseas. Its top clients include furnishing players Red Star Macalline International, Heng Lin Furnishings, and ZOY Home Furnishing Corporation.
Its early-stage investors also include Macalline International and DCM Ventures.
Jiangxing Intelligence bags nearly $15m in Series A+ round
Nanjing-based edge intelligence services developer Jiangxing Intelligence said on Thursday that it has secured nearly 100 million yuan ($15 million) in a Series A+ round of financing led by Chinese leading realty developer China Poly Group Corporation’s Poly Capital.
Shanghai state-backed Lingang Ventures and Tsing Ventures, which participated in the fresh funding round are the two new investors, while long-term backer Sequoia Capital China also joined the round, the company said on WeChat.
Sequoia had initially invested in Jiangxing in 2018 exclusively pouring ‘millions of US dollars’ in an angel round. Subsequently, in 2019, Sequoia also joined hands with Baidu Ventures and Green Pine Capital Partners pumping 30 million yuan ($4.6 million) in Jiangxing’s Series A round.
Set up in 2018, Jiangxing uses novel edge intelligence and AI technologies to develop new generation cloud-computing driven internet of things (IoT) services. Its flagship products EdgeBox and JX-TD1A are widely used in the areas of energy internet, industrial surveillance, and smart storage.
Some of its state-owned clients consist of State Grid, China Southern Power Grid, China National Petroleum Corporation, and Beijing Enterprises Water Group, among others.