Hong Kong-headquartered intelligent manufacturing technology major SmartMore on Thursday announced that it has raked in an aggregate of $200 million in a Series B round of financing. With this round, the startup is said to have gained entry into the coveted unicorn club.
New investors who participated in the round include Hermitage Capital, Bull Capital Partners as well as APlus Plus Partners.
Existing backers IDG Capital, Sequoia Capital China, Lenovo Holdings’ corporate venture capital firm Lenovo Capital, ZhenFund, CoStone Capital and Green Pine Capital Partners joined the round, the investee said in a statement.
With the new proceeds, SmartMore will bankroll the projects linked to product and technology R&D.
SmartMore claims that its complete AI intelligent manufacturing system has served over 100 top enterprises such as Carl Zeiss, Airbus, Bosch, Canon, and Schaeffler.
IDG Capital, a long-term investor in SmartMore, had initially invested ‘millions of US dollars’ in SmartMore’s angel round in January 2020 and in its pre-A round in June.
In October of 2020, IDG partnered Sequoia Capital China, Lenovo Capital, ZhenFund, CoStone Capital, Green Pine Capital Partners and others to collectively put more than $100 million in the firm’s Series A round.