Chinese industrial internet of things (IoT) service provider RootCloud announced on Monday that it has raised RMB500 million (US$72.21 million) in a Series B round of financing led by the country’s private equity firm Hejun Capital.

ZWC Ventures, a USD-denominated fund focused on early-to-mid stage investments, and a group of Chinese investment companies including Rising Investments, Galaxy Finance Holding Group, and Huaxu Capital, all poured money into the new round. The company’s returning investor, Matrix Partners, also participated in the new round. China Taihecap served as exclusive financial advisor in the transaction.

Founded in 2016 and incubated by Chinese heavy machinery maker SANY Group, RootCloud delivers software as a service (SaaS) on public cloud, providing digital applications and solutions based on IoT and big data for manufacturers, financial institutions, after-sales service providers, and government bodies, among others.

Source: https://www.chinamoneynetwork.com/2019/06/17/chinese-industrial-iot-service-provider-rootcloud-nets-72m-in-series-b-round