Chinese Online Industrial Parts Marketplace Raises Nearly $15M Series B Round, a Chinese e-commerce platform for industrial parts, announced on Monday that it has secured nearly RMB100 million (US$14.89 million) in a series B round of financing led by Chinese investment firm Hongtai Fund, with participation from venture capital firm Eastern Bell Venture Capital., fully known as Shanghai Haizol Network Technology Co., was founded in 2015 to operate as an online marketplace that connects sourcing professionals with contract manufacturing companies worldwide. The platform primarily helps small- and medium-sized companies locate experienced original equipment manufacturers (OEMs) in Asia.

The processes on its online manufacturing community include assembly, die casting, injection molding, investment casting, injection mold making, fabrication, and metal stamping. Nearly 600,000 Chinese parts makers already registered on its online platform, providing components and parts to buyers from over 100 countries, said in the statement.  

"Through the multi-dimensional data collected in the previous stage, has laid a solid foundation for the construction of its follow-up one-stop solution. With the continuous upgrading of its platform capabilities, the past inefficient and cumbersome transaction process between supply and demand sides will become more efficient and transparent," said Chen Xiao, partner of Hongtai Fund.

Proceeds of this round will be used for expanding its one-stop sourcing and solution business in the North American and European markets. The company also seeks to develop artificial intelligence (AI)-based price-checking tools and factory intelligent matching systems to improve its supply chain capabilities.

The Shanghai-based firm has completed five rounds of financing before the latest. It raised a nearly RMB100 million (US$14.89 million) series A+ round from Zhishu Capital in 2018 and a RMB40 million (US$5.95 million) series A round led by Eastern Bell Venture Capital in 2017.

It also completed a series pre-A financing round from Woofoo Capital in 2016 and an angel round from Haier Financing Holdings in 2015, without financial details in the two rounds.