IDG, Matrix Join $20M Series A Round In OlymTech

OlymTech Corporation, a China-based IT solution service provider for logistics companies, has raised approximately US$20 million in its series A financing round from IDG Capital Partners, Matrix Partners and Yunqi Partners, according to a company announcement.

Founded in 2002 by IT and logistics professionals from the Silicon Valley and China, OlymTech provides cloud-based IT solutions for a international freight and logistics services providers.

Currently, it has over 1,500 forwarders and 150,000 active users in its network, and has operations in major international logistics gateways in China, including Shanghai, Shenzhen, Guangzhou, Ningbo, Qingdao, Tianjin and Xiamen.

It also runs three research and development centers in Hangzhou, Shanghai and Ningbo, according to its website.