Allchips Limited, a Chinese all-in-one supply chain service platform for electronic components, announced on Monday the completion of a nearly US$10 million series B1 round of financing from Chinese investment fund MFund.
Allchips, formally known as Shenzhen Qianhai Yingzhicheng Information Technology Co Ltd, was launched in March 2016 to serve as an online platform for electronic components. The company combines big data with artificial intelligence (AI) to provide small and medium-sized enterprises with services like the bill of materials (BOM) cost calculation, risk management, substitute materials recommendation, and one-stop component delivery.
The company is based in southern China’s Shenzhen city with warehouses in both Shenzhen and Hong Kong. The company said it has cooperations with more than 1,300 chip factories and authorized agents worldwide. The stock keeping units (SKU) of Allchips have exceeded 20 million in 2018, covering 90% mainstream brands and products.
Proceeds of this round will be used to finance brand promotion, market expansion, supply chain construction, AI application, and enhancement of its one-stop delivery capability.
The Shenzhen-based company secured RMB10 million (US$1.49 million) in a series A round led by Chinese venture capital firm Luckey Ventures in January 2018. It also raised a pre-A round led by Bluesea Power Capital in June 2017 and an angel round from Reading Capital in June 2016. Financial details of the previous two rounds remained undisclosed.