Chinese high-tech enterprise Xuzhou Construction Machinery Group (XCMG) Information has raised a RMB300 million (US$43 million) series A round for its Xrea industrial internet platform.
The latest round was led by Hillhouse Capital, with participation from SAIF Partners, CLP fund, China Innovation Capital and other investors.
Proceeds of this round will be used for the research and development of key technologies, and the construction of infrastructure and marketing systems.
XCMG Information was incubated from China’s manufacturing leader Xuzhou Construction Machinery Group founded in 2014 to serve the industrial internet. The Xrea industrial internet platform is built on open source internet technology, integrating cloud computing, big data, the internet of things, artificial intelligence and other emerging technologies.
The platform solves common problems encountered by enterprises in realizing digital transformation into intelligent production, services and products and provides an ecological environment for developers through industrial application, innovation and cooperation.
“The Xrea industrial internet platform has strong market competitiveness, leading technical strength and innovative development model. The cooperation between Hillhouse Capital and XCMG Information will help both parties to play advantages in digital transformation,” said Hillhouse Capital.
(This article is translated from XCMG Information. You can see the original article in Chinese here.)