EO company (亿欧公司), China's leading technology and industrial innovation service platform, announced on May 31 that it had completed a Pre-Series C funding round of CNY 80 million (USD 11.6 million), led by Yijing Capital (沂景资本).
Previously, the company had gone through four rounds of financing led by Incapital (盈动资本), Gaorong Capital (高榕资本), Shengjing (盛景网联) and Star VC.
According to EO executives with knowledge of the matter, money raised during this round of financing will be mainly used to expand the scope of services and aid the company's drive to go global.
The firm has been deeply engaged in more than 10 industry verticals in the past five years. It has achieved high acclaim through two main activities: High-quality business analysis and MICE (meetings, incentives, conferences and exhibitions).
At the same time, EO encourages internal entrepreneurship. EOAuto, a subsidiary of EO Company, announced in November 2018 that it had obtained angel financing to start its self-sustaining development. Two more in-house departments are expected to operate and receiving funding as independent spin-offs by 2019.
To compete globally, EO launched EqualOcean (亿欧国际) in November 2018, the division aimed at expanding into international markets. The new venture's business model revolves around providing the international business community with relevant analysis on China's promising startups. EqualOcean is planning to open a new office in New York City this September as the first step toward bolstering its global presence.
As China expands its influence in technology and science, the country is forecast to soon become a world leader in the number of "Fortune 500" companies. It goes without saying that China can match this new role by cultivating its answer to third-party organizations renowned for their services such as Bloomberg LP, McKinsey, Goldman Sachs and The Wall Street Journal.
"EO will make unremitting efforts to build a world-class third-party organization and obtain greater social and commercial value," Huang Yuanpu (黄渊普), Founder of EO company and EqualOcean, said at an internal meeting .
Dr. Wang Bin (王彬), Co-founder and President of EO, said different industries have distinct environments, innovative technologies, models and so on, and this is where third-party analysis on a case-by-case basis comes in.
According to a company statement, EＯ Company is leveraging innovative technologies and tools like digitalization to stimulate industrial innovation and boost the efficiency of content production. It is also intent on improving research and implementation and enhancing the quality of consulting service.
Yijing capital, a lead investor in this round of funding, owns a number of investment platforms as well as an investment fund. The fund is targeting such spheres as TMT, high-end intelligent manufacturing, mass consumption, medical care and health, among others.
Backed by Yizhou Group (沂州集团), one of China's top 500 companies by market capitalization, Yijing Capital possesses an extensive network of financial resources.
"We are firmly optimistic about EO team's determination to serve innovative industries," said Zhang Jianqun (张剑群), Chairman of Yizhou Group. "Yijing Capital has been supporting EO's development and will support its attempt to drive industrial innovation through financing."
EO achieved profitability in 2018. The company is planning a massive recruiting campaign this year, as it looks to bring its staff to 250 from currently 200.
Another stated goal for EO in 2019 is to boost its revenue to turn a profit by the end of 2019. EO Company plans to undertake a Series C financing round in the second half of this year.