IIoT Solution Provider Mogulinker Completes Series B Round of Financing, Led by GGV
By 2020, China's industrial Internet market will reach USD 99 billion.
Mogulinker (蘑菇物联), a one-stop AIoT SaaS service provider for general industrial equipment, recently announced that it has closed a new funding round. The cash inflow will continuously bankroll its talent expansion, product R&D, business development and brand influence expansion. Founded in 2016, the accumulated financing of Mogulinker has reached nearly CNY 100 million.
Through its main product Mogu Box, which can connect to industrial equipment in factories, Mogulinker can use the data to help the manufacturer with production lines' prognostics and management. The functions include remote monitoring, smart controlling, fault warning, maintenance reminders, remote diagnosis, energy management and big data analysis. According to GGV, as a player in IIoT, Mogulinker’s revenue has grown rapidly at a rate of over 300% for four consecutive years, and it has served more than 5000 industrial enterprises in total.
On August 6 last year, Mogulinker signed a cooperation agreement with UFIDA (用友), and the Mugulinker ICRM will fully integrate UDIFA's ERP to provide a completed chain service of "machine, human, finance, goods and customers" for enterprise management. This is an important step for Mugulinker to build integrated industrial software.
Today’s industrial management is slowly transforming from human-centered to machine-centered since each running machine can generate lots of data every second. In an industrial automated production line, machine vision is mainly used in three major directions: detection and measurement, guidance and positioning, identification and analysis, corresponding to different downstream application fields, such as semiconductors and electronics, automotive, food and packaging, the pharmaceutical industry, etc. However, in this upgrading progress, many Chinese manufacturers are still in the early stages, as the automation level is relatively low.
According to CCID, at the end of 2019, the scale of China's industrial Internet market is expected to reach CNY 610.92 billion (USD 87 billion) in the next three years and the market will grow steadily at a compound annual growth rate of 14.1%.
Market Research's new study also shows that the global Industrial Internet of Things (IIoT) market is anticipated to reach USD 771.72 billion by 2026. Industries worldwide are looking for new business models to construct a connected enterprise layer that will merge their operational and information departments.