Industrials Author: Yifan Zhang Editor: Yijuan Li May 16, 2022 11:55 PM (GMT+8)

China’s manufacturing industry is undergoing a shift to digital intelligence

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Chinese industrial data service provider Xuelangyun (Chinese: 雪浪云) announced on May 15 the completion of its over CNY 300 million (USD 44.2 million) Series B funding round. 

The lead investor is the Structural Adjustment Fund of China’s State-owned Enterprises (Chinese: 国调基金), followed by Poly Capital (Chinese: 保利资本) and Guolian Group Wuxi Intellectual Property Fund (Chinese: 国联集团无锡知识产权基金).

The proceeds will mainly be used to improve core technology, integrate industrial knowledge models, and establish strategic collaboration with universities.

Previously, Xuelangyun raised more than CNY 100 million in its Series A financing round led by Matrix Partners. Mount Morning Capital, SDIC Capital, and Yinxinggu Capital have also backed the company in previous investments.

Founded in 2018, Xuelangyun has participated in seven national key R&D projects and served hundreds of state-owned enterprises and other manufacturers, including China’s top construction group China Railway Construction Corporation Limited (601186; 1186: HK) (Chinese: 中国铁建) and aviation service provider The Aviation Industry Corporation of China (Chinese: 航空工业).