EqualOcean has been informed that Formal-tech (Chinese: 丰蕾科技), an industrial control basic hardware and software R&D company, has recently completed over CNY 100 million in Series A financing.
Founded in 2015, Formal-tech is a manufacturer specializing in the research, development, production and sales of high-security industrial control basic hardware and software, and high-end equipment development process industrial software.
Industrial software has become one of the key technologies limiting the development of China's industry, which can help industrial control systems carry out more comprehensive and accurate design and realization, and solve the four major pain points of traditional industrial control systems, which are difficult to design, test, operate and adapt.
According to the introduction of the founding team of Formal-tech, Formal-tech focuses on the core technology of industrial R&D and design software, and the team, after nearly two decades of accumulation and precipitation, has formed two major product series, SMAVE and ACEPHERE, to solve the four major problems mentioned above.
Among them, the SMAVE series of industrial software development platforms provides full lifecycle solutions for industrial control system software development, including model-based design, automatic generation of high-safety code, integrated simulation of multi-domain models, formal verification, virtual simulation and analysis of electronic systems, etc., and the products have been successfully applied in many key major equipment fields.
Focusing on pan-industrial control scenarios, ACEPHERE series products support the IEC 61131-3 international standard, including development and run-time environment, motion control, human-computer interaction interface design, and other functions. Supporting self-developed hardware products, ACEPHERE series products form a total solution for pan-industrial control scenarios and have been successfully applied in automotive electronics, industrial intelligent manufacturing, and so on.
The company's founding team also said that a complex control system can be described by geometric structure, physical mechanism and electronic control model, Formal-tech long-term focus on electronic control modeling research, the product not only meets the customer's standard model scenarios, in the face of the customer's complex on-site environment, but also to meet the customer's real-time adjustments to the model needs.
Since its establishment, Formal-tech attached great importance to R&D investment, with R&D personnel accounting for more than 70%. In recent years, the company's revenue scale has maintained high growth, and in 2023, the company's revenue scale is expected to exceed one billion dollars.
This round of financing was invested by GL Ventures (Chinese: 高瓴創投), CDH Investment (Chinese: 鼎晖百孚) and other well-known domestic organizations, and Tonggao Capital (Chinese: 同高资本), a long-term shareholder, will continue to invest. The proceeds from the financing will be mainly used for new product development, market expansion and mass production environment construction.