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CHINA BRIEF | Foxconn-backed B2B procurement platform closes USD 14.4 million Series B

Yungongchang, which was founded in 2015, is a SaaS provider that helps companies find mechanical and electronic parts directly from factories.

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Shenzhen-based industrial internet platform Yungongchang has bagged RMB 100 million (USD 14.4 million) in its Series B round led by Echo Capital, the company posted on its official WeChat account on Thursday.

Yungongchang, which was founded in 2015 and has Foxconn among its early investors, provides a software that matches automotive, mechanical gear, medical equipment, and consumer electronics companies with component manufacturers and factories.

The startup’s clients include computer maker Lenovo, automaker JAC, home appliance maker Hai’er, drone maker Ehang, and smartphone maker Huawei. According to the post, it will use the new funds on R&D and marketing.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.