Chinese Industrial Services Startup Secures Largest Single Funding in Its Field

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By Zhang Erchi and Zhao Runhua / May 06, 2019 12:57 PM / Business & Tech

Photo: IC Photo

Chinese industrial data-analysis startup Black Lake has secured the largest single funding in the country’s software-as-a-service (SaaS) field so far: 150 million yuan ($22.1 million), the company announced Monday.

Black Lake provides cloud software services to traditional manufacturers. The funding, led by GSR Ventures and Bertelsmann Asia Investments, is an indication of investors’ strong interest in the digitization of China’s industrial markets.

Established in 2016 in Shanghai, Black Lake said the funding will be used to recruit more engineers and sales personnel. The company provided free services in exchange for market share and product feedback until 2018, when it began charging clients.

Black Lake had a 50 million yuan capital injection during its last funding round in May 2018, after which it was valued at around 250 million yuan.

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