China logistics software start-up raises $25m Series B round
OTMS, a China-based logistics software developer, has raised a $25 million Series B round led by Weixing Chen, founder of local ride-hailing app operator Kuaidi Dache.
Existing investors including Chinese search engine Baidu, Chengwei Capital and Matrix Partners China also participated. OTMS said in a release that it has chose Chen as the lead investor over other parties because of his deep understanding of the mobile transportation industry. Last year, Kuaidi merged with its rival Didi Dache, forming Didi Chuxing. Chen is no longer involved in management of the business.
Operated by OpenTrans Internet Technologies, OTMS was launched in 2013. It develops cloud-based software systems for managing trucking logistics. Its mobile app connects the major players across the logistics ecosystem including cargo owners, shippers, drivers and receivers. The system faciliates the placing of orders, price checks and shipping updates.
OTMS currently has more than 500 Chinese corporate clients on its platform, spanning sectors such as apparel, automotive, industrials and healthcare. It processed over 12 million orders in the first half of this year, and in excess of 11 million orders in 2015 as a whole.
The start-up received angel investment from Buttonwood Capital - which has subsequently rebranded as PurpleSky Capital - in 2013. One year later, OTMS raised a $6 million Series A round from Matrix, Baidu and PurpleSky. Chengwei and other existing backers then participated in an extended Series A round worth $10 million last year.
Following the new investment, OTMS will strengthen its software-as-a-service (SaaS) platform with a view to providing one-stop transportation management services.
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