China's Haier raises $134m for industrial internet platform
COSMOPlat, an industrial internet platform developed by Chinese home appliance giant Haier Group, has raised RMB950 million ($134 million) in Series A funding led by the state-owned China Structural Reform Fund.
Other investors include Shanghai Chengtou's investment arm ChengDing Capital, China Merchant Securities subsidiary CMSC, Shenzhen government-backed TopoScend Capital, Cowin Capital, SAIF Partners, and GF Venture Capital. It is said to be the largest-ever Series A for an industrial internet company.
Established in 2017, COSMOPlat's aims to help enterprises digitalize manufacturing. Its value proposition is base on the internet-of-things (IoT) expertise Haier accumulated in developing customized smart home appliances.
COSMOPlat claims to be the first platform of its kind to enable users to participate in the manufacturing process. It offers one-stop solutions involving intelligent manufacturing, core hardware and software resources, the integration of IoT systems, and big data and artificial intelligence capabilities.
The new funding will mainly go towards increasing capacity and industry coverage, recruitment, and sales and marketing. So far, the company claims to have served 330 million users across 43,000 enterprises.
Haier Smart Home, a subsidiary of Haier Group, is the largest shareholder in COSMOPlat with a 77.14% stake.
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