Yue Shi SCF, which offers AI-powered solutions for the management of cold storage supply chains, has secured 620 million yuan ($85.8 million) in a Series B financing round led by COFCO Capital (HK), an investment arm of the Chinese food manufacturer COFCO Group.
Local investors including Shenzhen High-Tech Investment Group, QF Capital, VenturesLab, Goldport Capital, as well as Shenzhen-listed financial software maker Kingdom Sci-Tech re-upped in the round, according to a release by the deal’s financial advisor Maximum Capital on July 7.
Following the close of the financing round, the firm targets to clock an income of 50 billion yuan ($6.9 billion) within three years, according to Yue Shi’s CEO Chen Bin.
Chen added that the firm is eyeing to go public by the end of this year, without disclosing the destination.
Founded in 2017, Shenzhen-based Yue Shi offers cold storage management software to agriculture storage and warehouses across the globe. Its software covers customer management, warehouse management, transportation management, and order management, among others.
Besides its speciality in cold storage management, it also offers supply chain financing software and e-commerce solutions that enable corporates to build up their digital offerings.
The firm bagged 390 million yuan in a Series A round in December 2021, which was participated by QF Capital, VenturesLab, Goldport Capital, and Kingdom Sci-Tech, among other investors.