Industrial internet firm Allsense has raised its Series B round. In a separate development, Shanghai CN Science and Technology Co., Ltd has garnered a new round of funding, led by Matrix Partners China.
Allsense raises funding
Allsense, which provides industrial internet solutions for thermoelectric energy production in China, has secured a Series B round of funding raising “tens of millions of US dollars”, per a company statement on Wednesday.
Broad Vision Funds, which focuses on advanced manufacturing and healthcare startups, co-led the investment. Existing investors GL Ventures, Future Capital, and Linear Capital also made follow-on investments. The company plans to use the latest proceeds for product innovation, and market expansion.
Index Capital facilitated the transaction.
Allsense is also backed by cross-border investment firm Cathay Capital and Green Pine Capital Partners.
Headquartered in Shanghai, Allsense promotes clean technology to help companies reduce carbon emissions. Its software-as-a-service (SaaS) based solutions have served companies in sectors such as energy, biomedicine, metallurgy, textile, petrochemical, food processing, and paper-making.
China, the world’s biggest source of greenhouse gas, is targeting to become carbon neutral before 2060.
Matrix leads funding in CN Technology
Matrix Partners China has led a new funding round in lithium batteries-driven recycling player Shanghai CN Science and Technology Co., Ltd (CN Technology) as it raised ‘tens of millions of US dollars’.
The round attracted a host of state-backed investors such as SAIC Auto’s investment arm Hengxu Capital, China Merchants Securities, CICC Capital’s CICC Chuanhua Fund, Three Gorges Capital’s clean-tech industry fund and J·Fund.
V Fund, a returning investor, also joined the round. Winsoul Capital served as its financial advisor, it said in a WeChat post on Wednesday.
Proceeds of the funding round will be used by the company to shore up its R&D of lithium batteries ecycling technology.
Headquartered in Shanghai, CN Technology’s early stage investors include V.Stone Capital, SDIC Gaoxin, Jundu Investment, Hongde Investment Management, among others.