Industrial Next, a developer of technologies for smart and adaptable manufacturing automation, has raised $12 million in a Series Pre-A round of financing led by Chinese personal computer maker Lenovo Group’s industry fund.
Xiaomi Ventures, the investment arm of Chinese smartphone maker Xiaomi Corp, and Internet tech-focused venture capital (VC) company AlphaX Partners participated in the deal. Existing shareholders doubled down on the round, including Silicon Valley’s startup accelerator Y Combinator and MiraclePlus, which is led by previous members of Y Combinator’s China team.