South China University of Technology spinout POI-Tech is working on industrial internet applications and will use some of the money to expand R&D activities.
POI-Tech, a China-based industrial internet technology spinout of South China University of Technology, has closed a $15.5m series A round co-led by Shunwei Capital and Matrix Partners China, according to DealStreetAsia.
China Science and Tech-Innovation Capital Management also took part in the round. It was identified as a returning shareholder, though details about POI-Tech’s earlier financing could not be ascertained.
Founded in 2014, POI-Tech is working on cloud-based digital operations software and smart industrial applications and services. Its clientbase covers sectors such as papermaking, ceramic tile production and beer brewing.
The money has been allocated to research and development, increased distribution capacity and growing the spinout’s market share.
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
