Ningbo Water Meter has contributed to a $77.6m round for the IoT chip manufacturer, which also counts Septwolves as an existing investor.
China-based internet-of-things (IoT) chipmaker Xinyi Information Technology has received nearly RMB500m ($77.6m) in a series B round featuring water meter manufacturer Ningbo Water Meter, DealStreetAsia reported today.
Financial services firm China Merchants Bank’s CMB International arm and financial services provider China International Capital Corporation’s CICC Alpha unit co-led the round.
China Merchants Capital, a joint venture between logistics services provider GLP and state-owned conglomerate China Merchants Group, also participated in the round, as did Frees Fund, Chendao Capital and Huarui…
