China Academy of Sciences-backed Yungongchang sells industrial equipment to clients including Alibaba and Airbnb.
Yungongchang, a China-based digital trade portal backed by China Academy of Sciences, has secured RMB100m ($14.4m) in series B funding from boutique investment firm Echo Capital.
Founded in 2015, Yungongchang runs an e-commerce platform that connects automotive, mechanical, medical and consumer electronics companies with component manufacturers.
The company’s clients include e-commerce firm Alibaba, ride-hailing service Didi Chuxing, online travel agency Ctrip and short-term accommodation rental platform Airbnb.
The series B capital has been allocated to research and development as well as marketing activities.
Yungongchang previously obtained funding from Chinese Academy of Sciences and its investment and incubator unit Casstar, as well as electronics contract manufacturer Foxconn and Yingfu Capital, according to its series B announcement. Further details could not be confirmed.
