IDG, CICC Invest $356M In Chinese Supply Chain Solution Provider Jusda –
Summary
Chinese business-to-business (B2B) supply chain management firm Jusda has completed a RMB2.4 billion (US$355.77 million) series A round of financing, led by state-owned insurance firm China Life, IDG Capital and CICC Capital, according to an announcement on WeChat today. Established in 2010, Shenzhen-based Jusda, rebranded from a logistic service affiliate of Taiwanese electronic company Foxconn Technology Group, focuses on management of global supply chains through its platform and solutions. Jusda has followed a shift in international trade to develop its business worldwide, but now it needs to adapt to a more advanced logistics process powered both by software and hardware. The company said it will use the proceeds from the round to digitize its supply chain services, and to fund research and development of technologies, such as artificial intelligence, big data and the internet of things. Benefiting from the expansion of Foxconn, Jusda has set foot in 155 cities and regions around the world, including Japan, Korea, China, the United States, India, Vietnam, Thailand, Singapore, Canada, the United Kingdom, Poland, Russia and Germany.