China Digest: GGV leads $14m in Rongyisuan; Hugo Biotech raises funding
Summary
Beijing-based Rongyisuan primarily delivers AI and big data-enabled intelligent tax and accounting services to small and medium-sized enterprises (SMEs) in the e-commerce field in China. Fiscal and taxation services represent a huge market of at least one hundred billion yuan,” said Eric Xu Bingdong, managing partner of GGV Capital, in a statement. “After the new funding round, we believe that the company [Rongyisuan] can further lift its online and offline operation capabilities and introduce new value-added offerings to comprehensively enhance the industry efficiency,” said Xu. Proceeds will be used to expand cooperation with various online platforms to acquire new clients and to increase investment in R&D to improve offline services, as well as products catered to terminal users. Proceeds will be used for talent recruitment, education and expansion of the customer base, registration of diagnostic kits, as well as the research and development of new products.