Chinese digital support company raises $100m in Series B round
Summary
HONG KONG -- Chinas DEEPEXI has raised $100 million from a group of strategic investors in the financial sector to help it build up an ecosystem that offers one-stop service to help corporate clients go digital. Its Series B round was jointly led by Industrial Banks private equity (PE) arm and financial services provider Guotai Junan International. The startup has offered products to over 100 large and medium-size enterprises in retailing, financial services, manufacturing and government affairs, according to its website. In China, its major clients include womens shoe retailer Belle International, conglomerate Macrolink Group, consumer electronics maker Sichuan Jiuzhou Electric, and local governments in Chinas Shenzhen Province and the city of Foshan. "As China has set the development of its digital economy as a national strategy, coupled with external factors like rising demand further accelerated by the pandemic, digital transformation has become more vital," said Zhao Xuan, managing director and head of PE department at Guotai Junan International, in a statement.