SaaS startup Black Lake (黑湖科技) that aims to reconfigure manufacturing with IoT, mobile and data solutions has announced that it has completed its RMB 10 million Series A financing.
The round was led by GGV Capital and included the company’s angel investors Zhen Fund and China Growth Capital.
The company was founded in early 2016 and completed its $ 1 million angel round of financing in June of the same year.
Black Lake is a part of China’s push to modernize its manufacturing and bring it to the 4th Industrial Revolution.
The Shanghai-based company uses cloud data coordination with monitoring and analysis software to make use the data made by factories which would otherwise be wasted.
The data helps manufacturers better understand how to optimize equipment use and the production process.