Chinese electronics device maker Huaqin Telecom Technology has secured more than CNY1 billion (USD142 million) in its latest funding round, with investment arms under tech giants Qualcomm and Intel taking part in the round.
SinoKing Capital, SummitView Capital, Zhilu Capital, Zhangjiang Hi-Tech park, Minhe Capital, CMB International Capital and China Merchants Securities also invested in the B round, the Shanghai-based firm said in a statement yesterday.
It will use the cash to develop its artificial intelligence and fifth-generation networking tech, according to the statement, and try to push its smart terminals and Internet of Things devices to market as 5G networks go commercial.
Huaqin brought in CNY30.8 billion in revenue last year and produced 106 million products total. It expects to boost those figures to CNY36 billion and 120 million this year.
Founded in 2005, the firm makes a range of smart devices included phones, tablets, laptops, wearables, servers and automotive electronics. It sells to more than 100 countries and regions and last raised cash in 2017, when Intel Capital also took part in the series.
Source: yicaiglobal.com
