Chinese investment firms Qingsong Fund, Shoutai Investment Group and Langsheng Investment have led a RMB120 million (US$17 million) series A+ round in AutocloudPro, a Shanghai-based start-up developing smart cloud platforms for the sales and distribution of auto parts.
Matrix Partners China and Fenghou Capital also participated in the round, according to a company announcement.
Founded in 2016, AutocloudPro started as a vehicle damage assessment platform. It then transitioned to become a business-to-business (B2B) auto parts, big data and supply chain platform. The platform lets car repair shops search for and purchase auto parts by typing in a vehicle's identification number (VIN). Users can receive a price quote within 15 minutes using the system, compared with up to three days using traditional services.
The start-up maintains pa...
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