Xiezhu Technology, a Suzhou-based intelligent hotel solution provider, announced on Tuesday that it raised 258 million yuan (USD 37 million) through a combination of equity and debt financing.
The latest funding included 150 million yuan (USD 21.5 million) in a Series A+ round of equity financing from Chinese investment firm SR Capital, which backed online travel service provider eLong in the past, as well as SND Venture Capital and home decoration platform Jia.com. The company also received 108 million yuan (USD 15.5 million) in debt financing from commercial banks, including China Merchants Bank and Bank of Jiangsu.
Founded in 2015, Xiezhu Technology leverages AIoT (Artificial Intelligence of Things), big data, and cloud technologies to develop intelligent management solutions for hotel and accommodation operators. The company’s solutions are used by 8,000 hotels in China and have helped upgrade 350,000 rooms.
The proceeds will be used for technology development, such as AIoT-based chips, wireless communication protocol stack and intelligent voice control systems. Xiezhu Technology is also looking at business opportunities overseas, the Southeast Asian market being its initial targets. The new financing will also help the company promote its IPO agenda in 2020. (Translated by Elena)
