Yueng, a provider of IoT solutions for garbage collection, recently raised nearly 50 million yuan in its Series A financing round.
This round was jointly invested by Shenzhen Capital Group, China Merchants Capital, VenturesLab and Tongfang Huifang, a sub-fund of Tsinghua Tongfang, and other institutions.
Yueng focuses on the field of waste separation and recycling, mainly to provide government and enterprises with intelligent waste separation hardware products, waste separation big data service platform, waste separation publicity and training services, recyclable resources recycling and more.
As of June this year, the business of Yueng has expanded to more than 40 cities and regions in China, with more than 150 corporate clients. Compared to the end of 2019, the company's business scale has grown nearly 10 times in the first half of 2020 and has already achieved profitability.
Previously, Yueng announced in March this year that it had received over 10 million yuan in Pre-A round of financing from VenturesLab.