Innovation Union Completes Round-A+ Financing From Plum Ventures
Innovation Union, an industrial internet technology services platform, has recently secured tens of millions of yuan in a round A+ of financing from Plum Ventures. The funds are mainly to be used for enlarging platform operations scale, product research and R&D.
Innovation Union was established in 2017, providing standardized industrial internet services through its cloud platform to facilitate customers with automated, digitalized and intelligent process transformation. Innovation Union brings together a group of industrial online service providers and selects companies that can meet its customers’ needs for large-scale, non-standard and comprehensive services.
The firm’s development has taken place in three stages. When it started out, Innovation Union provided automation and information technology services for users to meet the demands of industrial automation and digitalization of factories. The challenges included a high degree of project customization and strong localization attributes.
The team has come to consciously develop general-purpose products after a period of service. In 2019, Innovation Union set out to prepare an industrial application platform, with the product launched in 2020.
During the third phase, Innovation Union discovered in 2021 that even behind the standardized services of industrial enterprises, demand for non-standard and comprehensive services still existed. In order to achieve higher satisfaction for customers, Innovation Union gathered together industrial internet technology service providers on a large scale.
Liu Youtao, CEO of Innovation Union, said that the market was relatively fragmented, and that China had an industrial internet technology services market worth at least 2 trillion yuan when calculated on the basis of 2% of the annual revenue of such enterprises’ expenditure.
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The company has served customers in various industrial industries such as mining, energy, new energy manufacturing, medical devices, textiles and more. In 2021, its revenue amounted to tens of millions of yuan, and the profit came mainly from the revenue of its self-operated business and industrial cloud services. It expects to reach hundreds of millions of yuan in revenue in 2023.