Blockchain Platform Hyperchain Raises $234M USD In Series B Fundingbr>
Chinese blockchain startup Hyperchain Technologies has raised 1.5 billion CNY ($234M USD) in a Series B funding round. Xinhu Zhongbao led the round with a total of 1.23 billion CNY ($192M USD) investment. The round also saw the participation of SDIC Gaoxin Industrial Investment Corp., Lanshi Investment, and Yonghao Investment.
Founded in 2016, Hyperchain is an enterprise blockchain company located in Hangzhou, China. The platform ranks first in the technical evaluation of many large and medium-sized financial institutions and is among the first batch to pass the standard test by China’s Ministry of Industry and Information Technology and the Institute of Information and Communication Technology. The company’s clients include China UnionPay, China Everbright Bank, and Industrial Bank of China.
Hyperchain CEO Li Wei said the funding will be used to further improve its position in the blockchain industry and work towards implementing the technology in various sectors, such as finance, medical care, energy, trade, logistics, and government.
“We will start building the ecosystem in the blockchain industry,” said Wei, “We will serve the real economy and solve the financing difficulties of SMEs through blockchain technology.”
The Series B funding round follows a pre-A round which saw participation from Sunyard System Engineering Company Ltd., Insigma Technology Co., Ltd., and Lianlian Pay. Hyperchain has also raised a series A round from a subsidiary of Fosun Group.
In 2017, the company realized revenue of 1.864 million CNY ($281,000 USD) and net profit of minus 152.174 million CNY ($2.34M USD).