Temasek Holdings (Pte.) Ltd. led a Series C funding round of almost $100 million for Shanghai Xforceplus Information Technology Co. Ltd., a Chinese corporate software-as-a-service and industrial solutions provider.
Aside from the Singaporean state sovereign fund, investment companies Hillhouse Capital Group Holdings Ltd. and Eastern Bell Capital also participated in the fundraiser.
Wu Yibing, president of Temasek's Chinese unit, will join Xforceplus' board following the investment.
In an Oct. 10 statement, Xforceplus said it will use the fresh capital to speed up the rollout of its domestic enterprise service; to upgrade its products, technologies and services; and to improve customer service.
The latest funding round brings Xforceplus' total capital raised to more than 1 billion Chinese yuan.
As of Oct. 11, US$1 was equivalent to 7.09 Chinese yuan.
