Qulian Technology, a China-based blockchain platform designer, has reported the culmination of a 1.5 billion Chinese yuan ($234 million) Series B funding round.
The sum makes the investment one of the biggest conventional funding rounds in the blockchain space to date, however, as indicated by CoinDesk’s Venture Capital Tracker, Robinhood’s $363 million round announced a month ago is still way out in front.
As clarified in a declaration from Qulian on Sunday, the news comes only seven days after the arrangement’s lead financial specialist Xinhu Zhongbao, a Shanghai-recorded land, and back firm first revealed its intention to put resources into the venture in a documentation with the Shanghai Stock Exchange on May 27.
The archive demonstrated that Xinhu Zhongbao expected to contribute 1.23 billion CNY ($192 million) in Qulian through a blend of a $17 million capital commitment exchange and a $175 million new value issuance. The arrangement brought about the financial specialist holding 49 percent of Qulian’s offers.
Established in 2016, Qulian embarks to create venture review arrangements in light of its hyperchain blockchain platform. In light of Xinhu Zhongbao’s exposure, the firm recorded income of $281,000 and a net loss of $2.34 million out of 2017, while the firm was esteemed at $234 million.
This is the second time that Xinhu Zhongbao has demonstrated its help for Qulian, having just bought a little measure of the association’s offers in April 2018, and soon thereafter the financial specialist esteemed Qulian at $78 million.
The three-overlay increment in valuation more than two months has typically drawn examination from financial regulators in China. In a letter of request distributed on May 27, the Shanghai Stock Exchange required the lead financial specialist to legitimize the fast change in Qulian’s valuation.
Zhongbao Xinhu answered to the controller:
“This is a business judgement made by the company and other co-investors based on a comprehensive evaluation of Qulian. There is a risk of a mismatch in (Qulian’s) income and valuation”.
At press time, Qulian could not be reached by CoinDesk for comments.