Chinese business software provider Black Lake has closed a RMB 150 million (around $22 million) Series B led by GSR Ventures and Bertelsmann Asia Investments (BAI), the company said on Monday.

The Shanghai-based company has been selling software-as-a-service (SaaS) applications, such as data analysis tools for the manufacturing industry, since 2016. Black Lake says its cloud-based Manufacturing Execution System (MES) can be installed in two months without the need for new or revamped product lines. Production cycle and penalty rates are reduced by 35% on average, said the company.

Around 20 clients who signed contracts before April 2018 have all renewed their contracts, a company spokesman told TechNode on Monday. Clients have included state-owned enterprise China Resources Group, global beer brewer Anheuser-Busch InBev, and McDonald’s, the company said.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen