The company will use the funding for the research and development of system algorithm, packaging material technology and reverse logistics system
Chinese infrastructural service provider Yeloworld has secured CNY100m ($15.6m) in a Series B funding led by Wanhua Chemical, a producer of polyurethane polymers.
The funding round follows previous Series A financing from China Petroleum & Chemical Corporation (SINOPEC) and Shangnan.
The company intends to use the funding proceeds for the research and development of system algorithm, packaging material technology and reverse logistics system.
Established in 2018, Yeloworld is engaged in producing intelligent packaging products from sustainable, low-carbon materials, using intelligent green recycling system and techniques, including cloud computing.
Yeloworld stated: “Adhering to the strategy of sustainability, we have combined sustainable development organically with business and social economy to achieve both economic and environmental benefits.”
The company offers infrastructural services in the supply chain of smart packaging and logistics, through its brands Yelopack, Yelotour, Yelolife and Yeloant.
It has integrated mobile Internet, IoT, big data, cloud computing and high-precision positioning technology into intelligent packaging, to support autonomous package positioning.
Yeloworld claims that it produces packaging products adhering to international standards for recycling, to promote the recycling of plastic products.
Furthermore, the company has established a global green recyclable packaging system based on pallet recycling and sharing technology.
Yeloworld CEO Shi Xiang said: “Carbon neutrality will bring a development opportunity worth over 1 trillion CNY.
“As one of the important ways to achieve carbon neutrality, Yeloworld is committed to helping global enterprises steadily promote carbon neutrality through our intelligent green recyclable packaging system to reduce costs and increase benefits.”
Yeloworld supplies 13,000 clients with intelligent returnable pallets, consisting a packaging quantity of above 1.6 million, involving chemical, coating, electronics, new energy, new materials, tyre, and auto parts, among others.