(Yicai Global) May 10 -- Lanhu, a Chinese collaborative product design platform, has completed a CNY500 million (USD77.7 million) Series C round of financing, led by an industrial fund.

Lightspeed China Partners, Sequoia Capital, and GSR Ventures also participated in the fundraising, Jinwei Zhiguang Information Technology, the platform operator, said in a statement today. The leading investor's name was not disclosed.

The firm will use the proceeds of the round for new product development, marketing, and branding, it said.

Founded in 2019, Jinwei has raised CNY800 million through financing over the past year. The firm is expanding rapidly and is likely to have more than 400 employees by December.

China is the world’s largest and fastest-growing internet market and has huge collaboration and efficiency problems to be solved, said Chief Executive Ren Yanghui.

Lanhu can reduce nearly 16 weeks of work time for product design and development teams of 20 persons a year, which should save companies around CNY780,000 (USD121,237), according to the CEO.

“Lanhu is a typical example of Lightspeed China’s early investment in the enterprise service field," said Herry Han, founding partner of the venture capital firm, which invested in Lanhu’s Series A of funding too.

The interactive platform is expecting to more than double its number of paying clients this year, according to the statement. The firm has partnerships with 98 percent of China's large internet companies. It serves tens of thousands of paying enterprise users and nearly five million registered users.

Editor: Emmi Laine, Xiao Yi