(Yicai Global) April 15 -- China’s Honor Trends has wrapped up a CNY100 million (USD15.7 million) financing round, raising the valuation of the Internet of Things tech firm to CNY900 million.

The Series B fundraiser was led by Zhongke Haichuang, a fund of the National Fund for Technology Transfer and Commercialization under the Ministry of Science and Technology, the Beijing-based company said today. The proceeds will be used to develop chips for radio frequency identification and expand the IoT solutions business, it added.

Founded in 2014, Honor Trends banked CNY100 million in a Series A+ financing round last June led by China’s Youshan Capital.

IoT and other new-generation information technologies have become essential for China’s economic transition, said Tian Chuan, founder of Honor Trends. The firm will continue to invest more on core technologies and business layout to guide development of the entire industry, he added.

Honor Trends focuses on biosafety and informatization and its businesses include using IoT technologies for tracking and securely managing the collection, storage, and use of blood and pathogenic microorganism samples. Its core team members hail from Tsinghua University and the Chinese Academy of Science.

Editor: Futura Costaglione