(Yicai Global) Oct. 26 -- Electric bicycle charging service provider Xiao Luren (which translates as Little Green Man), a subsidiary of Beijing Green Star Xiao Luren Technology Co., has raised CNY80 million (USD12.04 million) in A-round financing led Zhejiang University Alumni Investment Management Co., Beijing News reported yesterday.

The funding round represents the largest amount ever raised for a company in China's intelligent e-bike charging industry.

The firm plans to use the money raised for research and development, production, and marketing of new products, as well as enhancements for its production line, said Xiao Luren founder Cai Duman.

The startup's charging solutions not only meet the demand for safe charging but can also improve charging efficiency, early investors say.

Beijing Green Star, founded in 2015, independently develops and produces intelligent e-bike charging stations and cloud operation management systems, and owns patents for its core technologies.

The company operates in more than 50 cities, including Beijing, Guangzhou, and Shenzhen, and is the country's biggest charging service provider.