(Yicai Global) Jan. 23 -- Chezhubang Beijing Technology Co. and its Energy Blockchain Labs unit said that they had raised CNY50 million (USD7.8 million) in Series-A funding from investors including the Hong Kong securities trading platform Joincap Holding Group, online media outlet 36Kr reported.

The company said that it will use the funds to promote scaling as it plans to expand its presence to cover 100 cities by June. It will move ahead with developing new Big Data and blockchain projects for the energy sector.

The group pooled CNY10 million in pre-A funding 10 months ago.

Founded in 2016, Chezhubang has posted an average monthly growth rate of more than 50 percent. It supplies components for commercial hybrid vehicles.