Blue Wall, a high-tech Chinese firm dedicated to developing underlying software for the real estate industry, recently announced it has raised 50 million yuan ($7.86 million) in a Series A financing round.
The lead investor was overseas institution Hearst Ventures and co-investors were existing shareholders GGV Capital and Shanghai Xiaomiao Langcheng Investment Management Co, .Ltd. Previously, Blue Wall received millions of dollars in pre-A financing from GGV Capital and ZhenFund.
The newly acquired funds are mainly to be used for product development. Blue Wall aspires to construct full-module, full-cycle digital infrastructure for the real estate industry, which is operating in an increasingly refined manner.
Blue Wall was established in 2019. Its real estate ERP product Julius serves as a project management, multi-party collaboration tool and underlying database for the real estate industry. It also builds a cloud-native product system with technologies such as microservice framework, containerized packaging and DevOps, and provides enterprises with the ability to customize forms, processes and reports through a low-code design engine. Based on personalized management processes, enterprises can configure services and easily build their own digital management system without programming or deploying servers.
Blue Wall currently derives revenue mainly from SaaS subscriptions. Enterprises purchase this by module and pay by headcount of usage. The company now partners with nearly 100 customers, including real estate enterprises such as Gemdale Group and Xusong Group, and industrial real estate enterprises such as Goaltry.
The real estate industry features large volumes, long chains, and complex collaborative management processes, and it also invests a relatively high level in digital transformation. As per statistics by the China Construction Industry Association, China still lags behind more developed countries in the process of construction informationization, including within the real estate industry. In 2018, informationization of construction accounted for 0.1% of the total output value, and the investment ratio was only 1/10 that of more developed countries.