Chinese supply-chain software firm Fuller Technology (Shanghai Fuller Information Technology) has closed a RMB 350 million (about US$49 million) Series B led by Shenzhen Innov Capital, with participation from Jingwei Venture Capital, State-Owned Enterprises Industrial Fund, Kunshan Venture Capital, Shanghai Bocom Capital and Manshi Capital.
Fuller's Supply-Chain Software Bet
Fuller's platform sits under China's warehouse, transportation and order management stack, powering fulfilment for a broad customer base of retailers and manufacturers. The company is spending the round on agentic AI functionality — automating exception handling, replenishment planning, transport dispatch and last-mile scheduling that today still leans on human coordinators. The pitch is the same one behind Palantir-style enterprise AI, applied to the messiness of Chinese logistics networks: keep the data and workflows the customer already has, and let AI agents do the exception work.
Shenzhen Innov Anchors A Broad Cap Table
Lead investor Shenzhen Innov Capital (深创投, formerly Shenzhen Capital Group) is one of the largest state-backed venture funds in China. The presence alongside private-market names like Jingwei plus state-owned industrial funds points to a strategic thesis: Chinese enterprise supply chains, still fragmented and paper-heavy in many verticals, are one of the more concrete near-term AI monetisation opportunities inside the country. It also gives Fuller a policy-adjacent shareholder base as Beijing pushes for domestic control of critical enterprise software.
Where Fuller Fits
The round positions Fuller alongside a small cluster of Chinese supply-chain AI plays — including CADDi on the manufacturing side and Yincheng Intelligence on picking robotics — that are turning venture money into agentic tools for enterprise operations rather than consumer AI. Fuller's Shenzhen Innov-led round is one of the larger Series Bs in the segment this quarter and lands during a fortnight in which Chinese AI-infrastructure and application companies raised more than US$1 billion combined.
What Comes Next
Fuller has not disclosed a follow-on timeline, but investors briefed on the round expect the company to expand outside China — mirroring CADDi's manufacturing-AI push into North America — once its agentic feature set stabilises. The Series B gives it roughly two years of runway to prove that AI agents can materially cut exception-handling load in real warehouse operations, the metric its investors will judge the round on.
Reporting based on coverage from Tencent News, Sina Finance and Jinrongjie.