The logo of Jihu Information Technology (Hubei) Co is seen at a corner of the company's office. [Photo/WeChat account of Optics Valley of China]

Jihu Information Technology (Hubei) Co, which was founded in March 2021 in the East Lake High-tech Development Zone (also known as Optics Valley of China), announced on April 11 that it has finished A-round financing, collecting over 100 million yuan ($15.66 million). The funds will reportedly go toward market and research team expansion and R&D.

The company, a joint venture invested in by GitLab Inc which has an international reputation in open-source software development, combines global competitiveness and local flexibility. Jihu's board of directors is controlled by the Chinese side, and after this round of financing, GitLab Inc's shareholding proportion in the firm will be under 50 percent.

After a year of development, Jihu has served many little giant companies, and will strive to optimize its user experience in different scenarios by increasing investments in smart manufacturing, artificial intelligence and internet.