Linear Capital Leads Series A in Jingshuo Technology, Which Closes Two Rounds Worth RMB 130 Million Within a Year; Linear Doubles Down With Follow-On Lead

Less than a year after closing an RMB 80 million Series A round last June, JINGdigital has raised another RMB 50 million in a Series A+ round, bringing its total funding over the past two rounds to RMB 130 million.

Linear Capital, which led JINGdigital's Series A, doubled down as the lead investor in this round, with Xingong Co., Ltd. also participating.

Notably, this marks the second time in a year that JINGdigital has received concentrated capital backing.

Since its founding in September 2014, Linear Capital has invested in over 120 early-stage companies focused on data intelligence and frontier technology. In the MarTech space, it was an early backer of well-regarded tech companies including Sensors Data, Tezign, Guandata, and Whales. Linear Capital's decision to firmly follow on reflects both its confidence in JINGdigital's past business growth and its conviction in the team's future potential.

Zheng Can, Managing Director at Linear Capital, said: "Compared to consumer-facing marketing, B2B marketing automation is more easily standardized, but demands greater product sophistication. JINGdigital's products cover the full marketing lifecycle across multiple industries — from customer acquisition, lead nurturing, to sales enablement — helping enterprises deeply understand and individually cultivate each customer. Backed by strong product capabilities, we believe JINGdigital can unlock new possibilities in marketing automation for China's vast B2B sector."

Figure | MarTech company JINGdigital completes total RMB 130 million funding round

If Linear Capital's trust in JINGdigital is rooted in actual investment returns, Xingong Co., Ltd.'s involvement represents a transformation from "customer" to "investor" — prior to this round, Xingong had adopted JINGdigital's MarTech tools to drive substantial business growth, which likely informed its decision to add MarTech to its investment portfolio. Huang Zhi, Chairman of Xingong Co., Ltd., noted: "Traditional Chinese B2B service companies have historically prioritized sales over marketing, with marketing activities heavily offline rather than online. The pandemic served as a catalyst — we're observing B2B enterprises increasingly investing in digital marketing. JINGdigital stands out as one of the few leading companies focused exclusively on B2B marketing automation, with globally recognized clients across numerous verticals. We hope their solutions can better empower Chinese B2B enterprises to achieve digital marketing growth."

Xingong is hardly alone. Across China, more and more B2B enterprises are recognizing that digital marketing transformation is no longer optional.

Hong Kai, Co-founder & CEO of JINGdigital, brings over 15 years of experience in strategy, marketing, management, and entrepreneurship. His career spanning Siemens, Bain & Company, and Cisco (where he served as Senior Vice President, China) has given him deep insight into China's current MarTech landscape:

Figure | JINGdigital Co-founder & CEO Hong Kai

"I believe the present moment represents an ideal inflection point for MarTech development in China, fundamentally driven by deepening recognition of digital transformation among both government and enterprises. On one hand, digitization has become a national-level strategy, creating tremendous tailwinds for this sector. On the other, B2B enterprises urgently seeking transformation and innovation need MarTech to help them improve sales lead conversion rates while better managing and operating their marketing data assets — thereby enhancing the lifetime value of every customer. Specifically, B2B enterprises in recent years have faced soaring lead acquisition costs, the gradual disappearance of labor cost advantages, and increasingly digitalized, diversified, and personalized touchpoints between users and companies. These pressures compel them to accelerate digitalization of their marketing operations."

Looking at US-listed companies, MarTech pioneers like HubSpot and Marketo emerged primarily from B2B contexts, achieving high levels of product maturity and market acceptance a decade ago. Domestic MarTech service providers started later, but have experienced rapid growth alongside China's internet boom. Today, for enterprises to navigate the digital world and achieve genuine digital transformation, the support of homegrown Chinese MarTech is indispensable.

Since 2011, Scott Brinker has updated his global MarTech Map almost annually — and as early as 2020, JINGdigital was already listed alongside top-tier international MarTech companies.

Admittedly, MarTech originated overseas, and domestic technology providers initially targeted multinational corporations as their first customers — this is undeniable. Multinationals familiar with overseas marketing automation products sought MarTech tools adapted to China's native ecosystem, and this market opportunity catalyzed the birth of many local enterprises.

But in recent years, as competitive pressures have intensified, MarTech products and services have become essential for domestic enterprises at large. As a marketing technology company that grew up in China, JINGdigital is increasingly becoming standard equipment for domestic B2B marketing.

In 2017, drawing on China's rich social media ecosystem, JINGdigital developed its first Social Marketing Automation product — a marketing automation platform built on domestic social channels — followed in 2018 by JINGtrack and JINGconnect, two underlying technology products for data tracking and data integration respectively.

In 2020, with a firm commitment to developing the marketing automation product that would become standard for B2B industries, the company fully pivoted to a B2B-focused business model. That year, JINGdigital launched its omnichannel marketing automation product, providing B2B marketing departments with integrated capabilities spanning content management, event management, data analytics, personalized outreach, and lead operations.

In 2021, JING IDXP, a data platform deeply aligned with B2B business scenarios, and JINGSales, a sales automation product, began serving B2B customers — truly enabling full-funnel marketing across enterprises' marketing and sales departments.

To date, JINGdigital's SaaS products serve over 500 medium and large enterprises, with more than 300 employees distributed across China's first-tier cities. JINGdigital continuously helps B2B enterprises acquire prospects, nurture leads, and empower sales, building an integrated marketing technology platform. Through long-term partnership with its customer success team, the company delivers substantial revenue growth for clients. Beyond its original base of large enterprises, its customer base now includes numerous growth-stage companies, with core industries spanning high technology, manufacturing, life sciences, business services, and education.

According to the 2022 Kantar BrandZ Most Valuable Global Brands ranking, while China placed numerous internet and smart manufacturing brands (Haier, Huawei, Xiaomi), America's dominance in enterprise services and solutions (Microsoft, IBM, Oracle, Salesforce, Adobe, Accenture) represents a strength not yet matched domestically.

Today, as China stands at the summit in hard technology, economic output, and number of large corporations, "soft power" is both the shortest plank in the barrel and the new universe with the greatest room for growth.

Gazing into the deep valley of "domestic enterprise services," the secret to growth over the next decade lies within. How native marketing technology will break through this historical threshold is the most anticipated test facing JINGdigital.

About Linear Capital

We are hiring for multiple positions on our investment team. For details, please click here.

Linear Capital is a professional investment firm focused on Data Intelligence and Frontier Technology.

Linear Capital currently manages ten funds with total assets under management of approximately US$2 billion.

We focus on early-stage projects in Data Application, Data Infrastructure, and Frontier Technology applications. Our investment stage centers on leading angel to Series A rounds, with typical check sizes of US$3–8 million or RMB equivalent.

Our early investments include Horizon Robotics (US$3B), Tongdun (>$1B), Kujiale (>$1B), Sensors Data, Tezign, Rokid, Guandata, Agile Robots, and over 80 other founding teams. The combined valuation of Linear's portfolio companies is approximately US$15 billion.

In the near term, Linear Capital is working to become the premier Data Intelligence Technology Fund, and in the long term, to build the most influential Frontier Technology Application Fund.