Miaoyou Technology Closes RMB 50 Million Pre-A Round Led by Oasis Capital

This article was first published on 36Kr, authored by Jiamin, and is republished here with authorization from Oasis Capital.

36Kr has learned that "Miaoyou Technology" has completed a 50 million yuan Pre-A funding round, led by Oasis Capital, with follow-on investment from seed-round investor Source Code Capital. The funds from this round will be primarily used for R&D of cloud factory-related products and technologies, as well as building out the marketing team. Miaoyou Technology is an enterprise providing intelligent manufacturing solutions for the apparel sector, founded in 2009. It started out with management consulting and software services, gradually developing a full suite of intelligent manufacturing solutions including a cloud supply chain management system for apparel, a manufacturing execution system (MES), and a standard time system (GST), and has cumulatively served over 200 apparel production enterprises as a software vendor. Since 2019, Miaoyou Technology has piloted a new business — cloud factories — integrating production capacity across multiple apparel manufacturers. By taking orders from apparel brands and splitting them among partner factories, it has built an apparel supply chain network with flexible quick-response capabilities, with a fastest design-to-delivery cycle of "7 days" for new products, while the industry's top level remains at 21 days.

Integrating Specialized Vertical Factories for Intensive Production

In 2019, China's apparel industry surpassed 2 trillion yuan in scale, yet only two Hong Kong-listed companies — ANTA Group and Shenzhou International — achieved market capitalizations exceeding 100 billion yuan. Combined, their market share was less than 15%, leaving the entire apparel industry in a state of extreme fragmentation.

At the same time, with the rise of e-commerce channels and brands in apparel, alongside strengthening consumer trends toward personalization, the industry faced new supply chain demands — flexibility and quick response. The former requires flexible production; the latter, small-batch capability.

Miaoyou Technology's approach is precisely to integrate and coordinate social production capacity through cloud factories, improving overall supply chain flexibility and responsiveness.

Specifically, based on ten years of experience and data serving apparel production enterprises, Miaoyou Technology holds extensive information on apparel categories, processes, and enterprise production characteristics. After order consolidation, it centrally allocates categories with high process overlap to specialized factories for production.

Because garment manufacturing involves complex and varied processes, Miaoyou Technology breaks down garment production into 118 standard actions and tags them, enabling algorithmic consolidation and categorization of orders.

Founder Luo Jianjun explains that this approach stems from market research concluding that individual factories struggle to achieve flexible production. Garment making relies primarily on workers operating machines, and workers' learning curves typically require 300-400 operations before stabilizing production quality. Frequent production line changes place extremely high demands on worker skill.

Additionally, Miaoyou Technology found that specialized factories, through long-term focus on a few categories and continuous optimization of production lines and processes, often achieve twice the efficiency of general social factories. For example, sewing similar sleeves takes a specialized factory just 28 seconds, while a social factory requires roughly 60 seconds.

Full-Process Supply Chain Management from Design Sampling to Launch

With consulting roots, Miaoyou Technology excels at helping enterprises improve efficiency through lean process management. Luo Jianjun notes that in apparel companies, from design sampling and fabric/accessory procurement to production and logistics, nearly forty stages are involved, requiring coordination across roughly a dozen departments. In Miaoyou Technology's track record, its complete solutions have on average improved enterprise efficiency by 20%-30%, with early cases even reaching 100%.

Thus beyond production efficiency gains, Miaoyou Technology equally emphasizes full-process efficiency improvement. To support the development of its cloud factory business, the company is gradually reallocating staff from its software business to develop lightweight SaaS products for production enterprises and e-commerce apparel companies. These optimize factories' original production scheduling systems and apparel companies' internal supply chain management systems, shifting previous serial workflows to parallel ones. Luo Jianjun believes that through application of the complete solution suite, Miaoyou Technology can potentially compress the production cycle from 7 days to 5-6 days.

On the market front, Miaoyou Technology previously relied primarily on word-of-mouth customer acquisition. Luo Jianjun believes that in B2B business, product is fundamental — customers acquired through marketing are meaningless without the capacity to serve them. Therefore, Miaoyou Technology will focus on refining product and technology, making strengths stronger to create a Matthew effect. At the same time, the company has also brought in a VP for marketing.

The Market Lacks Quality Flexible Quick-Response Supply Chains; Data and Industry Accumulation Are Advantages

The concept of apparel industrial internet has persisted throughout the year. In the fabric and accessories segment, companies like Zhibu Internet and Baibu have already reached Series C and beyond. Miaoyou Technology's model is similar to Zhibu Internet's, but garment manufacturing is undoubtedly more complex in terms of order demands and processes, making capacity integration and coordination through algorithms more difficult. Additionally, Miaoyou Technology faces two challenges: first, building such a two-sided platform requires sufficiently strong capability to secure orders from apparel enterprises; second, as the supply chain network scales, can the "7-day" efficiency be maintained or even improved?

Luo Jianjun indicates that the core of the two challenges lies in the latter. First, market demand for supply chains capable of quality flexible quick-response is strong, while supply cannot meet it — thus Miaoyou Technology's "7-day" efficiency serves as a powerful lever. Regarding maintaining and further improving efficiency, Miaoyou Technology's advantage lies in its massive data accumulated over the past decade, and its ability to clean that data and build algorithmic models based on deep understanding of the apparel industry, truly unlocking data value. Meanwhile, Miaoyou Technology's team includes numerous product and technology personnel from Huawei and Tencent — such team composition is itself scarce in the market.

Jinjian Zhang of Oasis Capital stated: "In the past, internet businesses achieved scale before quality. Today, industries achieve quality before scale. Many quality companies that have spent ten years honing their craft are now meeting the scale dividend. Miaoyou Technology is a typical representative."

Oasis Capital is a new-generation venture capital institution in China, dedicated to discovering the most vital entrepreneurs of the next decade and growing alongside them to create long-term value. "Championing Vitality" is Oasis's vision and mission. This vitality is both the direction of structural transformation in the era and the power of entrepreneurs' resilience and evolution. Oasis Capital focuses on early and growth-stage investments, with individual investments ranging from $3 million to $15 million, concentrating on education, healthcare, enterprise services, and other technology-enabled service sectors, supporting China's technology-driven new service upgrade.