Prefabricated built-in SaaS platform service provider "Miaoxiang Technology" received tens of millions of yuan in Series A financing

"Miaoxiang Technology", a prefabricated built-in SaaS platform service provider, recently completed a round of financing of tens of millions of yuan. After Oasis Capital and Hillhouse Capital, it has received the blessing of Wuyuan Capital. The lead investor in this round is Wuyuan Capital, and all old shareholders continue to follow suit. This round of financing is mainly used for software underlying technology research and development, application optimization and user expansion. Prior to this, Miaoxiang has completed the tens of millions of Pre-A rounds of financing led by Hillhouse Capital and co-invested by Oasis Capital. Oasis Capital is the exclusive investor in Miaoxiang’s 2020 angel round.

"Miaoxiang Technology" was established in 2020. It is a prefabricated decoration digital service platform dedicated to reconstructing the efficiency of space services. Mainly for home furnishing, public installation, real estate and other fields, it provides online design, online order splitting, rendering of drawings, one-click dispatch, project management and control, project collaboration and other scene solutions and full-process SaaS software services. At the same time, a prefabricated decoration and employment service platform will be established to link industrial workers and provide the society with professional labor sharing.

The business logic of the second image (derived from the network)

According to statistics from the Yiou Think Tank, the total size of the public and home improvement markets in 2020 will be approximately 2.40 and 3.54 trillion yuan, respectively, and the total annual market output value will be nearly 6 trillion yuan, accounting for about 6% of domestic GDP. Prefabricated decoration has broad room for growth in the stock market. It is understood that the "harvesting market" of the large home furnishing industry is continuously developing from standardization to customization, from light to heavy, and from front to back. Each stage has an explosion of industrial opportunities, creating different leaders. And the current explosion of prefabricated decoration, home furnishing full-link digitalization, etc. will all run out of a number of unicorn companies.

Founder Heng Zhenxing said that at the initial stage of the transformation of the decoration industry, on the one hand, many participants cannot describe the specific needs of the enterprise's internal transformation, and there is a lack of clear digital application channels in the market. On the other hand, most companies face the demand for data circulation in the supply chain in terms of design schemes, deepening typesetting, accurate calculations and other links. There are few correspondingly matching prefabricated decoration software technical solutions in the market.

"Miaoxiang Technology" cuts in from the design side SaaS software, and develops the underlying system framework of prefabricated built-in software. Designers can quickly express design requirements based on the front end of the system to form order data, and manufacturers can also match supply chain data at the back end of the system to optimize the production line process. By opening up the design end and supply chain data, Miaoxiang provides a full-link solution for prefabricated decoration.

Specifically, Miaoxiang SaaS products provide three major application systems. The first is the design system, which integrates design, typesetting, and calculation to realize the rapid generation of design plans. The second is the transaction system, which connects front-end design and back-end production, and project splitting data can be passed directly to the factory. The third is the assistance system, multi-role online collaborative communication, real-time management and control of project progress. Its core technology includes 3D precision modeling technology, real-time digital process method library, online assembly design platform and factory order splitting algorithm.

According to the test, for 1000 square meters of public installation space, the Mianxiang assembly design software takes 2 hours to complete the in-depth design, which is about 6 times the efficiency of traditional assembly designers. At present, the product has already begun internal trials in nearly a hundred upstream manufacturers, gradually occupying the upstream path of the industry.

Its customer base can be divided into three categories. One category is building materials manufacturers focusing on the manufacture of parts and components. They mainly provide them with one-click order splitting technical services. One type is decoration companies focusing on engineering services and focusing on supply chain integration, providing them with full-process SaaS solutions; the other type is industry designers and related practitioners, providing corresponding software services and skills training.

Aiming at different customer groups, Miaoxiang opens corresponding modules according to the needs of users. The entire software system includes wall design system, floor design system, top surface design system, as well as overall bedroom design system, overall bathroom design system, etc. It is worth mentioning that many services are cut into applications from scene design.

Founder Heng Zhenxing mentioned that SaaS essentially solves the data matching problem at the production level of the supply chain. Different from the existing decoration software in the market, such as Kujiale and Don Quixote, the prefabricated interior software developed by "Miaoxiang Technology" takes into account the groundability of the design results. It sorts out the intelligent matching rules of components and process methods in the software, and realizes the matching of design data and production data based on optimization algorithms. It belongs to a form of external chain collaborative service with multi-role participation.

This will form two driving forces. One is that the supply chain manufacturer can better match the best design rules within the enterprise to improve the efficiency of the business line; the other is that individual users can easily find cost-effective design solutions.

At the customer level, "Miaoxiang Technology" has signed more than hundreds of partners, and nearly 10 of them have delivered in-depth. Including Xujie Technology, Zhongcai Group, Zhongyu Assembly, Yuanli Space, Taiwei Livable, Wangshan Qihu, etc. Since the closed beta test of the salon in January 2021, the service schedule has reached one year later. At present, Miaoxiang is optimizing the delivery for the business, and strives to reduce the overall delivery implementation cycle in the later period to within 1 week.

Miaoxiang’s current revenue is mainly based on software subscriptions. The company has a technical team of 200 people and a team of 50 prefabricated experts. According to "Miaoxiang Technology", in addition to design tools, more than 500 certified industrial workers have settled on the platform. The founder Heng Zhenxing and the founding team of Miaoxiang have very rich experience in the assembly industry.