EncoSmart announced that it has raised CNY 40 million in a round of funding co-led by new investors, ZhenFund Inc. and Zhongguancun Zhiyou Scientist Fund, a fund managed by Wang Tianmiao on April 11, 2023. The transaction also included participation from new investors, Shenzhen Decent Investment Co., Ltd., Joyoung Co.,Ltd and Genbyte Technology Inc.