Hangzhou Vulcan New Material Technology Co., Ltd. announced that it has received hundreds of millions of yuan in a equity round of funding on August 7, 2023. The transaction included participation from new investors Chongqing Yufu Holding Group Co.,Ltd, Shanghai Orient Securities Capital Investment Co., Ltd., Huzhou Industrial Investment Development Group Co.,Ltd., Luxin Venture Capital Group Co., Ltd., Shanghai Hongfu Private Fund Management Co., Ltd., Yantai Finance Investment Group Co., Ltd., and Gansu Provincial State-owned Asset Investment Group Co.,Ltd.