Towngas Lifestyle has secured funding from Oriza FOFs and FountainVest to help accelerate its business expansion. The amount and other details of the investment were not disclosed.

The company, a wholly-owned subsidiary of The Hong Kong and China Gas Company Limited ( Towngas ) that provides a range of home and lifestyle products and services, will use the proceeds to enhance product competitiveness and strengthen the capabilities of its artificial intelligence ( AI ) and Internet of Things ( IoT ) platforms.

As investment institutions, Oriza FOFs and FountainVest bring extensive industry experience and a broad network of resources. Their support demonstrates strong market confidence in Towngas Lifestyle’s business model and growth potential, the company says.

“With 45 million household gas customers across the Chinese mainland and Hong Kong, serving nearly 120 million people, the market potential is enormous,” says Towngas managing director Peter Wong. “This funding round confirms investors’ confidence in Towngas Lifestyle’s direction and business prospects, and we look forward to providing more families with superior products and services.”