Zhejiang Whyis Technology Co was listed on the growth enterprise board of the Shenzhen Stock Exchange on March 7, becoming the first company in Yuhang district, Hangzhou, capital of East China's Zhejiang province, to be listed this year.

The company raised 543 million yuan ($86 million) in its initial public offering. Representatives of the company said the fund will be used to improve its capabilities in smart city service, research and development and big data.

Founded in 1998, Zhejiang Whyis Technology Co provides technological services for the building of smart cities.

According to executives of the company, the firm currently has 31 patents and 179 software copyrights in AI image recognition and application software design.

Mei Jiansheng, executive deputy head of Yuhang, said that the district aims to add seven new listed firms this year and 60 more within five years.

To encourage more firms to go public, Yuhang is offering a cash reward of up to 6 million yuan to any firm that is listed on the stock exchange.

The listing of Zhejiang Whyis Technology Co brings the total number of listed firms in Yuhang to 23.