Chinese software application and technology solutions provider Powerbridge Technologies is planning to secure $15 million in a U.S. initial public offering (IPO).

Powerbridge plans to use the proceeds from the IPO to boost research and development, sales and marketing effort, strategic alliances and purchases as well as working capital and general corporate purposes.

The joint bookrunners on the offering are Maxim Group LLC and The Benchmark Company.

In the 12 months ending June 30, 2018, Powerbridge Technologies reported $23 million in revenue.