VCs invest $20m in China's Ultrain
A group of VCs including CDC Capital, Morningside Ventures, and Draper Dragon have backed a $20 million round for Ultrain that values the Chinese blockchain technology provider at $200 million.
Danhua Capital, Sky9 Capital, Aplus Capital, Ceyuan Ventures, 8 Decimal Capital, FBG Capital, BlueRun Ventures, and Arrington XRP Capital are among the other participants. Contributing blockchain specialists include CryptoSA Capital, BitBlock Capital, and Consensus Lab.
"The founding team of Ultrain includes key members from Alibaba and Ant Financial, which demonstrates its ability on in-depth research and practical experience in the core technology of blockchain," Kevin Ding, a managing director at Danhua, said in a statement. "Meanwhile, Ultrain has an experienced co-founder handling the business operations with expertise in establishing a true global community."
Ultrain develops decentralized infrastructure for business applications with a view to enhancing security and operational performance by overcoming impediments to smart contract implementation that are typically associated with public blockchains. Public blockchains, such as the system underpinning Bitcoin, are accessible to any user, while private blockchains, often associated with internal corporate activity, are accessible only by permission of the network founder.
Ultrain describes itself as a "bridge between the conventional business world and the decentralized blockchain world." The company claims to have established 15 local community hubs globally that are supported by partners in both traditional industries and the crypto space. It aims to supply a range of sectors, including financial services, shared economy, healthcare, retail, logistics, and media and entertainment.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.