Green Pine raises $140m for RMB tech fund
Shenzhen Green Pine Capital Partners (GPCP) has raised RMB1 billion ($140 million) for a fund that will target artificial intelligence (AI), robotics and internet of things (IoT) investments in China.
Songhe Chuangzhi Fund is the successor vehicle to Songhe Yuanwang Fund, which focused on science and technology. The firm has investments in the pipeline and expects to begin deployment shortly.
Investments in AI will involve breakthroughs in core technology as well as AI applications, according to Yang Wang, a partner of GPCP. In robotics, the fund will concentrate on industrial digitalization through machine substitution and domestic fabrication. Wang believes that 5G technology will be an overriding theme, facilitating developments in IoT and big data that generate many high-quality projects.
Established in 2007, GPCP specializes in biotech, new materials, and resources. Portfolio companies include fintech start-up Wiseco Technology, cancer diagnosis specialist Singlera Genomics, B2B pharmaceutical trading platform Yaoshibang, autonomous driving technology developer Pony.AI, and robot manufacturer Ubtech.
The firm claims to manage more than RMB15 billion in assets across 21 funds. It has invested RMB7 billion in 388 enterprises, of which 48 have listed or been acquired. Last year, GPCP launched an RMB1 billion fund to help overseas Chinese scientists start businesses in Shenzhen.
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.