China Growth Capital
China vaccine developer Immorna raises $100m
Immorna, a China-based biotech start-up focused on RNA-based therapeutics and vaccines, has raised about USD 100m across two Series A extensions.
Deal focus: Affine builds software for an office beyond Office
Affine is one of many start-ups working on a set of collaborative tools to replace Word, Excel, and PowerPoint. Its open-source model struck a chord with investors at a time when capital is scarce
China GPs back pre-Series A for software start-up Affine
Affine, a Chinese-founded and Singapore-based collaborative software start-up, has raised USD 10m in pre-Series A funding led by Redpoint China, China Growth Capital, and Sinovation Ventures.
2023 preview: Hard-tech
As China’s technology space has shifted toward more advanced domains of R&D, bubbles have formed and geopolitics have complicated investment. There is scope for some turnaround on these points
2023 preview: Exits
IPOs and trade sales have been muted in 2022, but industry participants expect strategic investors to be more active in Asia next year, especially as valuations moderate. Increased secondary deal flow is also likely
China biotech: End of the boom
PE investment in China biotech has collapsed amid failed IPO processes and disputed valuations. Pockets of activity remain, though questions around commercialisation have yet to be answered
Deal focus: WeRide confirms its ascendency
Chinese autonomous driving pioneer WeRide has climbed from near bankruptcy to a USD 4.4bn valuation within three years. A collaboration with Bosch could form a blueprint for other alliances
China VC: Funding puzzles
Late-stage investors are appearing in earlier funding rounds in China, offering premium valuations but potentially leaving start-ups in situations where they have too much too soon
China SaaS: Path to profitability
COVID-19 has driven enterprise uptake of software-as-a-service solutions in China, but paying customers are still relatively few. Other markets offer some pointers on monetization
Deal focus: Investors flock to SaaS specialist Ones
China’s Ones aspires to become Atlassian rather than Slack, catering to software developers working on complicated projects. Effective localization is partly responsible for a surge in VC investment
China university start-ups: Campus creativity
From DJI to Ele.me, numerous successful start-ups have emerged from universities in Greater China. VC investors recognize the talent, but they are sometimes wary of the structures
China self-driving truck start-up agrees $3.3b SPAC merger
Plus, a China-based autonomous driving technology developer that specializes in trucks, has agreed to merge with a special purpose acquisition company (SPAC) at a valuation of $3.3 billion.
China Growth Capital leads Series C for Hygea Medical
China-based medical devices manufacturer Hygea Medical Technology has raised a RMB500 million ($77 million) Series C round led by China Growth Capital.
Deal focus: Plus pulls financial, strategic levers
China’s first autonomous driving truck will shortly enter mass production, courtesy of Plus and its array of private equity and automotive industry supporters
China chip designer Biren gets $410m Series B
Biren Technology, a Chinese chip design company, has raised a RMB2.7 billion ($410 million) Series B round led by Ping An Insurance, New World Development, and Country Garden Venture Capital.
China regulation: Taming the giants
Recent regulatory reforms suggest that China will not let the growth of large technology companies go unchecked. The implications could be far-reaching, not least for VC investors and start-ups
China guidance funds: Money monsters
Government guidance funds are the policy-driven big beasts in China’s renminbi-fundraising landscape. While GPs may have little choice but to engage, they can do so judiciously
Vision Knight leads Series B for China education app
Shaonian Dedao, a Chinese education app for teenagers led by former CCTV host Quanlin Zhang, has raised RMB200 million ($29 million) in a Series B funding round led by Vision Knight Capital.
China fresh produce retail: Changing channels
From online grocers to group buying platforms, capital is pouring into China’s fresh produce space as e-commerce finally makes it mark. Which business model will prevail?
China autonomous driving: Dimension jump
There are no arguments about the transformational potential of autonomous driving in China, but investors have different ideas about where to find value
China biotech player InxMed raises $19m
Ennovation Ventures, a Chinese life sciences and healthcare-focused investor, and China Growth Capital have led a RMB130 million ($19 million) round for local biotech developer InxMed.
China semiconductor: The chips are up
Excluded from US supply chains, China is looking to satisfy its semiconductor appetite from within. Domestic start-ups can command huge valuations, but are they sustainable?
China enterprise software: PaaS vs SaaS
Platform-as-a-service has become the flavor of the month in China’s software industry, but there can be a big difference between what start-ups are and what they claim to be
VCs back Chinese expense management start-up
Fenbeitong, an enterprise payment and expense management services provider based in Beijing, has raised $36 million in an extended Series B round led by Ribbit Capital, Eight Roads Ventures and Glade Brook Capital.