Chinese VC Funding Weekly Overview(9.13-9.17)

Sep 17, 2021 Finance


Chinese AR firm HiAR bags $42 million in the latest funding

Chinese augmented reality (AR) startup HiAR has managed to raise 270 million yuan ($42 million) in its Series C round of funding, led by CITIC Private Equity Funds Management. Other investors like Jadex Capital, Grand View Capital, Ondine Capital  and THG Ventures also participated in. Founded in 2012, HiAR produces hardware and software for augmented reality applications and use cases.

New Core Tech has just closed C-round fund-raising valued up to $35M

New Core Tech announced that it has just closed its C-round raise-funding valued up to $35M, which led by XiaoMi, Shunwei Capital and followed by Northern Light Venture Capital and Cowin Capital etc. The fund will be largely used to partnership and channel expansion, talent acquisition etc. This is the second round of financing since this year for New Core Tech. Early in Feb this year, New Core Tech has just finished its B+ round financing led by IDG Capital and Cowin Capital. scores $300 million in B-round led by Alibaba

China's autonomous driving startup, announced it has raised $300 million via its B-round of financing, which was led by Alibaba Group, with participation from Jeneration Capital, FOSUN RZ Capital, Yunqi Partners, and Glory Ventures. According to’s CEO, Zhou Guang, the B-round funds will be put to its R&D, team expansion, and enlarging the scale of its autonomous testing and operation fleet. 

IASO Biotherapeutics secures $108 million Series C funding 

IASO Biotherapeutics (IASO Bio), a clinical-stage biopharmaceutical company focusing on discovering, developing, and manufacturing innovative medicines, announced the completion of $108 million Series C to advance the global development of novel cell therapies and biologics for oncology and autoimmune diseases. The Series C round was led by CDH Baifu, and followed by CCB International, with strong participation from Everbright Limited, Co-Stone Capital, CNCB Capital and Plaisance Capital. Current shareholder GL Ventures also participated. Since its founding in 2017, IASO Bio has raised more than $178 million.

CRM solutions provider Neocrm closes $70m

Neocrm, a Tencent-backed firm that provides customer relationship management (CRM) solutions, has closed $70 million in a new funding round. The firm did not disclose the investors of the new round. The new investment followed the completion of its $120-million Series E round from Tencent in September 2019. It had raised a 100-million-yuan Series D+ round in April 2018 and a280-million-yuan ($43.5 million) Series D round in January 2017. Investors in the previous rounds include Sequoia Capital China, Matrix Partners China, and ZhenFund.

Online IT education platform Naixue raises USD 7.8 million Series A1

Naixue Education, an online education platform that offers IT training for practitioners within the sector, recently raised 50 million yuan ($7.8 million) in a Series A1 round led by Plum Ventures. Other investors include Taiya Investment, 58 Industry Fund, and Zhongying Ventures. Yuze Capital served as the company's exclusive financial advisor. This follows an investment raised by Naixue in July. The company will use the funds to develop its enterprise-facing business, shore up its AI architecture, and add more offerings to its course selection.

MingMed snags nearly $50m in Series A+

MingMed Biotechnology, a startup that develops pharmaceutical products, has completed raising nearly $50 million in its Series A+ round, the company announced. New investors who participated in the said round are healthcare industry- focused Jifeng Ventures and Yifeng Capital, Oceanpine Capital,as well as Nasdaq-listed Chinese cosmetics e-commerce platform YSG. Returning investors - Gaorong Capital, JCP Capital, Flower City Ventures -re-upped in it.

Ayu Health raises $6.3 Mn Series A from Vertex Ventures and Stellaris Venture Partners

Ayu Health, a health-tech startup with a network of hospitals providing high-quality, affordable healthcare, announced that it has raised $6.3M in Series A financing from Vertex Ventures and Stellaris Venture Partners. The round also saw participation from marquee angel investors including Varun Alagh of Mamaearth, Ashish Gupta of Helion and Rajat Goel of EyeQ Hospitals. This fund infusion will help Ayu expand its hospital network and build new technology solutions to enable insurance processing, efficient procurement and clinical quality management at network hospitals.