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Chinese VC Funding Weekly Overview(09.27-10.01)
Unmanned industrial vehicle startup VisionNav completes Series C round financing
VisionNav Robotics, a Chinese industrial unmanned vehicle system developer, announced that it has raised hundreds of millions of RMB in Series C round financing. Investors include ByteDance, Shunwei Capital, China Unicom-CICC, IDG Capital, Lenovo Capital and Eastern Bell Venture Capital. The funds will be put into product R&D, accelerating delivery and application, product team expansion, and expanding the company's global application layout to East Asia, Southeast Asia, Australia, and Europe.
China's Mech-Mind Robotics has completed its Series C round of funding
China's Mech-Mind Robotics has completed its Series C round of funding, thereby raising a corpus of nearly 1 billion yuan ($155 million), per a company statement. IDG Capital alongside Chinese consumer products and retail services giant Meituan jointly led the round, while returning investors - Sequoia Capital China and Source Code Capital - made follow-on investments. The two existing investors had earlier partnered to pump in approximately 100 million yuan ($15 million) in Mech-Mind's Series B+ round late last year.
Chinese startup Sunyur nets $49.5 million in Series B round
Qiming Venture Partners has led a 320 million yuan ($49.5 million) Series B round of financing for Sunyur,as the Chinese startup plans to invest in the development of its intelligent digital procurement solutions to serve more than 100 large and medium-sized enterprise clients.Existing shareholders Vision Plus Capital, Sequoia Capital China, Chinese IT services provider Guangzhou SiE Consulting's industry investment fund, Yinxinggu Capital, and YI Capital continued to back the new round, the startup announced.
Security technology firm Datacloak bags $50 million in Series B+ round
Tiger Global has led a $50 million Series B+ round in Chinese zero-trust data security company Datacloak. Existing investors Matrix Partners China, Jeneration Capital, GL Ventures and GSR Ventures also participated. Datacloak was established in 2018 and is committed to providing enterprises with network security infrastructure solutions.
Malaysian firm PolicyStreet bags $6 million funding
PolicyStreet, an insurtech (insurance technology) startup has bagged RM25 million in a Series A fundraising round. It was led by Altara Ventures, Auspac Investment Management, Gobi Partners, and the Leong family of Mah Sing Group. With some fresh funds, PolicyStreet aims to expand into new markets in the region. At the same time, it plans to double down on its technological capabilities and marketing efforts to provide a greater variety of insurance products.
General Motors invests in Chinese autonomous driving startup Momenta
General Motors announced that it will invest $300 million in Momenta, a Chinese autonomous driving startup, in an effort to accelerate the development of self-driving technology within the vast domestic market. In March this year, Momenta announced the completion of a C round of financing totaling $500 million, led by SAIC, Toyota, Bosch, as well as renowned investment institutions Temasek and YF Capital. The Beijing-based autonomous driving firm has also secured investment from Tencent, Nio, Zhen Fund, Shunwei Capital and others.
GGV Capital joins round valuing Singapore logistics firm to over $100m
Singapore-based Quincus, a business-to-business (B2B) logistics solution company, raised an undisclosed sum in a Series B funding round led by a US-based venture fund UP Partners. GGV Capital, which has companies like Airbnb, Alibaba, Grab, and Slack in its portfolio, also participated in this round. The funding boosts Quincus' valuation to over $100 million.
Tonic.ai raises $35M Series B to help engineers create synthetic data sets
Tonic.ai, a startup that helps engineers create synthetic data sets, announced a $35 million Series B. Insight Partners led the round with participation from GGV Capital, Bloomberg Beta, William Smith from Octave, Heavybit and Silicon Valley CISO Investments. The company has now raised a total of $45 million, according to Crunchbase data.