Chinese VC Funding Weekly Overview (10.18-10.22)

Oct 22, 2021 Finance

 

Xpeng-backed HT Aero secures $500 million

HT Aero, a Chinese startup that develops electric vertical take-off and landing (eVTOL) vehicles, which have poured more than $500 million into the firm in a Series A funding round. Proceeds from the round, led by IDG Capital, 5Y Capital and Tesla wannabe Xpeng Inc., will be used to obtain an airworthiness certificate from regulators, boost research and development capabilities and recruit top talent, HT Aero founder and President Zhao Deli said in a statement. Several other investors also participated in the round, including Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.

 

Dreame secures $563 million in Series C round of financing

Chinese smart household electrical appliances brand Dreame announced that it has secured 3.6 billion yuan ($563 million) in Series C round of financing. This round was co-led by Huaxing Growth Capital and CPE, with participation from Country Garden Venture Capital, Yunfeng Capital, Stoneylake Asset and existing investors Xiaomi, Shunwei Capital and IDG Capital. The funds will be used to increase its introduction of cutting-edge R&D talent and the construction of its technical teams. After this round of financing, the firm will continue to invest in high-speed digital motors and AI algorithms.

 

ShouTi completes $100 million Series B financing

Clinical-stage biopharmaceutical company ShouTi has completed a $100 million Series B financing led by BVF Partners L.P. (BVF). The new investors include Casdin Capital, Cormorant Asset Management, Janus Henderson Investors, Lilly Asia Ventures, Monashee Capital, Sage Partners, Stork Capital, Surveyor Capital (a Citadel company), TCG X, Terra Magnum Capital Partners and Woodline Partners LP. Existing investors also participated in the financing, including Eight Roads, F-Prime Capital Partners, Qiming Venture Partners, Sequoia Capital China, TF Capital and Wuxi AppTec. Proceeds will be used to advance the company's discovery platform and drive the continued development of the company's clinical-stage pipeline.

 

SH Pinnacles secures $47m led by LAV

In-vitro diagnostics (IVD)-driven precision medicine company SH Pinnacles announced that it has garnered 300 million yuan ($47 million) in a Series A round led by existing investor Lilly Asia Ventures (LAV). The investors include Tsing Song Capital, Vertex Ventures China, ZhenFund, Oriental Fortune Capital, CD Capital and WisdoMont. Earlier in February this year, SH Pinnacles raised an undisclosed amount in its angel round from investors such as LAV, ZhenFund, Oriental Fortune, CD, Sequoia Capital China Seed Fund. Healthcare-led Life Venture served as the financial advisor for the transaction. The firm plans to allocate the proceeds to fuel R&D and commercialization of products.

 

Hex snags $16M Series A to keep building collaborative data workspace

Hex, a startup that wants to simplify how data scientists and other employees gather and share data, announced a $16 million Series A. The round comes just a little over six months after the startup announced its $5.5 million seed round. Today's investment was led by Redpoint Ventures, with help from previous investors Amplify Partners, as well as Data Community Fund, Geometry, Operator Collective, Tokyo Black, Vandelay Ventures, XYZ Venture Capital and various unnamed industry angels. Hex has now raised a total of $21.5 million, according to the company.

 

China's Clounix bags nearly $63m in Angel and pre-Series A funding

Software solutions firm Hangzhou Clounix Technology has raised approximately 400 million yuan ($63 million) in Angel and pre-Series A funding. The Angel round was led by Qiming Venture Partners and joined by computing platform Inspur Group. The pre-Series A round was led by China Internet Investment Fund and backed by a clutch of investors, including Qianhai FOF, GoldenSand Capital, Sunic Capital, Shanghai Lingang Innovation, Spinnotec and Ondine Capital. Lighthouse Capital facilitated the transaction. Proceeds will be invested in the R&D of chip products, talent pool advancement and product commercialisation.

 

Shunwei Capital leads $15 million Series A round in Zhichubao

Software-as-a-service (SaaS)-based expenditure management platform Zhichubao has secured nearly 100 million yuan ($15 million) in a Series A round of financing. Shunwei Capital alongside its parent company Xiaomi Corporation co- led the current round, while new investors include Poly Group's investment arm Poly Capital and Vantron Capital. GSR United Capital also re-upped in the round. GSR United Capital had teamed up with Fangxin Capital to invest‘millions of US dollars' in the firm's pre-Series A round in 2020. Fanzhuo Capital served as the financial advisor for the deal.

 

Sinotau completes its Series D+ round

Sinotau Pharmaceutical Group has completed its Series D+ round, raising a total of 320 million yuan ($50 million). The deal was jointly led by China Life Healthcare Fund and PE firm Centurium Capital. Existing investors topped up in the latest round including Panya Investment and Deyi Capital. The funding will be used to advance the clinical trials of pipeline candidates. Sinotau's previous backers include Qiming Venture Partners, 3E Bioventures, Sinopharm Capital and Wining Ventures.