Chinese VC Funding Weekly Overview (11.15-11.19)

Nov 19, 2021 Finance


Hesai nets another $70 million from Shunwei Capital

Chinese 3D sensor developer Hesai Technology announced that it had received a $70 million investment increment from Shunwei Capital. With previous $300 million, the total financing amount of Hesai's series D round has exceeded $370 million. The investors include Xiaomi, GL Ventures, Meituan and CPE. The proceeds will be used to support the mass-production and delivery of hybrid solid-state lidars, the construction of its intelligent manufacturing center and R&D of automotive-grade lidar chips.


Big data analysis service provider completes $59m in a Series C round

Thinking Data recently announced the completion of a 376 million yuan ($59 million) in its Series C round of funding, led by Sequoia Capital China. The existing investors including Linear Capital, Blue Lake Capital and GSR Ventures also joined in. The new capital will be used to allocate the proceeds to spruce up product R&D, service support, overseas markets, and talent management. It is said that the company has completed 5 rounds of financing since its inception, the most recent round of which was the 100 million yuan ($15 million) Series B financing led by Blue Lake Capital in March this year.


Cyclone Robotics bags $150 million in Series C

Robotic process automation (RPA) startup Cyclone Robotics said that it has secured $150 million in its Series C financing, which is the largest-ever individual financing round in China's RPA industry. This deal was led by CMC Capital and Goldman Sachs Asset Management, with Lavender Hill Capital Partners, ZWC Partners, V Fund, DCM, Matrix Partners and Source Code Capital acting as co-investors. After this deal, Cyclone Robotics will continue to bolster its hyper-automation product capabilities and technical strength and strengthen its global network and collaborative partnership ecosystem.


Driverless company Rock-AI raises tens of millions of yuan

The mining driverless company Rock-AI recently received tens of millions of yuan in a Pre-A round of financing, led by Shunwei Capital. The investors include Zhongguancun Development Frontier Enterprise Investment Fund and Delta Capital. And PhoenixTree Capital acted as financial advisor. After this round of financing, the company will focus on product scenario development, standardized delivery, and talent team expansion to continue to promote the application of driverless in mining scenarios.


Chinese startup Trunk.Tech finishes its latest financing

Chinese autonomous trucking startup, also known as TRUNK, announced that it has completed a new round of financing worth several hundred million yuan, which was jointly led by the Yuexiu Industrial Investment Fund, ZWC Partners and Bohai Capital. Proceeds will be used to further develop its new generation driverless trucks, shore up operation facilities, expand business in port markets, and establish an AI logistics network, the company said. 


AI Rudder bags $10m in Series A round

Voice artificial intelligence (AI) startup AI Rudder has raised $10 million in a Series A round co-led by Sequoia Capital India and Sequoia China Seed Fund. Existing investors Zhen Fund, IMO Ventures, Zizhu Xiaomiao Fund, and Huashan Capital also participated in the round. The fresh capital will be used for the company's growth and expansion to more countries in Asia Pacific and beyond. In product development, the new funding will be used to enhance AI and product capabilities to provide more intelligent voice and language services.


Credit card-led fintech Stori secures $200M new funds

Credit card-led fintech Stori announced that it has closed one of the largest Series C equity financing rounds in Latin America to date, accompanied by a debt raise that will be used to fund Stori's rapidly growing credit card portfolio. This deal was co-led by GGV Capital and GIC. The investors include Tresalia Capital, Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital. Alongside this equity raise, Stori has also raised $75M in debt financing from impact-focused, debt capital provider Community Investment Management ("CIM").


Resync Technologies secures $2 million in Series A funding

Software startup Resync Technologies has secured $2 million in Series A funding with GGV Capital as the sole investor. The Singapore-based startup provides AI-driven intelligent energy management solutions to smart buildings and systems with multiple sustainable energy sources. It previously received seed funding from SGInnovate, EntrepreneurFirst and Indonesian infocomm technology solution provider Prasetia Dwidharma. Resync said it intends to use its latest round of funding to innovate and develop more advanced features for its energy cloud platform.