Chinese VC Funding Weekly Overview (1.10-1.14)

Jan 14, 2022 Finance


Chinese plant-based meat startup Starfield bags $100 million

Starfield, a Chinese startup that develops plant-based meat alternatives, has secured $100 million in its Series B funding round led by Primavera Capital Group. Existing investors Lightspeed China Partners and Joy Capital Management also took part in the round. The proceeds will go to innovate vegetable protein technologies and improve production, research and development, and lab facilities. The vegetarian meat producer raised millions of yuan in a Series A round led by Lightspeed, when existing backers Joy Capital, Sky9 Capital, and Matrix Partners China also invested, the firm said.


MKSemi closes $12.8 million in Pre-A+ round

Mauna Kea Semiconductors (MKSemi), the leading low power ultra-wideband (UWB) company, announced the closing of Series Pre-A+ funding totaling $12.8 million led by Lightspeed China Partners with participation by marquee investors Qiming Venture and Ivy Capital. Targeting high-precision sensing, MKSemi has launched its MK8000 SoC aimed at enabling the design, integration and deployment of complete location and direction-finding solutions. Currently, the company has partnered with Infineon and ThinkSeed Systems to help accelerate the development of secure ranging and locations solutions for IoT applications.


Pregene Biotech raises nearly RMB100 million in Angel round

Pregene Biotech has completed a nearly RMB100 million Angel round of financing. This round was co-led by Vertex Ventures and Shijie Capital. The proceeds will be used to promote the research and development of its core technology, product registration declaration and commercial promotion. According to the official introduction, Pregene Biotech is an innovative scientific and technological enterprise focusing on the development, production and sales of next-generation molecular diagnostic kits and supporting instruments.


Chinese chip maker Eigencomm nets $156.9 million

Softbank Vision Fund 2announced has led a $156.9 million Series C round in Chinese chip maker Eigencomm. Other investors include Cathay Capital, Costone Capital, Chobe Capital, Qiming Venture Partners, and so on. The funds are marked for the continuous research and development and innovation of global 5G communication chips. Currently, its products in core-moving communication have been widely applied in subdivisions such as smart meters, intelligent fire protection, bike-sharing, asset tracking, and home appliances.


Stoke Voltaics bags $7.8 million in Pre-A round

Stoke Voltaics, a Chinese developer of outdoor computer, communications, and consumer electronics hardware, has secured 50 million yuan ($7.8 million) in a Pre-A financing round led by Lightspeed China Partners and followed by Shunwei Capital and One Capital. The proceeds will be used to develop innovative outdoor 3C products and the firm's global brand, as well as incubate distributed energy devices and other product brands.


Laser ISL manufacturing startup finishes its two rounds of funding

Laser ISL manufacturing company HiStarlink finished its Angel and Angel + rounds of funding, around 1 month apart. The investors that participated in this deal include ZhenFund, Miracle Plus, and Leaping Capital. The funding will go towards continued development of laser inter-satellite links, growing the company’s team, and expanding business partnerships, the company said. Founded in August 2021, its vision is to develop low-power miniature spaceborne laser communication terminals and core devices.


First Algorand GameFi platform Zone secures $2.3m in funding

Zone, the first GameFi ecosystem on the Algorand blockchain, raised $2.35 million in new funds before its initial dex offering on January 15. The latest funding was raised from investors in the cryptocurrency financing and launch pad spaces, including DAO Maker, GSR, Altonomy, Enjinstarter, SuperLauncher DAO, MH Ventures, ZBS Capital, Tag Ventures and K300 Ventures, and brings the UAE-based Zone's total amount secured to $4.35m.


Rupeek picks up $34 million in fresh round led by Lightbox

Gold loans provider Rupeek said that it has raised $34 million in a fresh round of funding led by Lightbox. Existing investors including GGV and Bertelsmann also participated in the funding. The company is now valued at $634 million, said a person aware of the talks. Rupeek said it would use the funds to scale further and invest in new products.The company touched an annual disbursement run rate of $1 billion in December, it said.