Tech Financing in China this week – EV is growing

Our weekly column summarizes the tech financing highlights in China this week.

EV continues its streak of popularity in China, setting the trend for the vehicle industry. At present, the EV industry is just in its first stage, since the market is far from the point of saturation. Because of this, many startups are entering this industry and want to make a difference. This week, EV maker, SKIO, which provides transportation solutions such as electric cars and mobile power grids, received USD 159 million for Series C led by IDG Capital. The startup aims to build a mobile grid and promote 250,000 electric vehicles in the next 5 years.

1. On February 1st, e-sports data services provider, PentaQ, raised millions of USD in its angel round from celebrity investor, WangSicong. PentaQ mainly offers data analysis and original content on e-sports. The startup will use the funding to further expand markets in the e-sport field.

2. On February 5th, BroadLink, a smart home IoT platform, which provides individual customers and enterprises with smart home solutions integrated cloud computing, big data, and other technologies. They received USD 55 million for their Series D round led by Baidu, CITIC PE, and Liby. The startup plans to use the funding to expand its business scale and acquire more partners.

3. On February 6th, property rental platform, Xbed, which operates shared housing resources and services based on Internet technology, received USD 15 million for Series A led by the Guian Industry Fund. The fund will be used to enhance its services and further expand its businesses to more cities.

4. On February 6th, supply chain service provider, 360zebra, received USD 100 million for its Series C round led by ZEEMAN. The startup will use the capital to facilitate its businesses by integrating resources and developing a closed-loop system and global layout.

5. On February 6th, aerospace startup, Commsat, received USD 15 million for Series A from SkyChee and Junzi Capital.This round of financing will be used to recruit more talent, further invest in the R&D of satellite communication systems, AI, and IoT applications.

6. On February 8th, biopharmaceutical startup, InnoCare, which discovers and develops novel treatment for cancer and autoimmune diseases, received USD 55 million in funding for Series A led by Vivo Capital. With the support of investors, InnoCare will focus on clinical developments.

(Top photo from Baidu Images.)

Kaikai Shi
Kaikai Shi

Kaikai Shi runs the Tech Financing columns for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process. Write to him: kai[at]alltechasia.com

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