China VC Weekly: Computer Vision, Online Grocery and Source Code Capital’s New Fund
In last week’s news, Chinese computer vision startup Clobotics secured roughly $31 million in funding to be used for research and development, prominent VC firm Source Code Capital raised $1 billion in capital commitments and online grocery company Dingdong Maicai raked in over $700 million from regional expansion.
Computer vision startup Clobotics bags 200 million yuan in pre-series B-4 round
Chinese startup Clobotics, which develops computer vision technology and provides relevant services, has raised 200 million yuan ($31 million) in a pre-series B-4 funding round, according to Chinese business media outlet Caixin.
The round was led by Sanxia Xintai with GP Capital and Xiaomiao Longcheng, in addition to existing shareholders CDIB Capital and CDIB Partners, which also participated in the round.
Clobotics plans to use the fresh funding for research and development, as well as expansion of its global business operations.
The company is currently servicing some of China’s major wind power companies, including Longyuan Power, Huadian, Zhuzhou Times, Luoyang Sunrui and Shanghai Electronic. It also is engaged in strategic partnerships with Siemens Gamesa Renewable Energy and GEV Wind Power.
Established in 2016, Clobotics provides services related to machine learning, Internet of Things, edge computing and computer vision to assist wind power and retail businesses. It has applied for or registered 115 intellectual property claims, including 73 patents.
VC powerhouse Source Code Capital secures $1 billion in new capital commitments
Chinese venture capital (VC) firm Source Code Capital, which has backed some of the country’s biggest tech firms and unicorn startups, announced on Tuesday it has raised a total of $1 billion in fresh funds.
The latest fundraising round boosts Source Code’s capital under management to $2.5 billion and 8.8 billion yuan, the company said. Investors included both old and new backers, the firm added, without disclosing who the limited partners are.
Upon completion of the funding round, Source Code Capital will continue to direct early- and growth-stage investment into so-called ‘B2B’ and ‘B2C’ industries. The firm follows its “Big 3 Fundamental Drivers” investment roadmap, which includes Internet+, AI+ and global+. Global+ refers to Chinese businesses focused on the international market.
“We will continue to partner with and work hand-in-hand with visionary and audacious entrepreneurs, and through the compounded power of technology and capital, strive to change the world,” said Cao Yi, CEO and Founding Partner of Source Code Capital.
“We are dedicated to be the most entrepreneurial investment institution, and through outstanding performance, generate long-term and outsized returns to our investors,” he added.
About Source Code Capital
Founded in 2014, Source Code Capital has backed more than 200 Chinese technology founders, including Baidu, TikTok owner ByteDance, food delivery platform Meituan, micro-credit provider Qudian, EV startup Li Auto and electric scooter company NIO.
Online grocery platform Dingdong Maicai raises $700 million for regional expansion
Chinese grocery platform Dingdong Maicai has raised $700 million in its latest series D round of financing co-led by investment firms DST Global and Coatue Management as the startup continues its expansion in the crowded fresh food delivery market.
SEE ALSO: Chinese Online Grocer Dingdong Maicai Raises $700 Million in Latest Funding Round
The company also received investment from previous backers including Tiger Global, General Atlantic, Sequoia Capital and Ocean Link, according to a Tuesday statement by boutique investment bank Cygnus Equity, which participated in the fundraising as both an investor and financial advisor.
The company’s statement mentioned that the online grocery seller will use the fresh funds for regional expansion and supply chain investment.
In February, Bloomberg reported that Dingdong Maicai is considering an initial public offering in the US this year and could again raise at least $300 million.
About Dingdong Maicai
Founded in 2017 in Shanghai, Dingdong Maicai (叮咚买菜) delivers fresh produce such as fruits, vegetables and meat to users’ doorstep within 24 hours. It counts Sequoia China and Qiming Ventures as its early backers.