China VC Weekly: Mixed Reality and Cleaning Technology

Qualcomm-backed mixed reality powerhouse Nreal bags $40 million from Kuaishou

One of China’s most prominent mixed reality startups, Qualcomm-backed Nreal, announced the completion of a $40 million B1 round of financing led by the Chinese short-video giant and TikTok nemesis Kuaishou. Other investors included GP Capital; CCEIF Fund, under state-owned China Electronics Corporation and China International Capital Corporation; GL Ventures, under Hillhouse Capital; and Sequoia Capital China.

So far, the company’s total financing has exceeded $70 million. The company’s previous investors also include Shunwei Capital, China Growth Capital, Everbright New Economy, Terminus, Hongtai Aplus, iQiyi, and Xinsong Venture Capital, Chinese media 36Kr reported.

About Nreal

Established in 2017, the Beijing-based company is dedicated to the development, production, and sale of AR and MR products. In 2019, Nreal released the its first consumer MR glasses Nreal Light that can be connected to mobile phones.

Cleaning robot-maker Gaussian Robotics raises a $22 million series B+ round

Chinese cleaning robot-maker Gaussian Robotics announced that it has raised a series B+ round of financing worth 150 million yuan ($22 million), led by Broad Vision Fund and China Capital Management. Bluerun Ventures, Grand Flight Investment and Korea Investment Partners (KIP) also took part in the round.

The company said it will direct the funds towards research and development as well as large-scale implementation of its proprietary technology.

Gaussian Robotics raised its previous round of financing in March last year, bagging 100 million yuan from Grand Flight Investment. In May 2018, it raised tens of millions of US dollars in its series A round of financing.

About Gaussian Robotics

Founded in 2013, Gaussian Robotics develops intelligent cleaning robots. It is the first company in the cleaning robot industry that provides simultaneous localization and mapping (SLAM) solutions. Its robots perform multiple cleaning functions such as vacuuming, cleaning, washing, polishing, disinfecting and more.

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Xiaomi ecosystem vacuum-maker Dreame completes a $14.6 million round of financing

Xiaomi-backed startup Dreame announced this week the completion of its Series B+ round led by IDG Capital. The round of roughly 100 million yuan ($14.6 million) saw contributions from existing investors Xiaomi and Xiaomi co-founder and CEO Lei Jun’s Shunwei Capital, as well as Peak Valley Capital and Edge Ventures.

The proceeds of the round will be used to invigorate Dreame’s marketing and sales efforts in Europe and North America. Part of the newly raised funds will also be used for research and development in the field of high-speed motors, fluid mechanics, robot dynamics and visual simultaneous localization and mapping (VSLAM).

The five-year-old Beijing-headquartered startup produces premium hairdryers and vacuums in the style of Dyson but at lower prices. Dreame makes Xiaomi-branded vacuums and operates its own label, a standard cooperation model between Xiaomi and its ecosystem companies.