China VC Weekly: Telematics, Spaceplanes and Biotech
In last week’s VC news: Chinese telematics powerhouse Pateo bagged a hefty 830 million yuan round of financing to help its R&D efforts; space flight product maker Space Transportation raised millions of dollars to build its hypersonic spaceplanes; and Shanghai-based Pulse Medical Imaging Technology closed a more than $100 million series C financing round to accelerate the company’s R&D.
Telematics startup Pateo rakes in 830 million yuan round led by FAW Group
Chinese Telematics startup Shanghai Pateo Electronic Equipment Manufacturing Co., Ltd., announced on Wednesday that it had raised more than 830 million yuan ($128 million) in its latest funding round, led by state-owned automaker China FAW Group.
Co-investors are Changchun Fawsn Group Co., Ltd., ChinaEV100, CCB Trust and STEC Jianyuan Fund, as revealed in Pateo’s statement.
FAW and Pateo had already reached a long-term strategic cooperation agreement earlier as the two copmanies had jointly established Tianquan Intelligent Lab for the purpose of improving the company’s intelligent network research and development.
Pateo raised1.8 billion yuan in the B and B+ rounds after the new round of financing.
The company noted that the proceeds of the latest round will be used mainly for R&D.
Pateo was established in October 2009 and is mainly engaged in the research and development of intelligent vehicle information service systems, and provides vehicle networking products and services for mainstream auto groups at home and abroad.
Space Transportation bags $46.3 million to build hypersonic spaceplanes
Chinese space flight product developer Space Transportation raised more than $46.3 million for its hypersonic spaceplane plans in a new funding round announced Monday.
Space Transportation, also known as Beijing Lingkong Tianxing Technology Co. Ltd. under its full legal name, completed its third round of financing, securing more than 300 million yuan, according to the company’s press release.
The funds will be used for development of commercial suborbital and hypersonic vehicles, with Space Transportation setting out a 10-year roadmap for the development of its reusable vehicles, the company said.
Space Transportation has plans for several large-scale technology verification flights throughout 2022 and aims for a first flight of a suborbital space tourism vehicle prototype in 2023, followed by a first crewed test in 2025.
About Space Transportation
Space Transportation describes itself as the only Chinese high-tech enterprise engaged in the development and application of commercial hypersonic flight products, and claims hypersonic flight technology to be a “new commanding height” of aerospace technology in the 21st century and as having “great commercial value”.
Shanghai-base biotech firm Pulse raises $100 million
Pulse Medical Imaging Technology (Shanghai) Co. Ltd. has raised more than $100 million in a series C funding round to accelerate the company’s R&D, clinical trials and the commercialization of its products.
“Pulse plans to use the funds to accelerate the commercialization of its fractional flow reserve (FFR) estimating systems,” Xiaojie Lin, marketing director of Pulse, told vertical media BioWorld.
FFR is a method to measure blood pressure and flow within a coronary artery to check on the possibility that the stenosis impedes oxygen delivery to the heart muscle.
About Pulse Medical Imaging Technology
Pulse Medical Imaging Technology describes itself as a company dedicated to develop innovative technology for precise diagnosis and optimal treatment of patients with coronary artery disease. Together with its research partner Shanghai Jiao Tong University, Pulse Medical has been a pioneer in the fast computation of fractional flow reserves (FFR) from multiple imaging data. The angiography-based approach (QFR) and intracoronary OCT-based approach (OFR) have been well received in the field of interventional cardiology as precise and affordable intra-procedural solutions for the evaluation of FFR in patients during diagnostic coronary angiography. The company states itsmission is to deliver innovative solutions that contribute to improved health care techniques and services.