China VC Weekly: AR, Robots and Bike Sharing
In last week’s VC news, prominent Chinese AR platform provider HiAR raised roughly $42 million in its recent Series C round of financing, German-Chinese robotics firm Agile Robots raked in a whopping $220 million during a financing round led by SoftBank Vision Fund 2, while reports linking back to certain Chinese investment institutions may suggest that bike sharing giant Hello Inc. is preparing to raise a new round of funding.
AR platform provider HiAR raises $42 million in Series C round
Chinese augmented reality (AR) firm HiAR announced on Thursday that it has managed to raise 270 million yuan ($42 million) in its Series C round of financing, led by CITIC Private Equity Funds Management. Other investors include Jadex Capital, Grand View Capital and THG Ventures.
The company produces AR hardware and software, including AR glasses and AR operating systems.
HiAR positions itself as an AR platform provider, based on an AR brain integrated with the cloud to work in combination with terminal products. The recently released 5G AR smart glasses HiAR H100 is the company’s latest flagship terminal product.
Sino-German robotics startup Agile Robots bags $220 million round led by SoftBank Vision Fund 2
German-Chinese startup Agile Robots announced on Thursday that it has raised $220 million from investors led by the SoftBank Vision Fund 2. The company plans to invest the proceeds of the round into expansion of its production and sales operations.
The latest investment round valued Agile Robots at more than $1 billion, officially making it a “unicorn.”
“Agile Robots realistically brings the next generation of robots into industrial intelligent precision assembly areas and medical treatment scenarios that could previously only be carried out by humans,” said Founder and CEO Zhaopeng Chen.
About Agile Robots
Founded in 2018, Agile Robots provides both software and hardware solutions, including a five-fingered robot than can serve as a ‘smart assistant’ in settings such as assembling smartphones or providing health treatment. The company has dual headquarters in Munich and Beijing.
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Bike sharing firm Hello Inc. to complete new round of financing
According to a source related to investment institutions, comprehensive mobile travel platform Hello Inc. is to complete a new round of financing, coming in at a higher valuation than before, Chinese media outlet Sina Tech reported on Thursday.
In April this year, Hello Inc. submitted a prospectus to the SEC in the U.S. as part of a plan to go public on the Nasdaq. In July, the firm announced that following due consideration, it had decided to withdraw its IPO application from the SEC.
A recent news report claimed that Hello Inc. is seeking financing by lowering its valuation.
However, a source close to investment institutions says that Hello Inc. is to complete a new round of financing at a higher valuation level. The source suggests that the higher value is due to the rapid development of Hello Inc.’s various businesses.
About Hello Inc.
The firm’s prospectus indicates that Hello Inc. mainly provides mobile travel services and emerging local services. Mobile travel services mainly refer to two-wheel vehicle sharing networks, namely Hellobike and Hello Motor, and hitchhiking services, including Hello Hitchhiking. Meanwhile, the company’s emerging local services mainly include Hello electric vehicles and Xiaoha electric power exchange launched by the company in cooperation with Contemporary Amperex Technology Co., Limited and Ant Group.