China VC Weekly: E-sports, Autonomous Driving and More

Last week’s biggest VC fundraising announcements included the 180 million yuan investment raised by Bilibili E-sports, WeRide’s $310 million Series C, VISEN Pharmaceuticals’ $150 million Series B, and the latest $46 million round raised by robot-maker Jaka.

Bilibili E-sports bags 180 million yuan from Zhejiang Chuangxiang Cultural Fund

Bilibili E-sports, part of the eponymous Chinese video streaming platform, raised 180 million yuan in an initial round of funding led by Zhejiang Chuangxiang Cultural Fund.

The firm’s 2020 Q3 revenue reached 3.2 billion yuan – a 74% year-on-year increase – with 1.2 billion coming from mobile games and 413.4 million from its e-commerce segment.

The number of average monthly active users (MAU) for the third quarter was 197.2 million, with a year-on-year surge of 54%. Mobile MAUs reached 183.5 million, up 61% year-on-year, while the average number of daily active users stood at 53.3 million, with a year-on-year increase of 42%. Finally, the number of average monthly paid users was 15 million, a rise of 89% year-on-year.

SEE ALSO: Bilibili Esports Raises 180 Million Yuan in its Initial Round of Funding

About Bilibili E-sports
Founded in 2018, Bilibili E-sports is deeply involved with the global esports industry. As a popular platform for content creators protected by intellectual property, the company has built a sustainable esports ecosystem with several businesses spanning livestreaming, esports competition operations, esports talents brokers, and event organization.

Autonomous driving company WeRide raises $310 million in Series B round 

China’s leading L4 autonomous driving mobility company WeRide announced Thursday that it had completed its Series B2 and B3 financing, both led by commercial vehicle manufacturer Yutong Group, marking that WeRide has raised a total of $310 million in its Series B funding.

As the auto-driving unicorn’s first funding in 2021, the Series B2 and B3 came shortly after the company completed its Series B1 funding on Dec. 23 last year, which also saw the participation of Yutong Group.

Other investors include CMC Capital Partners, CDB Equipment Manufacturing Fund, Hengjian Emerging Industries Fund, Zhuhai Huajin Capital and Tryin Capital. Furthermore, Qiming Venture Partners, Sinovation Ventures and Kinzon Capital, all of whom were involved in the previous rounds, also joined.

“In 2021, more leading investors and partners are joining us, bringing in their strategic resources to fulfill the goal of commercializing self-driving technology,” said Tony Han, founder and CEO of WeRide.
The company is currently strengthening the stability and safety of its self-driving systems.

SEE ALSO: Chinese Auto-Driving Company WeRide Raises $310M in Series B Financing Deal Led by Yutong Group

About WeRide
Established in 2017 in Guangzhou, the company is a pioneer in China’s auto-driving industry, a field that has gained growing attention from the capital market.

Endocrine therapy developer VISEN Pharmaceuticals rakes in $150 million

Shanghai-based endocrine therapy developer VISEN Pharmaceuticals has completed a Series B round raising $150 million that will be used to facilitate its development in the Greater China region. The round was led by Sequoia Capital China with the participation of several new investors, including OrbiMedHBM Healthcare InvestmentsLogos Capital and Cormorant Asset Management,Sherpa Healthcare PartnersPivotal bioVenture Partners China, and CDG Capital.

Existing backers who jointly set up VISEN in 2018, Ascendis PharmaSofinnova Investments and Vivo Capital, also took part in the round.

“The Series B funding will help accelerate our clinical development, manufacturing, and commercialization of our three leading products, and establish a strong foundation on which we will enrich our pipeline from diversified international partnerships,” said VISEN Pharmaceuticals CEO and board member Pony Lu in a statement.

The firm has set out to develop the unmet medical needs for patients suffering from endocrine diseases in the Greater China region, which includes mainland China, Hong Kong, Macau and Taiwan.

Robot-maker Jaka Robotics completes Series C round

Shanghai-based collaborative robot maker Jaka Robotics has raised more than 300 million yuan ($46 million) in its series C round of financing, relying on China’s push to boost smart manufacturing in various sectors amid a tech race with the U.S. The round was led by CITIC Private Equity Funds Management and State Development & Investment Corp.

Jaka intends to use the proceeds of the round to upgrade its products, improve its customer service system and accelerate its global expansion, the company said in a statement released Thursday.

About Jaka
Founded in 2014, Jaka has introduced four series of collaborative robots used in various industries ranging from car manufacturing to logistics, according to its website. Eyeing global market expansion, the startup has already set up a technology research center in Japan and plans to build more branches in other countries and regions to meet local demand.