China VC Weekly: Logistics, Robots and Surgical Instruments
In last week’s VC news across China, logistics upstart YQNLink bags a whopping $100 million in its latest round, Hong Kong-based investment firm Gaw Capital Partners closes a further $430 million in funds, robotics startup MegaRobo closes a hefty $65 million investment round while Suzhou’s IntoCare Medical rakes in more than $15 million in its Series D fundraising round.
Logistics startup YQNLink raises over $100 million in latest round
Digital container logistics platform YQNLink has raised $100 million from a group of venture capital investors.
The company plans to use the proceeds of its latest fundraising round to hire and incentivize the best available talent. YQNLink also expects that the new funds will allow it to firmly establish an ‘ecosystem’ at the cost of short-term profits, according to founder and CEO Zhou Shihao.
“The coronavirus crisis has brought more attention from society to the international logistics industry,” Zhou expressed.
The company’s shareholders include major US investment firms such as Coatue, Sequoia Capital and DCM Ventures, as well as Chinese counterparts China Merchants Venture and Source Code Capital.
Having served roughly 20,000 corporate clients, YQNLink is expected to handle 700,000 shipments this year backed by its offices in China, Japan, the US, Mexico, Brazil and several key markets in Southeast Asia.
Established in 2015, Shanghai-based YQNLink has expanded its business scope from online slot booking to providing shippers with one-stop services. In addition to container shipping, the company’s products also include air and rail freight, cross-border e-commerce transport, as well as trucking, customs clearance and storage services at both departure and arrival ports.
Hong Kong’s Gaw Capital Partners close $430 million investment round
Hong Kong-headquartered Gaw Capital Partners announced on Friday the closing of its proptech-oriented Gaw Growth Equity Fund I, bringing the total amount raised in the endeavor to $430 million.
Limited partners in the dealings include sovereign wealth funds, endowments and other institutional investors that have provided capital for previous Gaw undertakings, as well as new partners.
“We are delighted to be closing Gaw Growth Equity Fund I successfully in such a short time,” said Christina Gaw, managing principal and co-chair of alternative investments for the family-led private equity firm. “The institutional investors’ commitments to our Gaw Growth Equity Fund I reflects their readiness to allocate more of their capital towards proptech and ESG related investments, given the attractive market opportunity and rapid growth of the sector.”
About Gaw Capital Partners
The investment firm backs high-growth, Asia-focused companies in proptech and operational businesses related to real estate. Since its founding in 2005, the company has raised six funds targeting Greater China and APAC. Gaw has raised $16.9 billion in equity since 2005 and had $27 billion in assets under management as of Q3 2020.
Kai-Fu Lee backed AI robotics startup raises MegaRobo raises $65 million
MegaRobo, a high-tech startup focused on AI and robotics applications in life sciences and other sectors, has raised $65 million in a funding round led by Hong Kong-listed pharma giant WuXi AppTec, according to the company statement.
The round was joined by existing investors including Matrix Partners China, Dr. Kai-Fu Lee’s Sinovation Ventures, Germany-based Bosch’s investment arm Bosch Venture Capital, early-stage investment firm Future Capital, Liando U Valley and Joy Capital – a consumption-driven investment firm that has backed startups like grocery app Nice Tuan, digital energy platform Newlink and artificial meat brand Starfield.
MegaRobo had previously raised $30 million in a Series B round joined by Matrix Partners China, Joy Capital, Sinovation Ventures, Liando U Valley, and Bosch Venture Capital last year, followed by a similar-sized Series B+ round financing from Matrix Partners China, Sinovation Ventures and Joy Capital in February this year.
Following the latest funding round, MegaRobo will continue to bankroll the R&D and innovation of automation products and business capacity. It will also advance the construction of its automatic robot laboratory, as stated in a company’s announcement.
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Established in 2016, the innovative company has served 112 clients and has delivered dozens of automatic systems and products such as motion control components, robots, megacloud platform, and robot laboratory system, according to the firm’s official website.
Surgical instrument company IntoCare Medical closes 100 million yuan Series D round
Suzhou-based surgical instrument company IntoCare Medical has raised roughly 100 million yuan ($15.7 million) in its series D financing round led by Qiming Venture Partners.
Investors including Oriza Holdings, Oriza Fund of Funds, and YuanBio Venture Capital also took part in the round.
The medical technology company plans to use the fresh capital for product development, clinical research and marketing activities, as well as to open new offices and manufacturing sites.
IntoCare’s products are currently available in markets across Europe, the Middle East, Africa, North America and elsewhere. The Jiangsu-based healthtech firm said it has also won multiple provincial procurement bids.
“We believe that powered staplers will become an increasingly popular option for surgical doctors and gradually earn the mainstream position,” said William Hu, managing partner of Qiming Venture Partners. “IntoCare has established a structured R&D platform and commercialization plan, and has begun international expansion.”
Founded in 2015, IntoCare focuses on the production and commercialization of surgical instruments. The company has also launched a range of powered stapling solutions, which help surgeons eliminate the variable grip force by using battery power to drive knife blades and staples.