China VC Weekly: Risk Management, Medicine and Architectural Tech
In this week’s China VC news, AI risk management solutions provider Ice Kredit raises a 228 million yuan Series C2 round, cancer and immune disorder treatment developer Innolake Biopharm bags $46 million to speed up R&D, while RoboticPlus.AI receives $20 million from BAI and C Ventures.
AI risk manager Ice Kredit bags 228 million yuan in Series C2 round
AI risk management solutions provider Ice Kredit officially announced that it has completed a Series C2 round of financing worth 228 million yuan. Guochuang Zhongding led the investment, while Oriental Fortune Capital and Ally Capital also participated.
Ice Kredit’s last round of financing was the Series C1 round of investment, which was announced at the end of 2020. The Series C2 round of financing announced today will round up the company’s overall Series C round. Proceeds will be mainly used to expand Ice Kredit’s R&D team, invest in upstream and downstream mergers and acquisitions, and more.
About Ice Kredit
Founded in 2015, Ice Kredit is a high-tech company using artificial intelligence to provide enterprise-level services, mainly in the field of risk management.
Cancer treatment drug developer Innolake Biopharm raises $46m in pre-Series A round
A Chinese startup focusing on cancer and immune disorder treatment research called Innolake Biopharm has closed a pre-Series A round of financing totaling $46 million. The company plans to use the profits to speed up R&D.
Participants in the round included China-focused alternative investment firm CDH Investments, medical tech platform WuXi Biologics’ industry investment fund, Hangzhou Hua’an Jingyin Investment, and private equity firm Huagai Capital.
About Innolake Biopharm
Biopharma Innolake develops medical solutions for treatment of cancer and immune disorders and was founded in December 2020 by Xia Mingde, who previously spent 21 years at US drugmaker Johnson & Johnson, and Chen Rulei, a founding member of Hong Kong-listed biopharmaceutical firm JHBP Holdings.
C Ventures and BAI lead $20m investment in RoboticPlus.AI
Shanghai-based intelligent construction solutions provider RoboticPlus.AI announced on Wednesday the completion of its Series B round of financing totaling $20 million.
The latest round was co-led by BAI and C Ventures, a VC firm associated with the Hong Kong businessman and retail tycoon Adrian Cheng. Previous investors that also took part in the round included Poly Capital and Linear Venture.
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RoboticPlus.AI plans to use the capital raised in the round to invest in furthering R&D, upgrading its construction software and core robotic technologies and improving its cloud factory supply chain system.
Founded in 2016, RoboticPlus.AI is an architectural technology startup focusing on delivering intelligent robotic products and applications for the construction industry. The startup aims to disrupt the traditional, heavy-manual construction process from design to development and construction with its software solutions.