China VC Weekly: Autonomous driving, SaaS and ZWC’s New Fund
In last week’s China VC news, autonomous driving technology startup HoloMatic completed its Series B1 round of financing, SaaS vendor G+ bagged 180 million yuan for further business expansion, while prominent VC ZWC Partners closed a new $774 million US-dollar fund.
Autonomous driving technology company HoloMatic bags Series B1 round
Chinese autonomous driving technology company HoloMatic announced today that it has completed its B1 round of financing with investors including Tongfang Investment, Yulin Investment and NavInfo of Baiyue Group.
Ni Kai, founder and CEO of HoloMatic, said, “The fresh fund will be used to improve the company’s delivery ability. We will continue to invest in R&D of autonomous driving and the long-term development of the company.”
At present, HoloMatic is in the stage of installing its autopilot system in passenger cars.
Since last year, HoloMatic has been applying the system in a variety of situations, including along highways and unmanned parking spaces. Ni Kai said that while meeting the needs of mass production, Holomatic plans to offer a more user-friendly experience wherein driverless cars are able to operate in most situations.
He also added that installing the L2 + self-driving system in cars will enable HoloMatic to collect large amounts of data in a timely manner, which helps upgrade algorithms and expand the driving areas, allowing for a more accurate and efficient use of autonomous driving technology.
About HoloMatic
Founded in 2017, HoloMatic has spared no effort to develop an autonomous driving system that utilize artificial intelligence and self-driving technology.
Cross-border e-commerce ERP SaaS provider G+ raises 180 million yuan in a series A round
Shenzhen-based cross-border e-commerce ERP SaaS vendor G+ announced that it has completed a 180 million yuan series A round of financing. The round was led by Seas Capital. eGarden ventures, Zhuopu Capital, Yunqi Partners, Hony Capital, Zcapital, Harvest Investments, while other funds also participated.
The company plans to use the proceeds of the round for talent recruitment, product and service upgrades, and market system construction.
About G+
G+ is a scalable ERP SaaS system provider supporting e-commerce and group enterprises.
Chinese VC ZWC Partners closes new $774 million US-dollar fund
Chinese venture capital investor ZWC Partners rakes in more than $774 million for its second US-dollar denominated fund.
The firm had previously hit a $400m first close for the vehicle last December. It closed its debut US dollar fund at $150m in 2019
ZWC said the fundraising activity had boosted its assets under management to more than 10 billion yuan.
SEE ALSO: Chinese AI Unicorn 4Paradigm Raises $230M at Nearly $2B Post-Money Valuation
About ZWC Partners
The firm, which was founded in 2015, targets early-stage and long term investments in Chinese and Southeast Asian companies across the consumer tech, enterprise services and industry technology sectors. ZWC’s current portfolio includes dating app Tantan, AI business 4Paradigm, medical test specialist Yunhu Technology and power bank rental business Xiao Dian.
