China VC Weekly: Self-driving Trucks and Biotech
In this week’s VC news, self-driving truck pioneer Inceptio Technology closed a $270 million round of financing and aims to start mass producing its proprietary autonomous driving system. Wealth management company Noah Holdings has reently invested in US-based financial technology platform iCapital Network, while biotech firms BioMap and Bota Bio each raised $100 million from prominent investors including GGV capital and Sequoia Capital China.
Self-driving truck company Inceptio Technology raises $270 million in latest round of financing
Inceptio Technology, one of the leaders in China’s autonomous trucking sector, announced it has completed a Series B round of financing worth $270 million. This round of financing was led by JD.COM, Meituan and PAG, and was also joined by Deppon Express, IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads and BVF as well as its original shareholders which includes GLP, CATL, NIO Capital and Eastern Bell Capital.
According to the company, this round of financing will be used for the mass production of its proprietary, full-stack, autonomous driving system “XUANYUAN”. The company also plans to further accelerate its electrification layout.
Xu Zhan, the Managing Partner of PAG’s Growth Fund, said they believe that autonomous truck driving technology can improve the drivers’ driving experience and safety, while significantly increasing efficiency in logistics tracking and reducing energy consumption.
About Inceptio Technology
Inceptio Technology specializes in L3 and L4 level autonomous driving logistics operations that operate on open roads between cities. The company produces a variety of autonomous driving transportation asset services, and is dedicated to improving the driving safety of logistics trucks.
SEE ALSO: Autonomous Truck Company Inceptio Technology Completes B Round Financing of $270 Million
Wealth management firm Noah Holdings injects $10 million in US-based iCapital Network
Chinese Wealth management firm Noah Holdings announced on Wednesday that it has completed a $10 million strategic equity investment in US-based global financial technology platform iCapital Network. The company enables access to alternative investments for the asset and wealth management industries.
“We are pleased to form a strategic partnership with iCapital,” said Ms. Jingbo Wang, co-founder, CEO and Chairwoman of Noah, “iCapital hosts top-tier overseas private equity and hedge fund products on its platform, and their operational model is highly synergetic with Noah’s online, digital, and intelligent transformation strategy.”
About iCapital Network
Founded in 2013, iCapital’s strives to power the world’s alternative investment marketplace. iCapital has transformed the way the wealth management, banking, and asset management industries facilitate access to private market investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions.
Biological computing medicine developer BioMap takes in $100 million financing round led by GGV Capital
BioMap, a Chinese startup developing drugs via biological computing technology, has raised more than $100 million in a Series A funding round led by prominent investing firm, GGV Capital.
The term “biological computing” refers to a technology that operates at the intersection of biology, engineering and computer science. It uses cells or their sub-component molecules such as DNA to perform functions traditionally performed by an electronic computer.
The investment round also attracted investors including Baidu, Legend Capital, Bluerun Ventures and Xianghe Capital, BioMap said in a statement on Saturday.
The Beijing-based company said that it will use the fresh capital to boost its R&D of biocomputing technology.
About BioMap
BioMap was co-founded by Baidu CEO, Robin Li, and former Baidu Ventures’ CEO, Wei Liu, last year. BioMap said that it will focus on developing therapies and medicines for tumors, autoimmune diseases and fibrotic diseases.
Biotech startup Bota Bio bags $100 million from Sequoia Capital China and others
Chinese biotech startup Bota Bio announced on Thursday that it had raised $100 million in a funding round led by Sequoia Capital China. The company did not disclose the valuation at which the funds were raised.
The series B financing round, which brings the company’s total funding to $145 million to date, also saw participation from previous backers Matrix Partners China, Source Code Capital, Sherpa Healthcare Partners and 5Y Capital, Bota Bio said.
The latest funding comes after German chemical producer BASF’s BASF Venture Capital in March invested in Bota Bio.
Bota Bio said it will use the proceeds to expand the company’s global operations as well as build a newer facility.
About Bota Bio
Bota Bio was founded in 2019 and uses living cells and enzymes to develop and manufacture common household and industrial products.
