China Dealbook: FMC raises $200m; Qiming leads $20m in New Horizon

Photo: Bloomberg

Chinese electric vehicle maker Future Mobility Corp. (FMC) raised $200 million in a new financing round at $750 million valuation, while Qiming Venture Partners led a $20 million funding round in Chinese healthcare start-up New Horizon.

FMC raises $200 million in a new round

Chinese electric vehicle manufacturer Future Mobility Corp. (FMC) had raised $200 million in a new financing round from investment management institutions and large enterprise groups, a per a securities disclosure document.

The latest round valued the company at $750 million, a significant increase from pre-funding valuation of $500 million. the document added.

Incorporated in the Cayman Islands, FMC plans to launch show cars for volume production in the fourth quarter of 2017, put into production in 2019 and seek for listing on a stock exchange afterwards, the document added.

In January this year, FMC signed an agreement to build a premium smart electric vehicle research & development and manufacturing base in Nanjing Development Zone, with a planned total annual production capacity of 300,000 units of smart electric cars, covering models such as SUV, sedan and MPV.

FMC has established offices in Nanjing, Beijing, Hong Kong, Munich and Silicon Valley.

Qiming Venture leads $20m in New Horizon

Chinese venture capital firm Qiming Venture Partners led a $20 million funding round in New Horizon Health, a start-up focused on developing early-stage cancer screening technologies, said a CMN report.

The financing also saw participation from investment firms including Legend Capital, SoftBank China, besides other unnamed investors. The start-up will use the funds in research and development of early-stage cancer screening products with a focus on gastrointestinal cancer, the report added.

Founded in 2015, New Horizon raised series A round from Legend Capital, SoftBank China, and others in 2016.

The company has already completed development of its first early screen of colorectal cancer products based on fecal gene analysis (FIT-DNA) technology. The product allows users to sample at home to discover signs of colon cancer and progress adenomas with a diameter greater than one centimeter.

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