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.

Also Read:

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Qiming US Healthcare Fund leads $10m Series A in Platelet BioGenesis

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.