China Digest: AIpark nets $42m Series C; Lc-Bio raises $16m in Series B funding

Smart parking solutions developer AIpark has secured 300 million yuan ($42 million) in its Series C round of financing led by return backer Gaorong Capital, while biotechnology company Lc-Bio Technologies (Hangzhou) has garnered 115 million yuan ($16 million) in its Series B round of funding. 

AIpark nets $42m in Series C funding

AI-driven parking solutions developer AIpark has secured 300 million yuan ($42 million) in its Series C round of financing led by return backer Gaorong Capital. 

Other investors who participated in the round include state-owned Zhongguancun Science City and Changshang Kunzhong. 

Gaorong Capital and state-owned sustainable energy player U.S-China Green Fund had collectively injected over 100 million yuan ($14 million) in AIpark’s Series A round in 2017. 

Set up in 2015 and managed by Zhihui Hutong Technology, AIpark uses image recognition technology for smart urban parking management. Its flagship platform, AIpark City, is widely used in cities across Beijing, Shanghai, Guangzhou, Chengdu and Fuzhou.

Its other investors include CICC Capital, Qihang Fund, NIO Capital and Sanli Group. 

Lc-Bio raises $16m in Series B round 

Hangzhou-headquartered biotechnology company Lc-Bio Technologies (Hangzhou) Co., Ltd has garnered 115 million yuan ($16 million) in a Series B round of financing led by Heda Group’s healthcare-focused investment arm. 

New investors Junchuan Capital and Taimeng Investment joined the round, while existing backers Sinowisdom, Zheshang Venture Capital and CrestValue Capital also participated. 

Sinowisdom, Zheshang Venture Capital and CrestValue had invested 63.60 million yuan ($9 million) in the biotech firm’s Series A round in 2017. Long-term backer Zheshang also participated in its angel round as well as Series B round. 

Driven by genomics and proteomics, Lc-Bio uses novel genome sequencing and gene chips to develop test kits for early detection in areas such as oncology.

With the proceeds, Lc-Bio aims to facilitate the commercialisation of DNA synthesis technology.

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.