Chinese consumer electronics firm Avove closes $43m in Series B round from govt-led fund

Source: Xi Wang/Unsplash

Avove, a Chinese company that develops key materials and components for consumer electronics, has closed 300 million yuan ($43 million) in a Series B round of financing from investors including a local government-led fund.

Shandong Province New and Old Kinetic Energy Conversion Fund, a 40-billion-yuan ($5.69 billion) fund launched in January 2018 by local provincial and municipal governments in eastern China’s Shandong province, poured money into the investment, according to a statement on Thursday (February 20).

Jining, Shandong-based Avove leverages cloud computing and big data to develop core electronic materials, components, and modules to consumer electronics including mobile terminals, virtual reality & augmented reality products, robots, and self-driving vehicles.

The company is targeting to become a unicorn in the global consumer electronics market, which is estimated to exceed $1.5 trillion by 2024 with the further integration of artificial intelligence (AI) and internet of things (IoT) in the product spectrum, according to Global Market Insights.

“China’s consumer electronics industry has centred on the manufacturing side of the industry chain in the past decade, but there were few influential companies that could offer key materials and components using core technologies,” said Chinese investment firm Before Capital in the statement. Before Capital invested tens of millions of yuan in Avove’s Series A+ round in June 2019.

“The intelligent manufacturing field in China will further develop in the next ten years, bringing opportunities to players producing key [consumer electronics] materials and components,” said the company.

Established in January 2018 with almost 953 million yuan ($135 million) in registered capital, Avove has operations in mainland cities like Shanghai, Dongguan, Changzhou, and Suzhou, as well as subsidiaries in Hong Kong and Singapore.

Proceeds will be used to increase investment in research and development and to expand the production scale.

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.