China Digest: ANTIY, Jumeng, Flexiv, Shukun & MitrAssist raise big-ticket rounds

In the final week of 2020, Chinese cybersecurity firm ANTIY, logistics service provider Jumeng, and intelligent medical solutions developer Shukun have all raised big-ticket financing of around $100 million to expand operations. US-based general-purpose robotics company Flexiv Ltd and Israeli health tech firm MitrAssist have also closed sizeable transactions from a group of largely China-based investors.

Cybersecurity firm ANTIY closes Series B round at $124m

Chinese cybersecurity firm ANTIY announced the completion of a deal at 200 million yuan ($30.9 million) from China Structural Reform Fund, bringing the fundraising scale of its Series B round to 800 million yuan ($123.8 million).

The new investment came about five months after ANTIY had closed the first tranche at 600 million yuan ($92.8 million) in August 2020. The previous deal was led by Longjiang Fund, a PE fund established by the local government in northern China’s Heilongjiang Province. Chinese healthcare and tech-focused PE Neovision Capital also invested in the first tranche.

ANTIY, fully known as Antiy Information Technology, was created in 2000 and branded as “Antiy Labs” to provide next-generation antivirus engines and services to battle PC and mobile malware.

While serving domestic smartphone makers like Huawei and Xiaomi, ANTIY has partnerships with companies including Hikvision, a Chinese surveillance cameras manufacturer that has been under the US blacklist since 2019 for alleged human rights violations in Xinjiang Province.

Logistics service provider Jumeng raises $100m Series B+ round

Chinese logistics service provider Jumeng has secured $100 million in a Series B+ round of financing to support the expansion of the firm’s logistics network, iteration of its information system, and exploration of new offerings.

The Series B+ round, which was completed in December 2020, saw the participation of investment firm IDG Capital, China’s Sanxia Xintai Fund, consumer-dedicated venture capital (VC) firm APC, Fortuna Capital, Asia-focused PE firm SAIF Partners, and asset manager Zheling Investment.

Jumeng was created in December 2017 to build a nationwide network of less-than-truckload (LTL) shipping solutions by connecting logistics parks, third-party logistics (3PL) companies, line-haul trucking and other logistics services providers through its Software-as-a-Service (SaaS) systems. Its network currently bridges 102 logistics parks and 6,059 warehouses through more than 8,000 major inter-provincial truck routes.

By far, the startup has completed at least five investments since its inception three years ago. The firm closed a Series B round in September 2020, without disclosing the investors or fundraising scale of the previous deal.

Jumeng’s website shows that it raised hundreds of millions of yuan in a Series A round from IDG Capital and Sanxia Xintai Fund in September 2019, following a Series Pre-A+ round of over 100 million yuan ($15.5 million) from SAIF Partners that January. In August 2018, IDG Capital invested over 100 million yuan in the firm’s Series Pre-A round.

Sequoia China leads $91.3m deal for medical AI startup Shukun  

Beijing-based intelligent medical solutions developer Shukun has garnered 590 million yuan ($91.3 million) in its third funding round in 2020, bringing its total fundraising amount in the past year to nearly 1 billion yuan ($154.8 million).

The latest transaction was led by Sequoia Capital China, according to a statement on December 28. Chinese state-owned reinsurance firm China Re Group and China-based Zhongjin Pucheng Investment participated in the deal.

Existing shareholders Huagai Capital, 5Y Capital (formerly Morningside Venture Capital), China Creation Ventures, Qiming Venture Partners and Marathon Venture Partners joined the round.

Shukun was created in 2017 in Beijing with an angel investment of 22 million yuan from Marathon Venture Partners to use AI to diagnose heart disease.

In 2020, Shukun completed a Series B1 round led by China’s BOC International in June and a Series B2 round led by Qiming in August, both at 200 million yuan.

The startup has by far raised six financing deals since its inception. After its angel round in 2017, Shukun closed 100 million yuan in a Series A round in 2018, following a 200-million-yuan Series B round in 2018.

US-based robotics firm Flexiv nets over $100m in Series B round

US-based general-purpose robotics company Flexiv has raked in over $100 million in a Series B round of financing from investors including Chinese food delivery giant Meituan, according to a statement on December 31.

Other major investors in the Series B round include Chinese VC firm Meta Capital; New Hope Group, one of China’s biggest pig breeders; PE firm Longwood; Alibaba co-founder Jack Ma’s YF Capital; Chinese VC companies Gaorong Capital and GSR Ventures. Silicon Valley-based early-stage investor Plug and Play’s China and US ventures.

The new investment followed Flexiv’s $22-million Series A+ round in 2019, taking the total capital raised by the startup to approximately $122 million.

Founded in 2016, Flexiv is a global developer and manufacturer of adaptive robots that integrate industrial-grade force control, computer vision and artificial intelligence (AI) technologies. It officially launched its first adaptive robot “Rizon” in April 2019 and has manufactured over 100 such robots to date.

Centurium leads $70m Series B round in valve implant developer MitrAssist

Chinese PE powerhouse Centurium Capital has led a Series B funding round of $70 million in MitrAssist, an Israeli developer of minimally invasive solutions for mitral regurgitation (MR) treatment, the investor announced on December 30.

Hong Kong-listed investment banking firm China International Capital Corporation (CICC)’s investment platforms co-led the deal, with participation from China’s CITIC Securities and 6 Dimensions Capital, which mainly invests in biotech startups in China and the US.

The update came on the heels of MitrAssist’s announcement of raising $50 million from the same batch of investors at a valuation of $300 million, according to a report from Israel’s financial publication CTech in early December. The development of the $70-million fundraise could be the final scale of the same funding round.

Established in 2009 by Stanford University alumnus Gil Naor, MitrAssist develops a minimally invasive mitral valve implant to place on top of the heart’s own mitral valve and to work in unison with it to enhance the valve’s functionality. This solution helps prevent the need for complete valve replacement, especially for patients who are at high risk for surgeries.

The new financing will support MitrAssist in product registration & clinical trials and advance the firm’s efforts in foraying into markets including China. The firm will also use part of the capital to finance the preclinical R&D of other products in the pipeline.

In November 2017, MitrAssist received capital commitments of a combined $30 million from Fosun Pharma, the pharmaceutical unit of Chinese conglomerate Fosun International. Ping An Insurance, China’s largest insurer by market value, participated in the deal.

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.