China Deal Monitor: Sinovation co-leads $32m funding in Hugo and more updates

Microbial testing services provider Hugo Biotech has raised 218 million yuan ($32 million) in its Series A round jointly led by Kai-Fu Lee’s Sinovation Ventures and Beijing-based private equity firm Lapam Capital. 

New investor CD Capital, a $587-million life sciences-focused fund, joined the round. Northern Light Venture Capital re-upped in the round, per a WeChat post. 

This deal marks Hugo’s third round of funding in 2020. TEB VC had invested ‘millions of US dollars’ in  Hugo in June while Northern Light had exclusively put nearly 100 million yuan ($14 million) in a pre-A round in February. 

The three-year-old startup’s flagship solutions help doctors to improve testing efficiency. Headquartered in Beijing, it has offices and laboratories in Shanghai, Guangzhou, Nanjing and Xi’an. 

“The latest proceeds will be used for product commercialization and technology innovation in the coming year,” the company said in the statement. 

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from September 25-29, 2020. 

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Verticals
XtalPiShenzhen319 millionCSoftBank Vision Fund 2, PICC Capital, Morningside Venture CapitalCICC Capital, CMB International, Mirae Asset, Shunwei Capital, CITIC Capital, Oceanpine Capital, Foursquare Capital, IMO Ventures, Tencent, Sequoia Capital China, China Life Private Equity Investment, SIG ChinaHealthTech
Taimei TechnologyShanghai/Jiaxing176 million-Tencent, GL Ventures, YF CapitalMorningside Venture Capital, MatrixPartners China, SoftBank China Venure Capital (SBCVC), Cowin Ventures, Fanzhuo Capital, Ivy CapitalHealthTech
InventisBioShanghai147 millionDHillhouse CapitalQiming Venture Partners, MatrixPartners China, Janchor Partners, AIHC Capital, DYEE Capital, E Fund, Lilly Asia Ventures (LAV), OrbiMed Asia, CMB International, Pudong Innotek, AdvanTech Capital
HealthTech
Creative BioscienceGuangzhou88 millionCTsing Song CapitalGDD Industry Fund Investment Group, Oceanpine Capital, Judu Investment, Linden Asset, Sharewin Capital, Guangzhou Jinkong Fund, and Think Real, IDG Capital, CDH InvestmentsHealthTech
Nanjing Semidrive Technology Nanjing73 millionACTC CapitalSequoia Capital China, MatrixPartners China, Walden International, Lenovo Capital, Vertex Ventures ChinaAutonomous Driving
FITUREChengdu65 millionATencent InvestmentSequoia Capital China, Bertelsmann Asia Investments (BAI),C Ventures, Cathay Capital, BA Capital, CPE, All-Stars InvestmentFitness & Wellness
MEDx Translational MedicineSuzhou51 millionBQiming Venture PartnersSinopharm Capital, Tsing Song Capital, Broad Resources, Quan Capital, Angle InvestmentHealthTech
Hugo BiotechBeijing32 millionASinovation Ventures, Lapam CapitalCD Capital, Northern Light Venture. CapitalBiotech
CentryMedHangzhou22 millionB-MabPlex, Taiyu Capital, Beida Fund, Huiren Bobei Investment, Wens Group, Zheshang GroupHealthTech
StartDTHangzhou18 millionB1Volcanics Venture, DT CapitalMorningside Venture Capital, Yuanyi CapitalBig Data
Moli Group Guangzhou* 14 millionB-Tebon Securities, Joincap Holding GroupE-commerce
Beijing Zorelworld Information & TechnologyBeijing14 millionBJinyuan CapitalSunyard's sub-fundN/A
Polly PolymerSuzhou14 millionAGSR Ventures, SDIC Unity CapitalSuzhou Zhongxin Innovation Investment, Techintelligence Capital3D Printing
PetaIONanjing14 millionCCTC CapitalShanghai Yachang Investment, Junsheng CapitalN/A
Shudun TechnologyBeijing14 millionC--N/A
Keythera PharmaceuticalsSuzhou14 millionAOriza HoldingsHygeia Capital, Juming Ventures, Shangyi Guanxi Asset Management HealthTech
BroncusShanghai* 10 millionCLake Bleu CapitalBaidu Capital, Jishi Capital, Xinyin Investment, DCP Capital, Qiming Venture PartnersHealthTech
OakidokiChangzhou1.4 millionAngel-Vision Plus CapitalFitness & Wellness
Kunyu New EnergyDonggying -Strategic Investment-Xinwang Investment Infrastructure
BioDuro-SundiaShanghai-Strategic InvestmentAdvent InternationalBridgewest Capital HealthTech

∗ indicates that the company did not provide the specific size of the deal but only a range. So, we adopt the smallest number in the range, which is “$10 million” in the given example. 

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.