China Deal Monitor: Service robots developer Keenon closes $29m and more updates

Chinese intelligent service robots developer Keenon Robotics has raised 200 million yuan ($29 million) in a Series B round of financing led by Beijing-based investment firm Source Code Capital.

Global venture capital company Walden International, and Shanghai Technology and Innovation Investment Fund, a private equity platform backed by state-owned Shanghai International Group, participated in the round, according to a statement on Monday.

Existing shareholders including Chinese venture capital firm Yunqi Partners, and Shenzhen-based Ivision Ventures, which is co-led by Nasdaq-listed Xunlei founder Cheng Hao, also backed the Series B round.

The investment, which includes two tranches of capital completed in 2019, will be used to further expand its operations in the domestic market, explore overseas opportunities, and to develop new offerings for applications in the healthcare industry, according to the statement.

Keenon, founded in 2010, offers indoor autonomous service robots that can be used for shopping guide, hotel services, delivery of food & beverage and medical supplies, among others. The company has provided robots and compatible solutions to over 1,000 enterprises across 400 cities in China.

The company said that it has delivered over 3,000 robots for food & beverage delivery and shopping guide in 2019 and is targeting to sell a total of 10,000 robots in 2020. It recorded a revenue of nearly 100 million yuan ($14 million) in 2019.

Keenon previously closed tens of millions of yuan in a Series A round from Yunqi Partners and Ivision Ventures in 2016.

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on March 9, 2020. 

Topping the list is Wangjiahuan, a Shenzhen-based agricultural products distributor that has closed 600 million yuan ($87 million) in a Series B round of financing led by Chinese on-demand service giant Meituan-Dianping and joined by the existing shareholder Hidden Hill Capital.

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Sector
Wangjiahuan Shenzhen87 millionBMeituan-DianpingHidden Hill CapitalE-Commerce & Internet Economy (Supply Chain)
GenFleet Therapeutics
Shanghai58 millionBCDH Investments, Shenzhen Capital GroupSouth China Venture Capital, Panlin CapitalHealth Tech
Keenon RoboticsShanghai29 million BSource Code CapitalWalden International, Shanghai Technology and Innovation Investment Fund, Yunqi Partners, Ivision VenturesAI/Robotics
Kano Chengdu Universal Automation Control TechnologyChengdu14 millionBGrand Yangtze Capital’s sub fund-AI/Robotics
Shanghai OPM BiosciencesShanghai14 million-China Life Healthcare Fund-Health Tech
XkoolShenzhen14 millionAVision Knight Capital-AI/Robotics
CloudChefShanghai7 millionBHundSunCrystal StreamCloud
AllsenseShanghai* 1.4 millionA+Cathay Capital-IoT
Beijing Guodu Network TechnologyBeijing-AngelBE Capital-Ed Tech

* indicates that the company did not provide the specific size of the deal but only a range, such as “hundred millions of yuan.” In this case, we adopt the smallest number in the range, which is “100 million yuan ($14 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.