China Deal Monitor: Sequoia leads $12m funding in Recurrent AI and more

B2B chatbot developer Recurrent AI has collected $12 million in a new funding round led by Sequoia Capital China and joined by its long-term backer GSR Ventures and Wanwu Capital, GSR Ventures announced on Thursday. 

“The fresh proceeds will be used to advance robot products research and business extension,” Recurrent AI CEO Lincong Chen said in the statement. 

With dual headquarters in Beijing and Shanghai, Recurrent AI uses natural language processing and algorithm to develop smart robots that can level up sales communications for industries across insurance, banking, real estate, and online education. 

The four-year-old developer’s top clients include Tencent-backed online insurance platform Waterdrop, China Merchants Bank and US Cigna’s joint insurance platform Cigna & CMB, English education giant XDF.CN, among others. 

Prior to that, GSR Ventures, ZhenFund, Huashan Capital and Eminence Ventures had invested ‘millions of US dollars’ for Recurrent’s Series A round in August 2019. Back in January 2019, GSR Ventures and Eminence Ventures had invested in its pre-A round. 

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from September 22-24, 2020. 

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Verticals
WM MotorShanghai1.47 billionDthree Shanghai state-owned investment platforms, SAIC MotorSIG China, government-finance industrial funds (Hubei, Jiangsu, Hunan, Guangzhou, Anhui), Sino IC Leasing, Tsinghua unisplendour, Tsinghua Holdings' unit, Hongta Tobacco Group, Agile PropertyElectric/Hybrid Vechicles
Xingyun GroupShenzhen200 millionCTaikang Insurance Group, Highlight Capital, Zhongyuan CapitalHidden Hill Capital,Morningside Venture Capital, Xingnahe Capital, C&D ermerging industry investment, Pantheon Asset, MatrixPartners China, Shandong Shuyuan CapitalE-commerce
Star ChargeChangzhou125 millionASchneider Electric, CICC Capital's sub-fundCCB International, Shanghai Guohe Capital, Wiz International scientific and technological cooperation's unit, CDB-CDC Investment ManagementElectric/Hybrid Vechicles
Wanwu Xinsheng GroupShanghai100 millionE+JD.com, Guotai Junan InternationalFresh Capital, Shanghai Huohe Modern Service Industry Equity Investment Management, Huihe Capital,InnoVen CapitalE-commerce
ThreatBook Beijing44 millionD-CICC Capital, CITIC Securities, V FundInfrastructure
OBiOShanghai44 millionCLoyal Valley CapitalMorningside Venture Capital, Shanghai Lingang Innovation Center, Sherpa Capital, Kunlun Capital, GP Guodiao Investment, BioTrack CapitalBiotech
Paraview SoftwareShanghai44 millionCHillhouse Capital China Internet Investment Fund, CICC Qichen, Sova Capital, Shangqi Capital, Huajin Capital, Oriental Fortune Capital, Chenhui Venture Partners, Xiaomiao LangchengSaas
CycloneShanghai40 millionBMatrixPartners ChinaQianhai Renzhi Capital Management (Shenzhen), DCM, Source Code CapitalRobotics & Drones
Suzhou Therypharm PharmaceuticalSuzhou37 millionCSND Ventures Group, CEC CapitalSu Shang Fund, Suzhou International Development Venture Capital Holding's sub-fund, Taihoe Venture Capital, Honest CapitalHealthTech
Guangzhou Chenchaung Technology DevelopmentGuangzhou* 14 millionEquity Investment-Fortune Capital, Bohai Securities, Guangdong Zhongguang Investment Management, Jiarui CapitalN/A
Banyu/ipalfish.comBeijing* 14 million--BAI, GGV CapitalEdTech
Qihe BiotechZibo* 14 million--Yingke PEBiotech
TrusfortBeijing* 14 millionC+Cathay CapitalSIG ChinaAI and Machine Learning
XisoftShanghai14 millionDebut Sherpa Capital Gaorong CapitalHealthTech
Sucheon TechnologiesXiamen14 millionB-Shunwei CapitalAI and Machine Learning
Make EssenseShenzhen14 millionAngel, Pre-A, A, A+SIGYisan Capital, Redpoint China Ventures, Hupu InvestmentBeauty & Hygiene
BestudyShanghai14 millionBLoyal Valley Capital, Hygeia CapitalHillhouse Capital, Ennovation Ventures, Zhenjie CapitalHealthTech
Recurrent AIBeijing/Shanghai12 million-Sequoia Capital ChinaGSR Ventures, Wanwu Capital Robotics & Drones
Hongsong ClubBeijing10 millionAChina Creation VenturesMatrixPartners China, Bluerun VenturesFitness & Wellness
ImmviraShenzhen10 millionB+-SHCHealthTech
Golden EducationShanghai-Strategic InvestmentTencent InvestmentLoyal Valley Capital, Hundreds CapitalEdTech
NatlinearShanghai---Shanghai Hengyu InvestmentN/A
JiangxiaobaiChongqing-CHuaxing Growth CapitalBaillie Gifford, Loyal Valley Capital, CMB International, Kunyan Capital, Wens InternationalE-commerce
MISSZEROBeijing-AOriza HoldingsJoy Capital, China Growth Capital, Vision Plus CapitalFitness & Wellness

∗ 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 “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.