China Digest: 51HiTech, NewBanker, Accutar Bio secure funding

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SenseTime has made its first major investment by joining Modern Land to lead a Series B round in 51HiTech. Meanwhile, NewBanker and Accutar Biotech also announced the closure of their latest rounds.

SenseTime, Modern Land lead $32m Series B in 51HiTech

Hong Kong-based artificial intelligence startup SenseTime and Chinese property developer Modern Land (China) Co Ltd have led a $32-million Series B round in Beijing-based virtual reality (VR) and augmented reality (AR) company 51HiTech.

This is the first major investment by SenseTime since it secured $227 million from Alibaba recently.

Other participants in the round included Shanghai Pudong Development Bank, Silicon Valley Bank, Lightspeed China Partners, Shenzhen Green Pine Capital Partners, Green Living equity investment fund and Star VC, according to a China Money Network report.

Founded in 2015, 51HiTech has developed VR and AR technologies for real estate developers to demonstrate their products to customers, while it is expanding its services to automobiles, education and gaming sectors. It will use the latest funding to expand its workforce, update autonomous driving systems and enhance its VR and AR technologies.

NewBanker closes pre-B round

NewBanker, a Beijing-based wealth management service tech startup, has secured tens of millions of RMB in a pre-B round led by Genesis Capital. The round was joined by Matrix Partners China and Atlas Capital.

The proceeds will be mainly used to expand the technical team, improve its products and services and deepen the industry’s research, the company said.

It completed an RMB25-million pre-A financing round from Matrix China in June this year, according to reports in the Chinese media. NewBanker offers business support, customer acquisition and product management systems for wealth managers. It targets to serve over 100 wealth managers by the end of next year.

Accutar Bio secures Series A funding

Shanghai-based biopharmaceutical firm Accutar Biotech has raised an undisclosed sum in a Series A round led by IDG Capital and Yitu Technology, China Money Network has reported.

Accutar Biotech has employed artificial intelligence technology to accelerate drug discoveries.

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