China Digest: eRoad Software bags $28m; Sequoia backs neoX

China

eRoad Software has garnered over 200 million yuan ($28 million) from Huaxing Growth Capital, while Sequoia Capital China has led the $10-million round for neoX Biotech.

eRoad Software bags $28m in Series C3 round 

Shanghai-headquartered software-as-a-service (SaaS) company eRoad Software has garnered over 200 million yuan ($28 million) in a Series C3 round exclusively from China Renaissance’s Huaxing Growth Capital. 

With this, the total capital raised by eRoad in its Series C round is over 600 million yuan ($85 million), according to a company statement. 

The latest round comes six months after it secured ‘tens of millions of US dollars’ in its Series C+ round from Hillhouse Capital, SIG Asia Investments, Ivy Capital, Eastern Bell Capital and GAH. Hillhouse Capital and SIG had invested a total of 200 million yuan ($28 million) in the Series C round for eRoad in July 2019. 

eRoad, set up in 2004, delivers payroll-focused services such as salary and tax solutions for mid-to-large sized enterprises. It claims to have served over 3,000 companies.  

eRoad had closed an undisclosed Series B round of funding from Hillhouse Capital. Previously, its backers also included real estate group Seazen Holdings, Yongchun Capital, and Shanghai Investment.

Sequoia Capital China leads neoX’s $10m round

Artificial intelligence-driven biotech company neoX Biotech said it has bagged $10 million in its pre-A round from Sequoia Capital China and Vision Plus Capital. 

The round was joined by existing investor Morning Venture Capital, the company announced on WeChat. Morning Venture Capital along with ZhenFund had together infused ‘millions of US dollars’ in its seed round in 2018. 

The company will invest the proceeds to boost its team, develop high-throughput laboratories and advance drug candidates. 

neoX, which was co-founded by Michael Chen in 2018 in Beijing, develops macromolecular drugs for immuno-oncology therapies.

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.