HiRain Technologies has bagged 210 million yuan ($30 million) in a new round of funding from Huaxing Growth Capital. In a separate development, Bellen Chemistry has garnered ‘tens of millions of US dollars’ in its Series D round of funding jointly led by Huagai Capital and Eastern Bell Capital.
HiRain nets $30m in a new round
Automotive electronics product and service provider HiRain Technologies has bagged 210 million yuan ($30 million) from Huaxing Growth Capital, a sub-fund of China Renaissance.
HiRain raised an undisclosed equity investment from Beijing Automotive Group’s investment arm BAIC Capital and Sunshine Insurance Group in December 2019.
The company will use the proceeds to support product innovations in smart driving, intelligent connected vehicle (ICV), new energy, and autonomous driving. It will also target market expansion.
China’s automotive electronics industry is expected to reach 900 billion yuan ($127 billion) by 2025, it said in the statement.
Huagai Capital backs Bellen in Series B round
Contract research and manufacturing-focused Bellen Chemistry Co Ltd has garnered ‘tens of millions of US dollars’ in its Series D round of funding jointly led by Huagai Capital and Eastern Bell Capital.
The round was joined by previous backers including CICC Capital’s sub-fund CICC Qichen, Legend Capital, Apricot Capital and Insight Capital, the company announced on WeChat.
CICC, Legend Capital, Apricot Capital, China Merchants Capital and Sherpa Capital had collectively injected ‘tens of millions of US dollars’ in Bellen’s Series C round in 2018. Previously in 2016, Insight Capital had invested in its Series A round of funding.
Bellen will further advance its CRO and CDMO businesses and develop the small molecule-based service platform.
Beijing-based Bellen owns an R&D centre in Shanghai, besides a manufacturing plant in Shandong, and branches in France, Canada, U.S, the United Kingdom and Japan.