China Digest: Jingchi on way to raise $100m; United Imaging closes $500m series A

Medical equipment in an operating theatre

A Chinese autonomous driving developer Jingchi Corp and a medical equipment maker Shanghai United Imaging Healthcare announced  updates on their series A rounds.

Jingchi Corp in process to raise $100m

Jingchi Corp, an autonomous driving developer, is raising a $100-million series A round after it received $30 million in its angel round from unnamed investors, according to Chinese media’s report citing the company’s announcement.

The Silicon Valley-based startup, founded by Baidu Inc’s former senior vice president Wang Jing, has obtained a licence to test autonomous vehicles on public roads in that state, following Chinese tech firms Baidu, NIO and TuSimple, the company said.
It plans to use the proceeds to move its operation to China and launch several autonomous vehicles for ride-hailing services in some cities there.

Prior to this round, Aplus Capital invested an undisclosed sum in Jingchi in March.

United Imaging Healthcare closes $500m series A

Shanghai United Imaging Healthcare, a medical imaging and equipment manufacturer, has raised RMB3.3 billion ($500 million) in series A round led by a Chinese private equity firm SDIC Fund Management Co.

It is the largest medical device funding in China to date and values Shanghai United Imaging at $5 billion. The company offers a complete line of high-end imaging machines with the goal of providing better machines while undercutting the prices of foreign imaging device makers by 20 per cent.

The company plans to use the latest investment in R&D in new products and improve existing ones. It is developing a 3D imaging equipment that can monitor real-time dynamic responses of all substances for the whole body. It expects to apply the new technology in early 2018.

SDIC Fund also jointly led a $66 million series D financing round in CF PharmaTech in August.

Also read:

China Dealbook: SDIC leads $66m in CF PharmaTech; Distinct Healthcare raises $40m

China’s SDIC Fund inks $47m equity investment in Maxwell Technologies

China Digest: SDIC backs Ribo; Matrix funds online insurance Xiaoyusan

 

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.