China Digest: Tencent backs Leyaoyao; AR smart glass firm MAD nabs $19m

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AIoT-focused startup Leyaoyao has garnered 150 million yuan ($21.5 million) in a Series C round while smart glass developer MAD Gaze has closed 130 million yuan ($19 million) in a Series A round.   

Tencent invests in Leyaoyao’s Series C round

Guangzhou Leyaoyao Information Technology Company Limited (Leyaoyao), an artificial internet of things (AIoT)-focused technology firm, has raised 150 million yuan ($21.5 million) of financing in a Series C round, according to a company statement on Monday.  

Chinese tech giant Tencent and tech-focused VC Bright Capital have invested in the current round. Existing investor GF Xinde Investment has also poured money in the round. 

Established in 2015, Leyaoyao’s IoT platform helps automatic equipment operators to manage efficiency. Leyaoyao caters to entertainment, new retail and lifestyle sectors covering devices such as vending machines, massage chairs and shared-washing machines, among others. 

As of May 2019, Leyaoyao claims to have provided smart services to 96,826 companies, with a total of 600,000 active automatic devices across over 600 cities, according to its website. 

Leyaoyao had previously raised 300 million yuan ($43 million) from GF Xinde Investment, DT Capital Partners, Qianhai Mergers and Acquisition Funds, Chengwei Capital and Mia.  

AR smart glass maker MAD snags $19m in Series A round

China’s augmented reality (AR) driven smart glasses developer MAD Gaze has announced the completion of its 130 million yuan ($19-million) Series A round funding from DNS Capital and Black30 Venture, an HK-based venture firm, according to a company statement. 

The current round comes after MAD raised 80 million yuan ($11 million) in a Series pre-A round in 2019.  

The company has developed eight flagship AR smart glasses and watch. Additionally, MAD has created a one-stop service with a combination of MAD Store, AR Cloud, Developer Console and Me Support. 

MAD has so far partnered with a portfolio of companies including Nespresso, Decathlon, IBM, Microsoft, Oracle, Sony, and Cathay Pacific Airways. It is targeting to export its latest smart glass product to 45 countries.  

The company will deploy the proceeds to spruce up the R&D for its fifth-generation smart glasses, smartwatch, optics and algorithm. 

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.