China Digest: Mandra Capital backs Ekuaibao; Baidu arm invests in Qingwei

Photo: Bloomberg

Mandra Capital has led a $15-million Series B round into Chinese corporate cost management software-as-a-service (SaaS) firm Ekuaibao while Baidu Ventures has invested $14.73 million into Beijing-based AI chip-maker Qingwei.

Mandra Capital leads $15m investment in Ekuaibao

Mandra Capital has led a $15 million Series B round into Chinese corporate cost management software-as-a-service (SaaS) provider Ekuaibao, China Money Network reported.

Existing investors DCM Ventures and Future Capital also participated in the round.

Founded in 2014, Ekuaibao is an agile enterprise expense reimbursement and management platform. It covers travel application, travel and expense booking, reimbursing, paying, book-keeping and analytics reporting.

Hong Kong-based Mandra Capital invests in internet, technology, materials, and life science sectors. Recently, the firm led a $16-million Series A  in Chronicled Inc, a provider of enterprise blockchain-powered supply chain ecosystems.

Baidu invests in Beijing-Based AI chip-maker Qingwei

Baidu Ventures, the artificial intelligence-focused venture capital unit of Chinese internet search firm Baidu Inc, has co-participated RMB100 million ($14.73 million) in an angel round in artificial intelligence (AI) chip-maker Beijing Qingwei Intelligent Technology in September last year, CMN reported.

Other investors in the round include advertising network operator Focus Media Information Technology, XY Capital, Shenzhen-based Guolong Capital and Hangzhou-based machinery company XIZI United Holding Corporation.

Founded in July 2018, Qingwei Intelligent Technology is a Chinese developer of AI chips with an ultra-low power consumption feature.

Last February, Baidu Ventures led a group of top venture capital investors and industry technologists in the $10-million seed round financing in US-based startup Lightelligence.

The firm reached the first close of its second RMB fund at $317 million. With the latest fundraising, BV’s total assets under management currently stand at around RMB3 billion ($476 million).

Also Read:

Chinese fintech platform PINTEC raises $103m led by SINA Corp, Mandra Capital

Baidu leads $87m Series D round in smart lock startup YunDing 

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.