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).