China Digest: Meilian snags $14m; Sinovation invests in DPI

Photo: Reuters

Beijing Meilian Tyco Biotechnology has secured 100 million yuan ($14 million) in a Series B round of financing led by Zero2IPO Asset Management while DPI has bagged 80 million yuan ($11 million) in a Series A round from China Merchants Venture, Sinovation Ventures, and Yunqi Capital. 

Meilian snags $14m in Series B round

In-vitro diagnostic service provider Beijing Meilian Tyco Biotechnology Co Ltd, also known as Sophonix Co., Ltd, has secured 100 million yuan ($14 million) in a Series B round of financing led by Zero2IPO Group’s Zero2IPO Asset Management, according to a company announcement on Tuesday.

Delian Capital, Anlong Capital, GoldTech Capital and Mingshi Investment along with existing backer ETP joined the round. Yijun Capital served as financial advisor. 

Meilian will use the proceeds to accelerate product research, develop sales and marketing networks, and enhance logistics storage capacity. 

Meilian offers point-of-care-testing (POCT) services to hospitals and clinics. Headquartered in Beijing, Meilian has two R&D centres in Beijing and California. 

Previously, Meilian closed three undisclosed rounds of funding from Zero2IPO’s Zero2IPO Ventures, Beijing Zhihe Kangdao Biotech, ETP, Jiahao Fund, Xin He Capital’s Guangde Chengxin Investment Management, among others. 

Sinovation co-leads $11m Series A round in DPI

Beijing-based industrial internet solution developer DPI has bagged 80 million yuan ($11 million) in its Series A round of funding jointly led by state-owned China Merchants Group’s investment vehicle China Merchants Venture and Sinovation Ventures. 

Return backer Yunqi Capital also participated in the round. Yunqi had exclusively made an unspecified equity investment in DPI’s previous round in November 2019. 

DPI uses industrial internet technologies to develop products that are widely used across manufacturing, consumption, power, smart city, and finance industries. 

Its strategic partners include IBM, Alibaba, Didi, State Grip, BAIC Motor, China Mobile, Faw-Volkswagen, among others. 

DPI will allocate the proceeds to upgrade its internet products and business ecosystem.

Founded by Dr. Kai-Fu Lee in 2009, Sinovation Ventures is focused on investments in AI, big data, consumption, internet, healthcare, education and corporate innovation. 

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.