China Digest: Nreal nabs $40m in Series B1 round; InxMed bags $19m

Nreal

Mixed reality product developer Nreal has garnered $40 million in a Series B1 round of financing led by Beijing Kuaishou Technology, while InxMed Biotechnology (Nanjing) has secured 130 million yuan ($19 million) Series A+ round of financing co-led by China Growth Capital and Qirui Youkang Innovation Fund. 

Nreal nabs $40m in a Series B1 round led by Kuaishou

Mixed reality product developer Nreal announced that it has garnered $40 million in a Series B1 round of financing led by Chinese leading video sharing company Beijing Kuaishou Technology. 

It brings the total corpus raised by Nreal to over $70 million, according to a company statement on Friday. 

The current round also saw the participation of a slew of leading investors including Sequoia Capital China, Hillhouse Capital, CICC Capital’s sub-fund CICC Zhongdian Zhongjin and GF Technology. Shanghai-based boutique venture capital firm Scheme Capital served as the financial advisor. 

Set up in 2017 and managed by Hangzhou Tairuo Technology, Nreal has engaged in offering user-friendly mixed reality wearables such as glasses. Recently in August, Nreal has made a flagship product Nreal Light debut through a partnership with Korean leading telecom operator LG U+. 

Nreal’s early-stage investors comprise Xiaomi Corporation’s Shunwei Capital, China Everbright Limited’s Everbright New Economy USD Fund, iQIYI, China Growth Capital, Hongtai Aplus, Terminus and Xinsong Ventures. 

InxMed raises  $19m in Series A+ round 

Chinese clinical-stage biotech company InxMed Biotechnology (Nanjing) Co Ltd has secured 130 million yuan ($19 million) in its Series A+ round co-led by China Growth Capital and Innovation Venture’s sub-fund Qirui Youkang Innovation Fund, China Growth posted on WeChat on Friday. 

Other investors who participated in the fresh round include healthcare-focused InnoMed Capital and Shanghai-based Grand Yangtze Capital.

InxMed, founded by Zaiqi Wang in 2018, uses biotechnology to develop innovative drugs for oncology treatments such as stomach and ovarian cancers. Headquartered in Nanjing, the firm has a presence in Beijing, Shanghai, the US, and Australia. MSD and Roche are among its top clients. 

The proceeds will be used to accelerate clinical trials and drug pipeline researches, and it will also support the development of a digital platform.

“The fresh round of financing will firmly strengthen our R&D capacity and pipelines,” said chairman & CEO Wang in the statement. 

InxMed had closed ‘tens of million US dollars’ in its Series A round of financing in late 2018.

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.