China Digest: Obio snags $28m; Cosco leads SandStone round

Obio Technology (Shanghai) has garnered 200 million yuan ($28 million) in its pre-C round of financing from Efung Capital. In a separate development, SandStone Data Technology has closed 150 million yuan ($21 million) Series B+ round funding led by state-owned Cosco Shipping Group. 

Obio snags $28m in pre-C round 

Gene therapy driven contract research organisation Obio Technology (Shanghai) Corp., Ltd has raised  200 million yuan ($28 million) in its pre-C round led by returning backer Efung Capital, Shenzhen-based biomedicine focused venture capital firm. 

The round was also joined by new investors Loyal Valley Capital, Pudong Kechuang Investment, WisdoMont Asset Management, Chobe Capital, Cannova Investment and Fenghang Investment. Existing backers ZJ Venture and GF Capital also joined the round, the company announced on WeChat. 

Obio will use the proceeds for the development of the industrial park in Lin-Gang and the consolidation of its CRO services. 

Previously, it has been backed by Sinowisdom Holdings, state-backed China Merchants Securities, CITIC Securities, Sinolink Securities, Northeast Securities, and Haiyuan Ventures. 

Cosco leads $21m Series B+ round for SandStone

SandStone Data Technology Co., Ltd, an intelligent data storage solution developer, said it has raised 150 million yuan ($21 million) Series B+ round funding led by state-owned Cosco Shipping Group with the participation of Xiang He Capital and Wuxi Capital. 

Backed by Chinese Xiaomi’s Shunwei Capital, SandStone is software-defined storage (SDS) startup serving cloud computing, AI and IoT sectors.

It claims to have served China Mobile IoT, China General Nuclear Power Corporation and China Southern Power Grid among others. 

It will use the proceeds for market expansion, team development and revamp of the business ecosystem. 

Shunwei had invested an undisclosed sum in SandStone’s Series A+ round in 2018. Prior to that, Shunwei and Phegda together had injected ‘millions of US dollars” in its Series A round in 2017. 

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.