China Digest: SBCVC invests in ONES; Cospowers closes new funding

Industrial software developer ONES and lithium battery solutions provider Dongying Cospowers Technology have secured funding.  

SBCVC invests in ONES

Industrial software developer ONES has secured 300 million yuan ($46 million) in its Series B1 and B2 rounds of financing, per a company statement on Wednesday. 

The two rounds saw the participation from new investors including SoftBank China arm SBCVC, Source Code Capital, and technology-focused XYC, besides return backer 5Y Capital. 

The developer plans to invest the proceeds for product R&D, service support, and talent recruitment. 

Headquartered in Shenzhen, ONES produces and distributes a pipeline of software applications and tools that help companies maximize their digitalisation process. 

Its top clients include Xiaomi, China Telecom, SAIC Group, and Kweichow Moutai. 

5Y Capital, formerly known as Morningside Venture Capital, has been a long-time backer of ONES. Before the latest two rounds, it had along with China Growth Capital collectively infused $6 million in the company’s Series A+ round in 2018. Back in 2017, it had exclusively invested $3 million in ONES’s Series A round. 

Cospowers closes new funding 

Smart lithium battery total solutions provider Dongying Cospowers Technology Co., Ltd has garnered ‘tens of millions of US dollars’ in a Series C round of financing from a cluster of undisclosed government-led industry funds. 

Return investor Xinwang Investment, a private equity firm with $6 billion in assets under management, also joined the round, the investor said in a WeChat post on Wednesday. 

Xinwang partnering Blue Lake Capital had invested in Cospowers’ Series B round funding in September 2020. A month earlier, it had also teamed up with sate-backed Shenzhen Capital, Hong Kong-listed Everbright, Qianhai FOF and other investors for an undisclosed Series A round funding in Cospowers. 

Cospowers, set up in 2019, provides clean tech-oriented lithium battery solutions including power energy storage, telecom energy storage and power batteries.

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.