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.