SH-listed Tztek Technology has agreed to acquire German MueTec Automated Microscopy and Messtechnik GmbH for €18 million ($20.2 million) while robot mop and vacuum cleaner Yunjing (Narwal) Intelligence Technology (Dongguan) has secured a Series C round of financing led by Sequoia Capital China.
Tztek to acquire German MueTec for $20.2m
SH-listed intelligent manufacturing device provider Tztek Technology Co., Ltd is acquiring German MueTec Automated Microscopy and Messtechnik GmbH for €18 million ($20.2 million), according to a filing with the Shanghai Stock Exchange.
Tztek will pick up shares in MueTec through its subsidiary SLSS Europe GmbH. SLSS will buy 92 per cent stake from MueTec’s largest shareholder Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG and 8 per cent equity from individual investor Ralph Detert.
Tztek will pay an additional €2 million for the debt payment of MueTec.
The acquisition proposal is pending approval from the authorities in Germany and China.
Headquartered in Suzhou, Tztek leverages AI to facilitate manufacturing transformation. The company produces precision measuring instruments, intelligent detecting & measuring equipment, intelligent manufacturing system and unmanned logistics vehicles. Its products are widely used in testing, automatic production, warehouse and logistics transportation.
Tztek said that the acquisition will help the company to enter the semiconductor-led test equipment market, a sector that has high demand in China.
MueTec, which was set up in 1991 in Munich, manufactures and distributes optical measurement and inspection solutions for semiconductor and microelectronics industries.
Tztek’s previous backers include CICC Capital, GSR United Capital, Oriza Holdings, SND Financial Holdings, Edge Ventures, Passion Capital, among others.
Sequoia Capital China backs Narwal
Chinese robot mop and vacuum cleaner Yunjing (Narwal) Intelligence Technology (Dongguan) Co., Ltd has secured an undisclosed Series C round of financing, according to a company announcement. The round was led by Sequoia Capital China with the participation of new backer Hillhouse Capital. Its returning investors GGV Capital and ByteDance also joined the round.
GGV along with ByteDance, Infore Capital and Dami Ventures had collectively injected nearly 100 million yuan ($14 million) in a Series B round earlier in April this year.
Chinese Scheme Capital served as its financial advisor for the latest deal.
Founded by angel investor Dr. Zexiang Li in 2016, Narwal designs and distributes smart cleaning robots for households globally. It claims that it has sold 13,000 products on Alibaba’s Tmall platform within 30 seconds on June 18, a Chinese mid-year shopping day.
The company is based in Dongguan, and it has set up a factory and office in Shenzhen. Narwal is planning to launch its Shenzhen-based R&D headquarters in July.
In 2017, Scheme Capital had joined hands with XBOT PARK Fund to invest in the company’s pre-A round.