China Digest: Tztek to acquire MueTec; Sequoia backs Narwal

Yunjing(Narwal) Intelligence Technology (Dongguan)

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. 

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.