China Digest: Unisound, Qihan Biotech, Madaket Health, Songxiaocai snag funding

Beijing, China. Photo: Pixabay

China-based AI startup Unisound has raised a RMB600 million ($89 million) in a Series C+ round while Sequoia Capital China has led a $7.8 million Series A round in Qihan Biotech. Meanwhile, Qiming Venture Partners has also led a $10 million Series B round in US startup Madaket Health. Also, business-to-business agritech startup Songxiaocai has raised RMB180 million ($26.4 million) in the second tranche of its Series B funding

Unisound closes $89m Series C+

AI solutions provider startup Unisound has secured a RMB600 million ($89 million) Series C+ round led by government-linked China Internet Investment Fund, following its $100 million Series C round this May.

The round was also joined by state-linked entities including China International Capital Corporation (CICC) and Jianyin Investment, it said in an announcement on July 19.

The latest funding round has brought the total funding raised in the Series C stage thus far by Unisound to RMB1.3 billion ($190 million). Fresh capital raised will be used to increase R&D investment as well as talent expansion. Unisound will also use the new funds to explore different cognitive technologies.

Unisound focuses in voice recognition and language processing which could be applied to various industries and appliances including vehicles, home appliances, and robots. It has also recently commercialised its in-house AI chip while claiming that Unisound’s annual revenue growth has been maintained at over 100 per cent for three consecutive years.

Hangzhou-based Qihan Biotech bags $78m Series A

Sequoia Capital China has led a $78 million Series A round in Hangzhou-based Qihan Biotech while other investors who joined the round include Arch Venture, Northern Light Venture Capital, Biomatics Capital Partners and Alta Partner, it said in an announcement on Monday.

Founded in 2017, Qihan Biotech is a sister company of US-based eGenesis. It was jointly established by eGenesis’ founder and chief scientist Yang Wei with Harvard University’s George Church. Qihan Biotech focuses on genetic editing for xenotransplantation, to address the global shortage of organ donors.

Qiming Ventures backs Madaket Health’s $10m Series B round

US-based healthcare platform Madaket Health has closed a $10 million Series B funding round led by Chinese VC Qiming Venture Partners along with Experian Ventures, the PNC Financial Services Group and Salesforce Ventures.

In a statement on Monday, Madaket Health said, the funding will be sued to extend its platform solution deeper into the administrative inefficiencies in the payer-provider system. The startup is a cloud-based, healthcare SaaS platform that specialies in simplying administrative data exchange between payers and providers.

Founded in 2012, Madaket Health claimed to have processed more than 1.5 million electronic data interchange (EDI) enrollments.

Agritech startup Songxiaocai secures $26m Series B2

Business-to-business agritech startup Songxiaocai has raised RMB180 million ($26.4 million) in the second tranche of its Series B funding led by M31 Capital, private equity firm HG Capital and ShengJing Group, it said in an announcement on Monday.

The startup just raised a RMB230 million ($33.75 million) Series B1 round this January, securing over $60 million in less than a year. Songxiaocai will use the funds to digitise and scale the vegetable upstream industry chain as well as providing these producers an array of diversified services such as financial information, risk control, warehouse management and logistics dispatch.

Founded in late 2014, Hangzhou-based Songxiaocai specialises in providing fresh vegetables purchase, delivery and after-sales services to market vendors to reduce wastage and help balance demand-supply chain.

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