China Digest: Wenge nabs $29m: Lenovo Capital backs eCloudTech

Beijing Wenge Group has garnered 200 million yuan ($29 million) in a Series C round of financing led by state-owned Shenzhen Capital Group. Meanwhile, Nanjing eCloud Technology (eCloudTech) has secured ‘millions of US dollars’ in Series A+ round of funding from Lenovo Capital and Gaorong Capital. 

Shenzhen Capital leads $29m Series C round funding in Wenge

Beijing Wenge Group (aka Wenge Tech), a subsidiary of China Academy of Sciences, announced the completion of 200 million yuan ($29 million) in a Series C round of financing led by state-owned investment firm Shenzhen Capital Group.

Other new investors who participated in the round include the Chinese Academy of Sciences Holdings, Cash Holdings, JC Capital, FH Capital and Institute of Automation, Chinese Academy of Science-backed investment fund. Returning backers Casstar and Youbang Investment also joined the round, it said in the statement. 

Casstar, Youbang and Qianhai Hengbang had invested nearly 100 million yuan ($14 million) in its Series B round in May 2019. Earlier in 2018, Casstar had teamed up with Blue Ocean Capital Group to invest in its Series A round. 

eCloudTech snags new funding led by Lenovo Capital 

Conceptual-data-model (CDM) driven big data service provider Nanjing eCloud Technology (eCloudTech) has secured ‘millions of US dollars’ in its Series A+ round of funding led by Chinese technology giant Lenovo Group’s corporate venture firm Lenovo Capital, the former posted on WeChat on Thursday. 

The round was joined by emerging economy focused Gaorong Capital. 

eCloudTech will invest in cloud data management, ecosystem innovation, data service automation, database upgrade and marketing expansion.  

It previously closed ‘millions of US dollars’ Series A round fundraising in 2019 from ShenZhen Co-Stone Asset Management and Orient Fortune Capital. 

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.