China Digest: XSKY nets $45m; State-owned CCB backs iMotion

XSKY (Beijing) Data Technology has garnered a total of 320 million yuan ($45 million) led by China state-owned Capital Venture Fund, while iMotion Automotive Technology (Suzhou) has raised funding from CCB International’s sub-fund.

XSKY nets $45m in Series D round 

XSKY (Beijing) Data Technology has garnered a total of 320 million yuan ($45 million) in a Series D round of financing led by China state-owned Venture Capital Fund, a joint fund set up by China Reform Holdings Corporation, Postal Savings Bank of China, China Construction Bank and Shenzhen Investment Holdings. 

The round was joined by new backer Tsinghua Holdings’s investment arm and existing investor Qiming Venture Partners. 

XSKY will deploy the proceeds on advancing its storage technology, hybrid cloud data management and business expansion. 

XSKY has previously closed four rounds of funding from investors including Northern Light Venture Capital, Redpoint Ventures and New Enterprise Associates. 

State-owned CCB backs iMotion’s Series B1 round

iMotion Automotive Technology (Suzhou) Co., Ltd, a provider of autonomous driving system solutions,  has raised nearly 100 million yuan ($14 million) in a round led by state-owned CCB International’s sub-fund. 

The current round also saw the participation of new investor Heyu Yihao Investment and returning backers Leading Ideal, Future Capital and Shenzhen Guozhong Venture Capital Management. Scheme Capital served as its financial advisor of the deal, iMotion announced on WeChat. 

It will use the proceeds to spruce up the mass production of automated driving systems. 

iMotion’s previous investors include Oriza Holdings and Suzhou Nanyuan Rongtong Investment Management. 

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.