China Digest: Yishou, VirtAI Tech in funding news

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Chinese B2B apparel e-commerce platform Yishou has garnered $40 million in a Series C round of financing led by CMC Capital Group. In a separate development, AI-driven startup Beijing VirtAI Technology Co Ltd has secured nearly $10 million in its pre-Series A round led by Gobi Partners China with participation from Hillhouse Capital and iFlytek Group.

Yishou closes $40m in Series C round

China Renaissance’s NeChinese B2B apparel e-commerce platform Yishou has closed $40 million in a Series C round of financing led by the country’s private equity fund CMC Capital Group.w Economy Fund, an existing shareholder of the startup, participated in the round. China Renaissance served as the exclusive financial adviser of the round, according to a statement on Monday.

“As the world’s largest clothing production and trading market, China’s apparel industry has a great potential to develop and consolidate,” said Jiang Yun, founder and CEO of Yishou, in the statement.

Yishou was founded in 2016 in southern China’s Guangzhou City to hand-pick clothes from upstream manufactures and apparel brands to provide to e-commerce platforms, small and medium-sized stores, and individual buyers who work closely with retailers to track fashion trends and to select what items should be stocked.

The four-year-old startup provides selected fashion items, as well as related one-stop warehousing and logistics services, apart from digital solutions for clothes suppliers and merchants to enhance management and sales efficiency.

It has over 200 million yuan ($28 million) in monthly gross merchandise volume (GMV), shows the statement.

“After years of continued investments in the consumer and technology space, CMC Capital Group has witnessed the disruptive change and efficiency enhancement in the apparel trading market brought by the adoption of intelligent technologies, big data and digital applications,” said Chen Xian, partner of CMC Capital Group, in the same statement. “They are the main driving forces for the future industry development and upgrades.”

After the Series C round, Yishou will increase investment to expand clients, to enable the intelligent production and data management of clothes, and to develop digital solutions for warehousing and goods assorting.

In March 2019, the startup raised 55 million yuan ($8 million) in a Series B round led by China’s Shunwei Capital, with participation from Matrix Partners China and China Renaissance’s New Economy Fund.

Hillhouse backs software startup VirtAI Tech

AI-driven startup Beijing VirtAI Technology Co Ltd has secured about $10 million in its pre-Series A round led by Gobi Partners China, a Shanghai and Kuala Lumpur-based venture capital firm that has over $1.1 billion in assets under management.

The round also saw the participation of Hillhouse Capital and intelligent speech player iFlytek’s investment vehicle, the company announced on WeChat on Monday.

VirtAI Tech made headlines in December 2019 when it raised an undisclosed amount in its angel round from financial service provider Yongjin Group’s private equity arm Yonghua Capital and individual investor Song Yao, a former CEO of computer vision platform player Extreme Vision.

Set up in 2019, VirtAI focuses on providing global data-center class AI accelerator virtualization and resource management software and solutions for customers across the world. Its computing platform helps customers build datacenter class AI accelerator resource pools so that user applications can transparently share and use AI accelerators on any server in the data center without modification.

With the proceeds, VirtAI will continue to enhance its R&D of AI accelerator virtualization and resource tools, as well as cloud-based games. Besides, the funding will also help the company develop market extension and customer support.

 

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.