China Digest: Farasis Energy raises $790m, Codoon secures $20m

Visual from Codoon's website

Venture capital and private equity firms in China continue to invest in the country’s tech firms, with Farasis Energy and Codoon raising fresh funds recently, according to a China Money Network report.

China Venture Capital backs Farasis Energy’s $790m Series C

Farasis Energy (Ganzhou), a Chinese lithium-ion battery company headquartered in California, has raised $790 million in a Series C funding round backed by China Venture Capital.

Soochow Asset Management, a privately owned investment manager, and Fuzhou-based lender Industrial Bank also joined the funding round for the battery company that has a manufacturing facility in Ganzhou, China.

Founded in 2012, Farasis is focused on developing and commercializing innovative energy storage solutions. It caters to customers in markets such as transportation, electric grid, and commercial and industrial vehicles. Co-founders Yu Wang and Keith Kepler collectively hold around 63 per cent shares in the company.

China Venture Capital is a venture capital and private equity firm that focuses on investing in hi-tech companies.

Smart wearable maker Codoon bags $20m in Series C+

Chinese sports and wellness service provider Codoon secured $20 million from investors led by Advanced Power Electronics Corp in its Series C+ funding round. SBCVC also joined the round.

The latest round follows the $50-million Series C funding round in May 2016 for the Chinese startup that manufactures wearable products. Codoon’s products include Baidu-backed Codoon wristband, step counter, Bluetooth body scale, Codoon Candy, and Codoon Smile, among others.

Founded in 2010, Codoon claims to have over 100 million users around the world.

DEALSTREETASIA is waiting for the official statements of the companies involved in the latest funding rounds.

Also Read:

China: Codoon raises $50m Series C; VR producer sets up $30m M&A fund

IFC to offer $40m debt to US-based Farasis Energy for China push

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.