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
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+
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.