China Digest: XYZ Robotics raises $20m; Shenqi Medical closes Series C

Founding members of XYZ Robotics

XYZ Robotics, a provider of piece-picking solutions for the logistics and e-commerce industries, has raised nearly $20 million in a Series A+ round of financing, while Shenqi Medical, which develops high-value medical consumables, has raised hundreds of millions of yuan in a Series C round of financing.

XYZ Robotics secures nearly $20m in Series A+ round

XYZ Robotics, a provider of piece-picking solutions for the logistics and e-commerce industries, has raised nearly $20 million in a Series A+ round of financing led by Source Code Capital, a Beijing-based investment firm that manages $1.5 billion and 5 billion yuan ($723 million).

Chinese venture capital companies Gaorong Capital and Morningside Venture Capital, both of which had invested in the startup’s Series A round, re-upped in the new investment, Source Code Capital announced in a WeChat post on Monday.

Founded in 2018, XYZ Robotics is led by the company CEO Zhou Jiaji, a PhD in Robotics from Carnegie Mellon University, and CTO Peter Kuan-Ting Yu, a PhD in Electrical Engineering and Computer Science from MIT, as well as CFO Xingliang Libo, a Master of Economics from China’s Peking University.

Source: XYZ Robotics LinkedInThe automated system can sort 900 pieces of products per hour, according to the company website. It is said to have an accuracy rate of 99.9 per cent and a payback period of around two years.

XYZ Robotics raised $8 million in a Series A round led by Gaorong Capital and Morningside Venture Capital. Kai-Fu Lee’s Sinovation Ventures, New Wheel Capital, and Aurora CTO Drew Bagnell participated in the previous deal.

Shenqi Medical closes Series C round

Shenqi Medical, a Chinese developer of high-value medical consumables, has raised hundreds of millions of yuan in a Series C round of financing to accelerate the clinical trials and commercialization of its products in the pipeline.

GL Ventures, the venture capital unit of Asia-focused private equity major Hillhouse Capital, and LYFE Capital, which invests in healthcare-related businesses in China and the United States, backed the Series C round.

Existing shareholders 3H Health Investment, a private equity firm that focuses on China’s healthcare industry, and Apricot Capital, also a healthcare investor in China, continued to invest in the round. DAS Capital, the exclusive financial adviser of the deal, announced in a WeChat post on Monday.

Shenqi Medical was established in September 2014 to provide high-value medical consumables in three major areas, including vascular intervention, structural heart disease, and heart failure management. The company now has over 80 employees.

The new proceeds will be used to finance the clinical trials of new products, as well as to promote the commercialization, marketing and promotion of its market-ready products.

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.