China Digest: ForwardX Robotics bags $38m; Sequoia leads $23m funding in Jianhai Tech

Robots work on the welding line at a Beijing Hyundai Motor Co. plant in Beijing, China, on Friday, March 15, 2013. Photographer: Tomohiro Ohsumi/Bloomberg

ForwardX Robotics has garnered more than 250 million yuan ($38 million) in a Pre-C round, while Hangzhou Jianhai Technology has bagged 150 million yuan ($23 million) in a Series B round led by Sequoia Capital China.

ForwardX Robotics bags over $38m in Pre-C round

Beijing-based intelligent robotics developer ForwardX Robotics has garnered over 250 million yuan ($38 million) in a Pre-C round of financing, per a company statement on Tuesday.

Long-term investor CDH VGC — incorporated by CDH Venture and Growth Capital (VGC) in 2015 — led the latest funding. Existing backer Eastern Bell Capital joined hands with new investor Dehou Capital as co-lead investors in the funding.

State-owned conglomerate ZGC Group and AI-based Angel Around Capital also joined as new investors. Proceeds from the funding will be used for robotic products R&D, supply chain innovations, and sustainable commercialisations.

Since its inception in 2016, ForwardX has specialised in the business of visual autonomous mobile robots (AMR) primarily catering to manufacturing and logistics industries. During COVID-19, ForwardX has provided AMR products and solutions to support the operation of Chinese global delivery services giant SF Express.

ForwardX has sold over 1,000 robots to a slew of prominent industry players such as TCL, Toyota, JD.com, and Huawei.

Before the current round, ForwardX had closed five rounds of financing from BOCOM International, Longfor Capital, and Beijing Gehuo CATV Network, among others. 

Jianhai Technology bags $23m led by Sequoia 

Sequoia Capital China has led a 150 million yuan ($23 million) Series B round funding in digital healthcare management platform Hangzhou Jianhai Technology Co., per a company statement on Tuesday. 

Source Code Capital and Sherpa Healthcare Partner, which had joined hands to collectively pour 60 million yuan ($9 million) for Jianhai’s Series A3 round in September last year, invested in the latest round. Medical care-oriented investment bank Probe Capital served as the exclusive financial advisor.

Jianhai, which started operations in 2015, claims to be one of the largest companies in China providing AI-driven, post-discharge healthcare management services. In November last year, Jianhai acquired digital healthcare software developer Changsha Siyuan Medical Software.

Aside from launching innovative digital medical care platforms and systems, Jianhai has been active in building an  advanced offline community in partnerships with over 1,000 hospitals. 

Jianhai is also backed by portfolio investors comprising US SVB Capital, Chinese intelligent speech firm iFLYTEK’s investment arm iFLYTEK Venture Capital, and HaiBang Venture.

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.