China Digest: Hrain Biotech raises $29m Series B+; Qiming leads new funding in Weier

Hrain Biotechnology has pocketed 200 million yuan ($29 million) in a Series B+ round, while Weier Technology has raised “tens of millions of US dollars” in a Series B round led by Qiming Venture Partners.

Shenzhen Capital-backed Hrain bags $29m in Series B+ round

Shenzhen Capital Group-backed pharmaceutical firm Hrain Biotechnology Co., Ltd announced on Wednesday that it has raised 200 million yuan ($29 million) in a Series B+ round of financing.

Investors included the state-owned Shanghai Pudong Innovation Technology Group, joint fund Sino-Singapore Connectivity Private Equity Fund Management, Hong Kong-based K.Wah Group’s investment arm Qian Hai Wan Hui Equity Investment Fund Management (Shenzhen), life science-focused NSR Financial, Xinyi Capital, Junchenda Capital, Guangdong Chongye Holdings, and Hengzhen Investment.

The proceeds will be used to support clinical trials for drug candidates, facilitate drug commercialisations in China, and revamp product innovation pipelines.

Hrain, which started operations in Shanghai in 2015, delivers safe and affordable oncology therapies and drugs. Inspired by tumor immunotherapy technology, Hrain has developed four flagship research projects including the chimeric antigen receptor NK cell therapy, and oncolytic virotherapy. It has licence to conduct clinical trials in the US, Europe, and the Middle East.

“We aim to provide advanced precision treatments for cancer patients by innovative cell immunotherapy,” Hrain said in the statement.

Before the latest round, Hrain had closed $29 million in a Series B round in 2019 from state-owned Shenzhen Capital, Yangming Capital, and Zeyu Investment, among others. In 2018, Shenzhen Capital and Anjie Medical had jointly invested in the company in a Series A round.

Qiming leads new funding in Weier

Hangzhou-based artificial intelligence (AI) startup Weier Technology Co., Ltd, also known as Weier Science, has raised “tens of millions of US dollars” in a Series B round led by Chinese global venture capital firm Qiming Venture Partners, Weier announced on WeChat on Wednesday.

The fresh round also saw participation from R-Z Capital, a Shenzhen-based investment firm with interests in AI and other new-generation technology segments.

Weier will invest the proceeds for technology innovation, product upgrade, customer support, and business development.

Set up in 2016, the startup designs and develops intelligent robots and software leveraged by human-machine interaction technology, which caters to e-commerce platforms performing roles of customer service, sales and marketing, shopping guide, and customer relations management. Weier has served over 12,000 clients in more than 200 cities in China, it claims.

“As more small- and middle-sized enterprises appreciate digitalisations and AI, we believe that the integration of software-as-a-service (SaaS) and AI will extend to many other sectors,” said Kuantai Yeh, a partner, Qiming Venture Partners, in the statement. 

Weier had completed two rounds of undisclosed strategic investments from Shanghai Rongru Investment in January 2019, and Hangzhou Yowant Technology in April 2019.  

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.