China Digest: Innoforce nets $96m Series A; Winicssec bags $46m Series D

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Innoforce Pharmaceuticals has raised 625 million yuan ($96 million) in a Series A round of financing, while Winicssec has garnered 300 million yuan ($46 million) in a Series D round of funding led by China’s state-owned Capital Venture Investment Fund.

Innoforce bags $96m in Series A

Hangzhou-based biopharmaceutical firm Innoforce Pharmaceuticals Co., Ltd has pocketed 625 million yuan ($96 million) in a Series A round of financing, it said in a WeChat post on Monday.

The Series A round was jointly led by Peking University-backed Yanchuang Capital and South China Venture Capital, a PE fund that invests in healthcare, new consumption, high-end equipment, and cleantech. Returning investor Quan Capital re-upped in the current round, which was facilitated by China Renaissance.

The proceeds from the latest round will be used for the Innoforce campus in Hangzhou where the company offers good manufacturing practice (GMP) capacities including the construction of cell and gene therapy production facilities, and monoclonal antibody manufacturing facility in partnership with ThermoFisher Scientific. 

The first phase of construction of the Innoforce campus in Hangzhou is expected to be completed by the end of 2021, with staged GMP operations in 2022, the company said.

The company had raised 170 million yuan ($24 million) in a Pre-A funding round from biotech investment firm Bohe Angel and Everbright Secuties’ joint fund Guangzheng Zhongli Investment in June 2020.

Innoforce, which was co-founded in 2018 by Dr. Guo-Liang You and Dr. Yuling Li who served as presidents of the Chinese biopharmaceutical Association-USA, supports the development and commercialization of innovative medicines in China, the US, and Europe.

Winicssec bags $46m Series D

Industrial control system security products and services provider Winicssec announced on Monday that it raised 300 million yuan ($46 million) in a Series D round led by China’s state-owned Capital Venture Investment Fund, a 200 billion yuan ($31 billion) fund aimed at information technology, and smart green manufacturing industries.

State-backed realty developer Poly Group’s investment arm Poly Huixin Fund Investment Management participated in the round. 

Backed by Chinese internet security provider QI-ANXIN, Winicssec offers IoT cybersecurity services and tools and has helped over 1,000 enterprises ensure safe IT infrastructures. In 2020, Winicssec registered more than 150 million yuan ($23 million) in annual revenue and a net profit of 40 million yuan ($6 million). 

QI-ANXIN is the largest shareholder in Winicssec holding 29.89%. QI-ANXIN had invested in Winicssec’s Series C+ round in July 2020 and Series B round in 2018. 

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.