China Digest: JD.COM invests in Giga Cloud; Jiangxing Intelligence bags nearly $15m

Giga Cloud Logistics

Giga Cloud Logistics has secured 260 million yuan ($40 million) in new funding from JD.COM and Oriza Holdings, while Jiangxing Intelligence has raised nearly 100 million yuan ($15 million) in its Series A+ round led by Poly Capital.

JD.COM invests in Giga Cloud Logistics

Crossborder business-to-business (B2B) logistics solutions provider Giga Cloud Logistics Inc. has announced the completion of a 260 million yuan ($40 million) funding round from Chinese e-commerce conglomerate JD.COM and Oriza Holdings, an investment firm with over 50 billion yuan ($7.6 billion) in assets under management.

It marks a milestone for Giga to join hands with JD and set up a global digital trading platform.

“Besides Europe and US, we will foray into other international markets, as well as advance our capacities in technology innovation, logistics storage, and talent recruitment,” said Lei Wu, the CEO at Giga, in the statement.

As a subsidiary of crossborder logistics player Oriental Standard, Giga helps suppliers and resellers transport heavy and large parcel merchandise globally. Besides, it also offers supplementary last-mile delivery and third-party logistics (3PL) services.

The company is based in East China’s Suzhou city, with divisions in Shenzhen, Ningbo, and also overseas. Its top clients include furnishing players Red Star Macalline International, Heng Lin Furnishings, and ZOY Home Furnishing Corporation.

Its early-stage investors also include Macalline International and DCM Ventures.

Jiangxing Intelligence bags nearly $15m in Series A+ round

Nanjing-based edge intelligence services developer Jiangxing Intelligence said on Thursday that it has secured nearly 100 million yuan ($15 million) in a Series A+ round of financing led by Chinese leading realty developer China Poly Group Corporation’s Poly Capital.

Shanghai state-backed Lingang Ventures and Tsing Ventures, which participated in the fresh funding round are the two new investors, while long-term backer Sequoia Capital China also joined the round, the company said on WeChat. 

Sequoia had initially invested in Jiangxing in 2018 exclusively pouring ‘millions of US dollars’ in an angel round. Subsequently, in 2019, Sequoia also joined hands with Baidu Ventures and Green Pine Capital Partners pumping 30 million yuan ($4.6 million) in Jiangxing’s Series A round.

Set up in 2018, Jiangxing uses novel edge intelligence and AI technologies to develop new generation cloud-computing driven internet of things (IoT) services. Its flagship products EdgeBox and JX-TD1A are widely used in the areas of energy internet, industrial surveillance, and smart storage.

Some of its state-owned clients consist of State Grid, China Southern Power Grid, China National Petroleum Corporation, and Beijing Enterprises Water Group, among others.

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.