China Digest: Juexin Microelectronics, LAVA, Proviva Therapeutics bag funds

China Digest: Juexin Microelectronics, LAVA, Proviva Therapeutics bag funds

FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/File Photo

China’s largest missiles maker China Aerospace Science & Industry Corporation (CASIC) re-upped in Juexin Microelectronics, while US-based investment firm Recharge Capital has invested in LAVA. Also, biotech firm Proviva Therapeutics has sealed a Series A round.

Juexin Microelectronics pockets $70.5m in fresh funding

Semiconductor firm Juexin Microelectronics has notched 500 million yuan ($70.5 million) in a fresh funding round to expand its production facility. 

The company roped in several state-backed investors including CASIC and Hunan Dice Investment, the investment arm of state-owned steelmaker Hunan Valin Steel, among others, according to a release published on March 2.

It came a year after the Lishui-based firm snapped “several hundred millions of yuan” in a funding round led by a fund under CASIC and CICC Capital in March 2023. Founded in 2019, the firm offers integrated circuit design, compound semiconductor ingredients, and packaging services that cover the whole supply chain.

Recharge Capital invests in the decentralised lending market platform LAVA

Recharge Capital, a US-based private investment firm, has made an undisclosed investment into LAVA, according to a release on March 7. 

Hong Kong-based LAVA claims to be the first platform that solves impermanent loss in decentralised finance (DeFi)—a temporary loss of funds that occurs when users provide liquidity to the DeFi protocols—by enabling arbitrage across market-making rates through the collateralisation and lending of liquidity positions.

Currently, the firm functions as a multi-chain platform, which is available across Arbitrum and Base. 

Proviva Therapeutics seals $18m Series A round

Biotech firm Proviva Therapeutics has completed its $18 million Series A financing round participated by Lapam Capital, Ennovation Ventures and Sangel Capital. Founded in 2019, the Shanghai-registered firm engages in the R&D of the next-generation cytokines for cancer immunotherapy.

Edited by: Pramod Mathew

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