China Digest: C Ventures, BAI lead $20m round for RoboticPlus.AI; Innolake raises $46m

RoboticPlus.AI's Steel-made Intelligent Welding Robots. Source: RoboticPlus.AI

Chinese architectural technology firm RoboticPlus.AI has secured $20 million in a Series B round, while newly-founded drugmaker Innolake Biopharm has closed 300 million yuan ($45.8 million) in a pre-Series A round.

Adrian Cheng’s C Ventures, BAI lead $20m round for RoboticPlus.AI

RoboticPlus.AI, a Shanghai-based intelligent construction solutions provider, on Wednesday announced the completion of a Series B round of financing at $20 million.

The new round was co-led by BAI and C Ventures, a venture capital (VC) firm launched by Hong Kong businessman and retail tycoon Adrian Cheng. Existing investors including Poly Capital, which had backed the firm’s Series A+ round, and Linear Venture also participated in the round.

RoboticPlus.AI will invest the capital in furthering research and development efforts, upgrading its construction software and core robotic technologies and improving its cloud factory supply chain system.

Founded in late 2016, RoboticPlus.AI is an architectural technology startup that focuses on delivering intelligent robotic products and applications for the construction industry. The startup is targeting to disrupt the traditional, heavy-manual construction process from design to development and construction with its software.

The software helps robots automatically identify buildings’ geometric features and enables fast path planning through modular algorithms. RoboticPlus.AI said that the software, based on an easy-to-deploy cloud platform, can transform building data into manufacturing data with no need for programming.

By far, the startup has provided its software and services to property developers, architects, and architecture design institutions in China and overseas. Some of its clients include China Construction Group, China Building Materials Group, China Communications Construction, Alibaba, and robotics maker Kuka.

Prior to the new investment, the startup had raised 50 million yuan in a Series A round in March 2020. Investors in the previous round include Shenzhen HTI Group, Zhengxuan Investment, Linear Capital, Plug and Play, and Dragonrise Capital.

Drugmaker Innolake Biopharm raises $46m in pre-Series A round

Innolake Biopharm, a Chinese startup that develops drugs for the treatment of cancers and immune disorders, has closed $46 million in a pre-Series A round of financing to speed up the R&D of its pipeline of drug candidates.

The company’s first external funding round saw the participation of China-focused alternative investment firm CDH Investments; medical tech platform WuXi Biologics’ industry investment fund; Hangzhou Hua’an Jingyin Investment; and private equity (PE) firm Huagai Capital, according to a statement on Tuesday.

Innolake was founded in December 2020 by Xia Mingde, who previously worked at US drugmaker Johnson & Johnson for 21 years, and Chen Rulei, a founding member of Hong Kong-listed biopharmaceutical firm JHBP Holdings, also known as Genor Biopharma.

The startup, headquartered in eastern China’s Hangzhou City with operations in Shanghai, focuses on the development and commercialisation of drugs and therapies for cancers and immune disorders.

“[The proceeds] provides the firm with solid support in building a team consisting of high-end talent,” said Xia in the statement. “Our vision is to prioritise patients, to forge cooperation for joint growth, to continuously explore innovative drugs for urgent clinical needs, and to fill market gaps at home and abroad.”

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.