China Digest: Ruiyun Cold Chain nets $15m; Redpoint, BAI back Galixir

Ruiyun Cold Chain has raised 100 million yuan ($15 million) in a pre-A round, while AI drug discovery platform Galixir has completed a new round of financing from Yunfeng Capital, DCM, and others.

Ruiyun Cold Chain nets $15m pre-A funding

Beijing-based cold chain platform Ruiyun Cold Chain has completed its pre-A round of financing raising 100 million yuan ($15 million) entirely from existing investors.

Eight Roads Ventures was the lead investor, while China Merchants Capital along with Panlin Capital and Qingsong Fund also invested. Investment bank Lighthouse Capital facilitated the transaction. 

Ruiyun will allocate the proceeds for technology innovation, developing its less-than-truck-load transportation logistics, sales, and marketing. 

Launched in 2020, Ruiyun has created an extensive network of less-than-truckload transportation — a shipping service for relatively small quantities of freight and digital management systems for cold chains. The platform serves clients in fields like catering, retail, fresh produce e-commerce, trade, and food industry, among others.

In May this year, Ruiyun pocketed 120 million yuan ($18 million) in its angel round from Eight Roads Ventures, China Merchants Capital, Panlin Capital, and Qingsong Fund. 

Redpoint, BAI back Galixir

Galixir, an AI-driven platform to accelerate drug research and development, has announced the completion of a new round of financing, per a company statement on Wednesday.

It didn’t disclose the financial terms of the deal. The round was led by Jack Ma’s Yunfeng Capital-backed Shanghai AI Industry Investment Fund, while returning investors such as Redpoint China Ventures, DCM, 5Y Capital, Bertelsmann Asia Investments (BAI), and Gaorong Capital also participated in the fresh vehicle.

The five investors had pumped ‘tens of millions of US dollars’ in Galixir’s Series A+ round late last year. 

Boutique Investment Bank Maxceed Capital served as the financial advisor for the round. The corpus raised will be used to level up the projects related to pipelines, talent pools, and technology developments.

Galixir helps pharmaceutical companies develop faster and better drug discovery approaches.

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.