Nanjing SemiDrive Technology has completed a 500 million yuan ($73 million) Series A round led by CTC Capital, while Qiming Venture Partners has led a 350 million yuan ($51 million) Series B round in MEDx Translational Medicine.
SemiDrive raises $73m Series A
Automotive system-on-chip (SoC) products startup Nanjing SemiDrive Technology Co., Ltd said on Monday that it has completed a 500 million yuan ($73 million) Series A funding round led by CTC Capital, a semiconductor industry-focused firm that has invested in 180 players.
The fresh funding saw participation from a clutch of existing investors including Sequoia Capital China, MatrixPartners China, global investment firm Walden International, Lenovo Group’s corporate venture capital arm Lenovo Capital, and Temasek-backed Vertex Ventures China, SemiDrive said in a WeChat statement.
CV Capital, a Shanghai-based investment firm that targets TMT (technology, media, telecom) and consumer companies, facilitated the transaction.
Two-year-old SemiDrive produces high-performing and ultra-low-power SoCs for smart driving. Headquartered in Nanjing, the company has an office in Shenzhen, as well as an R&D centre in Shanghai and Beijing.
Co-founded by Jason Zhang and Maggie Qiu, the company, in the first half of this year, released a flagship product, 9 Series SoC, for smart cockpits, autonomous driving, and central gateways.
“Favorable policies and supports by Chinese governments surely bolster our confidence to accelerate the mass productions for smart driving,” said Zhang, president and CEO, SemiDrive, in the statement.
SemiDrive will invest the proceeds for product developments and commercialisations.
MatrixPartners China along with Vertex Ventures China, Lenovo Capital, and Jadestone Venture Capital had collectively poured “tens of millions of US dollars” for Semidrive’s Pre-A round in 2019. In 2018, Sequoia, Lenovo, Walden, and others had invested 100 million yuan ($14 million) in its angel round.
Qiming leads $51m Series B round in MEDx
Suzhou-headquartered precision medicine firm MEDx Translational Medicine Co., Ltd, on Monday, announced the completion of a 350 million yuan ($51 million) Series B round led by existing investor Qiming Venture Partners and with participation from new investors state-owned Sinopharm Capital, healthcare-focused Tsing Song Capital, and Broad Resources.
Existing investors Quan Capital and Angel Investment also participated, per a company statement. Beijing-based investment bank CEC Capital served as the financial advisor.
The company plans to invest the proceeds in developing its medical platform, diagnostics products, sales networks, commercialisation management, and innovative drug research.
MEDx, formerly known as an Asia medical centre of German Qiagen, has been engaged in developing integrated solutions such as clinical testing, diagnostics, and drug discovery for precision healthcare. Late last year, it forged strategic partnerships with the Singapore-based genomic medicine company Lucence to work on new generation cancer care tests and services.
In 2017, MEDx secured a 175 million yuan ($26 million) Series A round funding from Qiming Venture Partners, New Horizon, Quan Capital and others.