China Deal Monitor: Shunwei-backed Idriverplus nets $14m and more updates

Shunwei Capital-backed autonomous driving system solutions startup Beijing Idriverplus Technology Co., has pocketed “tens of millions of US dollars” in a Series C+ round from Huaxia Weiming Investment and Xin Ding Capital, a Beijing-based investment firm with interests in new energy vehicles, healthcare, semiconductors, and artificial intelligence (AI).

Idriverplus will use the latest proceeds for autonomous technology innovation, robotaxi and special vehicles’ commercialisation, overseas market expansion, and talent advancement, it said in a statement.

In May 2020, Idriverplus had garnered “tens of millions of US dollars” in a Series C1 round led by HOPU-Arm Innovation Fund.

With nearly 300 professionals on its rolls, the Beijing-based startup develops self-driving vehicles, and also makes multi-functional solutions for autonomous driving systems. Its flagship product, Woxiaobai, is a smart sweeper for automatic cleaning, watering, and garbage collection on road surfaces. 

Chinese Xiaomi Corporation’s Shunwei Capital along with Baidu and JD.COM had together poured 150 million yuan ($22 million) in Idriverplus’ Series B round in 2018.  Prior to that, Shunwei and JD.COM invested 60 million yuan ($8.8 million) in its Series A round in June 2017. Its early-stage investors include BAIC Motor, SAIC Motor, China Telecom, and GF Xinde Investment, among others. 

CHINA DEAL MONITOR

DealStreetAsia has put together a table listing all prominent venture capital transactions in the Greater China region on September 11-14, 2020. 

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Verticals
GemPharmatechNanjing59 millionPre-IPOHillhouse CapitalYF Capital, Morgan Stanley China Investent, Sequoia Capital, TF CapitalBiotech
Hangzhou Sumgen Biotech Hangzhou32 millionBAddor Capital, Cowin Capital, Sinowisdom Investment HoldingsBOCOM International, Shanghai Haoshuo Investment, Dynamic CapitalHealthTech
inCareyHangzhou30 millionB+-Long Hill CapitalHealthTech
Jifu TechnologyShenzhen* 14 millionCGreenwoods InvestmentBojiang Capital, TopoScend Capital, YF Capital, Beijingdouxing InvestmentHealthTech
Beijing Idriverplus Technology Beijing* 14 millionC+-Huaxia Weiming Investment, Xin Ding CapitalAutonomous Driving
LeagsoftShenzhen14 millionBChina Internet Investment FundGaoxintouInternet of Things
RVBUSTShenzhen10 millionA-Gaorong CapitalRobotics & Drones
Jiniu TechnologyShanghai7 millionPre-A-Sequoia Capital China, Eminence Ventures Insuretech
SharkfitBinzhou2.2 millionA-Plum VenturesFitness & Wellness
Grain RainGuangzhou* 1.4 million-Jinding Capital-Beauty & Hygiene
MakerstoreZhengzhou1.4 millionAngelWe Capital-E-commerce

∗ indicates that the company did not provide the specific size of the deal but only a range. So, we adopt the smallest number in the range, which is “100 million yuan ($14 million)” in the given example. 

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.