HK’s SmartMore bags $200m in Series B round from Sequoia China, IDG, others

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Hong Kong-headquartered intelligent manufacturing technology major SmartMore on Thursday announced that it has raked in an aggregate of $200 million in a Series B round of financing. With this round, the startup is said to have gained entry into the coveted unicorn club.  

New investors who participated in the round include Hermitage Capital, Bull Capital Partners as well as APlus Plus Partners.

Existing backers IDG Capital, Sequoia Capital China, Lenovo Holdings’ corporate venture capital firm Lenovo Capital, ZhenFund, CoStone Capital and Green Pine Capital Partners joined the round, the investee said in a statement. 

With the new proceeds, SmartMore will bankroll the projects linked to product and technology R&D.

SmartMore claims that its complete AI intelligent manufacturing system has served over 100 top enterprises such as Carl Zeiss, Airbus, Bosch, Canon, and Schaeffler.  

IDG Capital, a long-term investor in SmartMore, had initially invested ‘millions of US dollars’ in SmartMore’s angel round in January 2020 and in its pre-A round in June. 

In October of 2020, IDG partnered Sequoia Capital China, Lenovo Capital, ZhenFund, CoStone Capital, Green Pine Capital Partners and others to collectively put more than $100 million in the firm’s Series A round.  

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.