Neuromorphic computing solutions specialist SynSense has garnered nearly 200 million yuan ($30 million) in its pre-Series B round of financing co-led by Shanghai Zhangjiang Technology Ventures and Westport Investment.
New investors in the current round include CETC, China Merchants Bank’s investment vehicle China Merchants Startup, Hong Kong-based Techronics, and Ventech China. Semiconductor-focused CTC Capital and Yachang Investment, both returning investors, made follow-on investments.
Proceeds from the funding round will be used to accelerate the R&D of neuromorphic chips and to facilitate the commercialisation of AI edge-computing applications.
Neuromorphic engineering is the use of electronic circuits to mimic the human nervous system. Based on advances in neurotrophic computing hardware developed at the Institute of Neuroinformatics of the University of Zurich and ETH Zurich, Dr. Ning Qiao co-founded SynSense in 2017 in Zurich and relocated its headquarter to Southwest China’s Chengdu city in 2020.
SynSense is developing a full-stack neuromorphic service for AI edge-computing applications that require ultra-low-power and ultra-low-latency features such as autonomous robots, wearable healthcare systems, security, and IoT applications.
Its early-stage investors also include Baidu Ventures, Germany’s Merck Investment, Casstar, and Hegao Capital.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on September 16 – 17, 2021.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Verticals|
|Jiangsu New Carzone Auto Parts||Nanjing||200 million||D||AIC||Alibaba, Yunlong Capital||E-commerce|
|Xtransfer||Shanghai||138 million||D||D1 Capital Partners||-||Fintech|
|IASO Biotherapeutics||Nanjing||108 million||C||CDH Baifu||CCB International, Everbridge, Costone Capital, CNCB Capital, Plaisance Capital, GL Ventures||HealthTech|
|DeltaHealth||Shanghai||100 million||-||Swire Pacific Limited||Eight Roads||HealthTech|
|EVPS Ningbo||Ningbo||46 million||-||YTI Capital, China Insurance Investment Fund||Coright Capital, Shanghai Guosheng Group||Electric/Hybrid Vechicles|
|DataStory||Guangzhou||39 million||C+||Shunwei Capital, Xiaomi Corporation||-||Big Data|
|BEASTER||Hangzhou||30 million||Debut||INCE Capital||China Meridian Capital, Belle Investment||N/A|
|SynSense||Chengdu||30 million||Pre-B||Shanghai Zhangjiang Technology Ventures, Westport Investment||CETC, China Merchants Startup, Techronics, Ventech China, CTC Capital, Yachang Investment||AI and Machine Learning|
|Yiming Cell||Beijing||30 million||B||-||Addor Capital, IDG Capital, Huaige Capital, Cowin Capital, Ming Bioventures||Biotech|
|Reforgene Medicine||Guangzhou||* 15 million||A+||YuanBio Venture Capital||Sinovation Ventures, Biotrack Capital, China Merchants Securities, Everbright Limited||Biotech|
|Walthin||Xiangtan||* 15 million||A||Riverhead Capital||Lotus Lake Capital, China-Inv Co-Harmony Investment Fund Management||HealthTech|
|AMIRO||Shenzhen||* 15 million||C||-||-||Beauty & Hygiene|
|Tanway Technology||Beijing||15 million||A||Joint Capital, Nantong Jiayi Fund||Sigma Delta Partners Investment, Hongsheng Investment||Autonomous Driving|
|luckyins.com||Shenzhen||3 million||Pre-A||-||Changxing Chenke, Cowin Capital||Insuretech|
|Thingswell||Hangzhou||*1.5 million||Angel||-||Baidu Ventures, Creo Capital||Saas|
|Electroder||Suzhou||1.5 million||Angel||-||Sinovation Ventures' Technology Fund||Electric/Hybrid Vechicles|
|Woodman AI||Shanghai||-||Pre-A||-||Panlin Capital||AI and Machine Learning|
∗ 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 “10 million yuan ($1.5 million)” in the given example.