China Digest: TYK Medicines bags $62m; TAOS Data raises $47m led by Matrix Partners China

Source: Jan Antonin Kolar/Unsplash

TYK Medicines has garnered nearly 400 million yuan ($62 million) in a Series B+ round led by Sealand Innovation, while TAOS Data has secured $47 million in a Series B round led by Matrix Partners China.

TYK Medicines bags nearly $62m Series B+

Chinese biopharmaceutical firm TYK Medicines has garnered nearly 400 million yuan ($62 million) in a Series B+ round of financing led by Sealand Innovation, a 17.6 billion yuan ($2.7 billion) fund owned by Sealand Securities, according to a company statement on Monday.

The round also saw participation from Haibang Investment and Zheshang Venture Capital, a Hangzhou-based investment firm that has invested in fresh produce e-commerce platform MissFresh; ride-hailing player Caocao; and cloud video provider Arcvideo Tech, among others.

Shanghai Wenzhou Investment and Changxing Financial Holdings made follow-on investments. Investment bank Haoyue Capital facilitated the transaction.

With the fresh funding, TYK Medicines aims to develop pre-clinical and clinical trials of various drugs, besides the construction of a manufacturing facility.

Established in 2017,  TYK Medicines operates as an innovative biotechnology company focused on offering small molecule drugs for cancers. Two of its proprietary drug candidates are expected to enter clinical trials by the end of this year, the company claimed.

Before the latest round, TYK Medicines completed a 260 million yuan ($40 million) Series B round from Addor Capital, Sunshine Insurance Group’s Riverhead Capital Investment Management, Shanghai Furong Investment, and others. Prior to that, it had also closed two other rounds of financing from healthcare-focused BioTrack Capital, Tengyuan Capital, and Tetranov.

TAOS Data bags $47m led by Matrix Partners China

Internet of things (IoT) driven big data platform TAOS Data announced on Monday that it has secured $47 million in a Series B round of financing led by existing investor Matrix Partners China.

Other returning investors who joined the round include Sequoia Capital China and GGV Capital. Index Capital served as the exclusive financial advisor for the deal, according to a company statement. 

Sequoia and GGV had joined hands seeding over $10 million for TAOS Data’s Series A round in April 2020. In January last year, the two investors along with data solutions developer Bewinner poured nearly $10 million pre-A round funding in TAOS Data.

Proceeds of the latest funding round will be deployed to advance technology innovation and market expansion.

Headquartered in Beijing, TAOS Data leverages its technology platform, TDengine, to deliver big data solutions and applications that cater to a slew of sectors covering IoT, internet of vehicles, industrial internet, and IT maintenance.

The global IoT market was valued at $190 billion in 2018 and is projected to reach $1.1 trillion by 2026, representing a compound annual growth rate of 24.7% during in the period, according to Fortune Business Insights.

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.