China Digest: Alibaba-backed WayRay snags $80m; Sequoia leads $22m Yunxi round

Visual from WayRay Facebook page.

WayRay, a Swiss developer of augmented reality-enabled car navigation systems, has raised $80 million in Porsche-led Series C round while intelligent digital service provider Yunxi Technology raised $22 million in a funding round led by Sequoia Capital.

Alibaba-backed Swiss auto AR firm WayRay raises $80m

WayRay, an Alibaba-invested Zurich-based developer of augmented reality-enabled car navigation systems, has raised $80 million in a Series C funding round led by German automobile manufacturer Porsche.

In a statement posted on its website, WayRay said the round was also joined by Hyundai Motor, China Merchants Capital, JVCKENWOOD, a consortium of sovereign wealth funds, and previous investor Alibaba Group.

WayRay said it will use the newly raised funds to bolster its focus on research and development, industrialization, and team expansion “to become a supplier of holographic AR solutions for car manufacturers”.

The company, founded in 2012, said its holographic AR solutions create a “true augmented reality experience”, where virtual objects are seamlessly integrated into the world around the car.

The funding round values the company at $500 million. It aims to become a unicorn by the end of 2019.

Sequoia Capital leads $22m Series A+ in Yunxi Technology

Intelligent digital service provider Yunxi Technology has reportedly secured Rmb150 million ($22 million) in a Series A+ founding round anchored by Sequoia Capital China.

A China Money Network report said the Hangzhou-based company will focus on talent structure construction and product development using the newly raised funds. The round was also participated by existing investor Yunfeng Capital.

Yunxi Technology, founded in 2016, provides network construction and cloud application services for enterprises in various spaces, including real estate, automobile, fast-moving, agriculture, and pharmaceutical.

The company has raised three funding rounds this year, securing a total of $37 million. It raised an undisclosed amount for its corporate round in February, led by Yunfeng Capital. The same investor also anchored Yunxi’s Series A round in March that raised $15 million.

Also Read:

Alibaba leads $18m Series B in Swiss auto AR startup WayRay

Tencent, Sequoia back $450m Series E in car maintenance provider Tuhu

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.