Xiaomi invests in Welink and 13 more deal updates from Greater China

Cloud gaming services developer Welink has raked in 150 million yuan ($23 million) in a Series A round of financing led by Xiaomi Corporation, per a company statement on April 12.

Xiaomi’s investment arm, Shunwei Capital, partnering Dunhong Capital Management, and Tiandu Sanjiang Asset Management, participated as new investors, while existing investors namely Mihayou, CMGE, Before Capital, Sea of Stars Capital, and Hongtai re-upped in the funding round. 

In February 2020, Mihayou, CMGE, and Before Capital had co-led a pre-A round worth ‘millions of US dollars’ in Welink. 

Proceeds from the latest round will be used to bankroll technology R&D and talent recruitment. In wider partnerships, Welink and Xiaomi will co-work toward cloud games tools and services, it said.

Welink, which started operation in 2019 in Beijing, is a high-tech startup that offers novel cloud computing technology and IT infrastructure for interactive video games.

China’s cloud game market is forecast to touch nearly 300 billion yuan ($46 billion) by 2026, per Welink’s press release earlier in October 2020. 

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on April 12 – 13, 2021. 

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Verticals
Arrail GroupBeijing200 millionETemasek HoldingsOrbiMed Healthcare Fund Management, Ward Ferry Management(BVI)Limited, Mirae Asset Group, Hina Group, Industrial BankN/A
StoneWiseBeijing100 millionB, B+B:Legend Capital; B+: Lightspeed China Partners, Greater Bay Area Homeland Investments LimitedCDH VGC, Eastern Bell Capital, GL Ventures, SIG, Long Hill Capital, Linear CapitalAI and Machine Learning
Ice KreditShanghai35 millionC2CDB-CDC CapitalOriental Fortune Capital, Ally CapitalFintech
WelinkBeijing23 millionAXiaomiShunwei Capital, Dunhong Capital Management, Tiandu Sanjiang Asset Management, Mihayou, CMGE, Before Capital, Sea of Stars Capital, HongtaiCloud Computing
OnQuality PharmaceuticalsShanghai20 millionA+-Sinovation Ventures, Shiyu CapitalN/A
Mech MindBeijing/Shanghai* 15 millionCMeituanSequoia Capital China, Source Code CapitalRobotics & Drones
OrionchipShanghai15 millionAGP Capital-AI and Machine Learning
bznins.comTianjin15 millionC1-Ally Capital, Huazhi CapitalInsuretech
HiBoSuzhou8 millionAGSR Ventures, Chelianwang Development FundSuzhou Zhuopu Investment Fund Management, Glory VenturesAutonomous Driving
MericoBeijing5.2 millionAMatrix Partners ChinaLegend Star, GGV, PolychainBig Data
Magic DataBeijing* 1.5 millionB-Invention CapitalBig Data
White TNingbo* 1.5 millionAMeridian Capital-N/A
lsy.suning.comNanjing-A-ADV Partners, CPEAI and Machine Learning
AibeeBeijing-Strategic Investment-Runcheng Industry FundAI 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. 

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.