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.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Verticals|
|Arrail Group||Beijing||200 million||E||Temasek Holdings||OrbiMed Healthcare Fund Management, Ward Ferry Management（BVI）Limited, Mirae Asset Group, Hina Group, Industrial Bank||N/A|
|StoneWise||Beijing||100 million||B, B+||B:Legend Capital; B+: Lightspeed China Partners, Greater Bay Area Homeland Investments Limited||CDH VGC, Eastern Bell Capital, GL Ventures, SIG, Long Hill Capital, Linear Capital||AI and Machine Learning|
|Ice Kredit||Shanghai||35 million||C2||CDB-CDC Capital||Oriental Fortune Capital, Ally Capital||Fintech|
|Welink||Beijing||23 million||A||Xiaomi||Shunwei Capital, Dunhong Capital Management, Tiandu Sanjiang Asset Management, Mihayou, CMGE, Before Capital, Sea of Stars Capital, Hongtai||Cloud Computing|
|OnQuality Pharmaceuticals||Shanghai||20 million||A+||-||Sinovation Ventures, Shiyu Capital||N/A|
|Mech Mind||Beijing/Shanghai||* 15 million||C||Meituan||Sequoia Capital China, Source Code Capital||Robotics & Drones|
|Orionchip||Shanghai||15 million||A||GP Capital||-||AI and Machine Learning|
|bznins.com||Tianjin||15 million||C1||-||Ally Capital, Huazhi Capital||Insuretech|
|HiBo||Suzhou||8 million||A||GSR Ventures, Chelianwang Development Fund||Suzhou Zhuopu Investment Fund Management, Glory Ventures||Autonomous Driving|
|Merico||Beijing||5.2 million||A||Matrix Partners China||Legend Star, GGV, Polychain||Big Data|
|Magic Data||Beijing||* 1.5 million||B||-||Invention Capital||Big Data|
|White T||Ningbo||* 1.5 million||A||Meridian Capital||-||N/A|
|lsy.suning.com||Nanjing||-||A||-||ADV Partners, CPE||AI and Machine Learning|
|Aibee||Beijing||-||Strategic Investment||-||Runcheng Industry Fund||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.