China Digest: Xie Zhu bags $46m; Biren closes Series B round

Smart Hotel

Xie Zhu Technology has garnered 300 million yuan ($46 million) in a Series B round led by Addor Capital. In a separate development, AI chip designer Biren Technology has raised an undisclosed amount.

Xie Zhu Technology nets $46m Series B

Addor Capital has led a 300 million yuan ($46 million) Series B round funding in Suzhou-based AIoT solution startup Xie Zhu Technology, the investee announced on Tuesday.

Ocean Holdings Group’s Ocean Tiancheng Fund entered as a new investor, while retuning backer SR Capital re-upped in the latest round. SR Capital along with SND and Qijia had collectively poured 150 million in Xie Zhu’s Series A+round in January 2020.

Proceeds from the latest round will be used for the development of products, marketing management, and service support, it said. 

Since its inception in 2015, Xie Zhu has been engaged in promoting smart hotels, and apartments using its full-stack AIoT-based software. It has provided one-stop service for 500,000 hotel rooms in China including for the Nasdaq-listed Huazhu Group.  

Xie Zhu Technology’s annual turnover registered a 300% year-on-year growth in 2020, amid COVID-19. 

Biren closes Series B round

Shanghai-based AI chip designer Biren Technology on Tuesday announced the completion of an undisclosed Series B round co-led by state-owned financial conglomerate Ping An, Hong Kong-listed property developer New World Group, and realty major Country Garden’s investment arm Country Garden Venture Capital. 

In the statement, Biren said it has raised more than 4.7 billion yuan ($716 million) since it was set up in 2019.

The current round saw participation from new investors including Source Code Capital, state-owned China Merchants Capital, Bertelsmann Asia Investments (BAI), CITIC Securities Investment, Greater Area Homeland Investment, Shanghai Guosheng Group’s Shanghai Strategy Fund, MSA Capital, and China Growth Capital. 

Returning investors such as IDG Capital, V Fund, and Zhuhai Da Heng Qin Group also re-upped in the fresh vehicle. 

Biren supports the digital and AI transformation of data centres and enterprises by designing novel intelligent computing processors and solutions, and establishing efficient software and hardware platforms. Its debut product will focus on AI training and inference at data centres. 

Its early-stage investors include GL Ventures, Gaorong Capital, Qiming Venture Partners, Green Pine Capital Partners, and GP Capital, among others.  

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.