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.