Chinese Internet of Things (IoT) chips developer XINYI Information Technology has raised a Series B round, while biopharmaceutical firm Alebund Pharmaceuticals has secured $54.5 million.
IoT chip startup XINYI raises $77.5m Series B
XINYI Information Technology, a Chinese startup that develops IoT chips, has secured nearly 500 million yuan ($77.5 million) in a Series B round of financing to further its product R&D, improve supply chain, and recruit talent, it said on Tuesday.
The new round was jointly led by CMB International, a financial institution affiliated with China Merchants Bank, and Chinese investment bank CICC’s direct investment platform CICC Alpha.
China Merchants Capital, a joint venture between China Merchants Group and Asia’s warehouse operator GLP; Shanghai-listed water meter manufacturer Ningbo Water Meter; and other investors participated. Existing shareholders such as FreesFund, Chendao Capital, and Huarui Investment continued to back the new round.
Founded in 2017, Shanghai-based XINYI focuses on the R&D and commercialisation of Narrow Band IoT (NB-IoT) chips based on low power wide area (LPWA) technology that can enable a wide range of cellular devices, system capacity, and spectrum efficiency, especially in deep coverage. Its products are used in areas including telecom, sensor operation, power management, and beyond.
The Series B round, its fifth funding round, comes over one year after XINYI raised almost 200 million yuan ($31 million) in a Series A+ round led by CTC Capital, a semiconductor-focused venture capital (VC) firm in China.
Its early investors include China’s Orient Jiafu Asset Management, and Septwolves Venture Capital, a VC unit of Chinese men’s wear brand Septwolves.
Biopharma firm Alebund closes $54.5m Series B+ round
Chinese biopharmaceutical firm Alebund Pharmaceuticals announced on Tuesday that it has closed $54.5 million in a Series B+ round of financing to bring its therapies to patients in China and globally.
The Series B+ round was led by healthcare-dedicated venture firm 3H Health Investment; Morningside Ventures, founded by Hong Kong’s Chan family; and Loyal Valley Capital (LVC), a private equity (PE) firm that focuses on new consumer, healthcare, and advanced manufacturing industries.
Other investors include YuanBio Venture Capital, Octagon Capital, Verition Fund Management, and HT Capital, as well as existing shareholders including Lilly Asia Ventures (LAV), Quan Capital, 3E Bioventures Capital, Sherpa Healthcare Partners, and an unspecified sovereign wealth fund.
Shanghai-based Alebund is a clinical-stage biopharmaceutical firm focusing on the discovery and development of innovative therapies for the treatment of renal diseases and related chronic conditions. Its pipeline comprises both small-molecule and biologic assets.
“Renal diseases are among the most prevalent chronic diseases and there’re huge unmet needs,” said Minchuan Wang, partner of 3H Health Investment, in the statement. Wang said that 3H Health Investment will leverage its clinical, business, and policy resources to help strengthen Alebund’s capabilities in the renal disease therapeutics area.
Proceeds from the new round will help accelerate the development of Alebund’s clinical programmes, construction of its manufacturing site, research of pre-clinical assets, and expansion of the firm’s talent pool, said the startup in a statement.
The startup pocketed the new funding four months after it completed a Series B round at $60 million. The previous deal was led by Quan Capital, with participation from investors like 3E Bioventures Capital and Sherpa Healthcare Partners.