Lanshen New Material Technology snaps almost $30 million in a pre-IPO round; SDIC Venture Capital leads R&B’s Series A+ round; while WeMo snaps $15 million in a Series A+ round.
Lanshen snaps almost $30m in pre-IPO round
Xi’an Lanshen New Material Technology has snapped 200 million yuan ($29.8 million) in a pre-IPO round, according to an announcement on Thursday.
The round, participated by several local funds such as Wukuang Yuanding Equity Investment Fund and Shanxi Xinghangcheng Investment Fund, will help the firm research, develop, and produce polymer resin as well as pumping up the cash flows.
The firm also said it plans to go public in 2023 on the Shenzhen startup board ChiNext, per the announcement.
Founded in 2008, Lanshen specialises in the production and R&D of polymer separation materials. The technology and materials, for example, can be applicable to extracting Lithium, one of the key drivers in the global transition to renewable energy, from Salt Lake Brine.
The firm counts a slew of notable investors among its backers, including SoftBank’s China arm SBCVC, Shenzhen Capital Group, and Cowin Capital, among others.
SDIC Venture Capital leads R&B’s Series A+ round
Sichuan-based Real And Best, also known as R&B, has bagged 200 million yuan ($29.8 million) in a Series A+ round led by SDIC Venture Capital, according to Chinese publication VCBeat.
The round, participated by Panlin Capital and Anxin Guosheng Fund — set up by Essence Capital, a subsidiary of China’s top securities firm Essence Securities — will be used to push the firm’s existing product pipeline to clinical stage as well as for team expansion. Previous backer Loyal Valley Capital also re-upped in the round.
Founded in June 2018, the firm specialises in Recombinant adeno-associated virus (rAAV)-based gene therapy to develop new drugs on Haemophilia B, a blood-clotting disorder.
WeMo snaps $15m in a Series A+ round
Taipei-based electric scooter-sharing platform WeMo Corp has secured $15 million in a Series A+ round led by Appworks, according to an official announcement on Wednesday.
The round, participated by Taiwan National Development Fund, enables WeMo to expand its services to Southeast Asia, with an emphasis on Indonesia and Thailand, per the announcement.
Founded in 2015, the firm offers mobile-based rentals of automobiles, scooters, and bicycles to consumers while offering fleet and operations management service to businesses.