Distributed energy generation firm PCG Power has raised almost $73 million in a Series A round, while medical tech startup Macrolux and NEV startup Newrizon have snapped $14.5 million each.
PCG Power bags nearly $73m in Series A round
PCG Power, which specialises in distributed photovoltaic generation, storage, and management for commercial and industrial (C&I) customers, has raised 500 million yuan ($72.7 million) in the first close of its Series A round.
Distributed solar power refers to installation of power generation systems on rooftops or a location in proximity to the end user.
A slew of industry and institutional investors have participated in the round, including Huamei International Investment Group, Nio Capital, Eastern Bell Capital, Rockets Capital, and Xiaofanzhuo, according to an announcement on Tuesday by Country Garden Venture Capital.
Founded in June 2022, the Guangzhou-based firm was incubated under a 5-billion-yuan ($700 million) real estate fund jointly set up by Poly Capital and Country Garden Venture Capital in June 2020. Both the founding investors re-upped in the Series A round.
The round also saw the participation of “several major, listed photovoltaic firms”, as well as Shanghai-listed printing and real estate firm Jielong Industry Group.
Nio Capital leads Newrizon’s extended Series B round
Shanghai-based Newrizon Automotive Technology, which produces new-energy commercial vehicles, has bagged 100 million yuan ($14.5 million) in a Series B+ round led by Nio Capital, the investment arm of Chinese electric vehicle startup Nio Inc.
The fresh proceeds will be used for the R&D, production, and market promotion of electric light-duty trucks and vans, according to Index Capital, which served as the exclusive financial advisor to the latest deal.
Since its inception in September 2020, the firm has bagged two funding rounds prior to its Series B+ round. Most recently, the firm sealed a $50-million Series B round led by Beijing-based China Creation Ventures (CCV) in November 2021.
The firm, which counts Lightspeed China Partners and Qiyuan Capital among its backers, also plans to iterate some of its key technologies involved in the battery, motor, and electric control system, in a bid to ramp up its market expansion plan.
Legend Capital backs Macrolux in $14.5m Series A round
Medical technology company Macrolux has recently raised $100 million yuan ($14.5 million) in a Series A round led by Legend Capital.
Shenzhen-headquartered Macrolux focuses on innovative solutions for endoscopic interventional diagnosis and treatment. The three-year-old startup covers departments including urology, respiration, and digestion to detect diseases at early stages.
Legend Capital is a leading venture capital (VC) and private equity (PE) investor focusing on early- and growth-stage opportunities in China. It currently has $10 billion in assets under management (AUM) and has invested in roughly 600 companies covering the technology, healthcare, consumer, enterprise service, and intelligent manufacturing sectors.
Last month, Hillhouse-backed GenScript ProBio said it would raise $224 million in a round led by Legend Capital. Last November, Legend Capital had raised roughly $186 million for its third healthcare fund — LC Healthcare Fund III.