Quzhou-based TopOlefin Technology has raked in 1 billion yuan ($138.9 million) in a Series B round led by local PE investment firms Kingray Capital and Raystone Capital, according to a company announcement.
The round saw the participation of local investors including Shangrong Capital Management, FG Venture, and an investment vehicle under industrial automation control product maker Zhejiang SUPCON Technology, among others. Existing shareholder, Shanghai-listed industrial modules maker Jiangsu Libert, also re-upped.
The second construction phase of the firm’s production facility will be financed via the proceeds, per the company release.
Founded in 2020, TopOlefin specialises in the production of optical resin materials applicable in a wide range of industries including life science, new energy, and automotives, among others.
Currently, around 100% of such materials depend on imports from Japanese corporations; however, about 70% of the global demand comes from the China market, according to the firm.
The firm sealed its Series A financing round in “early 2022” from a slew of local investors including Highlight Capital and BioTrack Capital, as well as filtration solutions provider Cobetter Filtration; prior to that, it completed its angel financing round in 2020, with Ofound Angel being one of the investors.
Chinese private companies in the material sector only closed 10 deals worth $110.4 million in June, down 71.2% over the month before in investment sum despite only eight deals worth $383.7 million being sealed, according to DealStreetAsia’s proprietary data.