Tage I-driver, that develops products for autonomous driving of mining vehicles, has secured 400 million yuan ($55.1 million) in fresh funding. In a separate development, Hong Kong-based alternative asset management firm Templewater Group has acquired Singapore-headquartered semiconductor firm Knight Auto Precision Engineering.
China’s TAGE bags over $55m in extended Series C round
Tage I-driver, that develops products for autonomous driving of mining vehicles, has secured 400 million yuan ($55.1 million) in a Series C2 financing round led by state-affiliated Hefei Industry Investment Group, and a fund under China Energy Investment Corporation.
According to a statement, the round also saw the participation of local investors such as Shandong Luxin High-Tech Industry, Tsingstone Capital, and BUAA Holdings, an investment vehicle of Beihang University.
Founded in 2006, the Beijing-headquartered firm last raised 100 million yuan ($14.5 million) in a Series C1 round led by Jinsha Capital in November 2022 when Shenzhen-listed Wuxi Boton Technology, which sells rubber conveyor belts, was its participating investor.
Templewater acquires Knight Auto Precision Engineering
Hong Kong-based alternative asset management firm Templewater Group acquired Singapore-headquartered semiconductor firm Knight Auto Precision Engineering.
The transaction was routed through Templewater I, L.P, which is wholly-owned subsidiary of Templewater Holdings.
Founded in 2020, Knight Auto makes components required for semiconductor chip testing and assembly. With the acquisition, the firm is now looking to expand its global presence.
Templewater was co-founded by global bank and asset management group Investec Group; and Cliff Zhang, who previously served as the senior vice president at Chow Tai Fook Enterprises Limited, the flagship private investment holding firm of the Cheng Family in Hong Kong, in 2018.
It offers investment solutions to institutions, entrepreneurs, and family offices across asset classes including private equity, impact investing, and real estate, with $1.1 billion in assets under management.