Energy storage firm JD Energy sealed a Series C round, while contract research organisation Chemlex completed its Series A round.
JD Energy bags $42m Series C funding
JD Energy, which offers energy storage solutions for commercial and industrial usage, has raised 300 million yuan ($42.2 million) in a Series C round led by Bank of Communications Financial Assets Investment and CCB Financial Asset Investment.
The round saw the participation of two state-affiliated investors, including the investment arm of state-owned logistics and energy equipment supplier China International Marine Containers as well as Guangzhou Industrial Investment and Capital Operation Holdings Group, according to a company release.
The news comes eight months after the Xi’an-headquartered firm raised 700 million yuan ($99.8 million) in a Series B round led by Goldstone Investment, a subsidiary of China’s largest brokerage Citic Securities, in May 2023.
Founded in 2018, the firm first launched its flagship product, eBlock, which combines a battery management system, power conversion system, and thermal management system, into one plug-and-play battery in 2020. eBlock is equipped with the functions of energy storage and AC/DC conversion.
Chemlex secures $26m in Series A round
Shanghai-based CRO Chemlex has secured $26 million in a Series A round led by Qiming Venture Partners and LYFE Capital.
Sinovation Ventures, the Chinese venture capital firm founded by former Google executive Kai-Fu Lee; and Matrix Partners China-backed MegaRobo Technologies, a Chinese firm that applies robotics and artificial intelligence (AI) in life sciences research; are the participating investors.
The proceeds will help the CRO firm in product R&D and market expansion, per a release.
Chemlex was founded in January 2022, when the firm sealed its angel round.