Automotive aftermarket trading platform New SORL Auto Parts has raked in 500 million yuan ($77 million) in a Series A round of financing led by Hengxu Capital. In a separate development, space technology company MinoSpace has garnered nearly 300 million yuan ($46 million) in its pre-Series B round.
SORL Auto raises $77m in Series A
New SORL Auto Parts, an e-commerce platform for the automotive aftermarket, announced on August 18 that it has secured 500 million yuan ($77 million) in a Series A round of financing led by Hengxu Capital, a FOF arm of state-backed SAIC Capital that invests in sectors such as manufacturing, consumption and healthcare.
The fresh round was joined by a clutch of investors including State Power Investment Group Industry Fund Management (SPIC Capital), supply chain and technology-focused Auto Capital, Shanghai-based Ruijian Capital, and Wenzhou Transportation Group.
Investment bank CEC Capital facilitated the transaction, per a company statement.
Located at East China’s Zhejiang province, SORL operates a trading platform for automotive components such as brake systems, engine modules and electrical installations.
MinoSpace nets nearly $46m in Pre-B
Space technology company MinoSpace has garnered nearly 300 million yuan ($46 million) in its pre-Series B round of funding, per a company statement on Thursday.
Lightspeed China Partners along with Gopher Asset Management and Power Capital jointly led the current round, while CDH Investments and Plum Ventures participated in it.
Proceeds of the fresh round will be used to develop satellite programmes.
Led by co-founder Shufan Wu, MinoSpace has developed a proprietary product Intelsat earth terminal, which is widely used in national defence and other fields.
Earlier, in March 2020, MinoSpace had raised nearly 100 million yuan ($15 million) in a Series A2 round of funding led by financial solutions firm Billionhome Capital and joined by AI driven education technology developer NXROBO.
Its early-stage backers include Shenzhen Capital, Yonghua Capital, Casstar, China Aerospace Science and Industry Corporation’s subsidiary, Essential Capital, among others.