Chinese gene delivery solutions developer VectorBuilder has reached a post-money valuation of 7 billion yuan ($990.5 million) after its latest funding round. Separately, the country’s smart vehicle enabler INGIN has received funding from Xiaomi Corp.
Gene delivery tech developer VectorBuilder nears unicorn valuation
Chinese gene delivery solutions developer VectorBuilder is close to reaching the unicorn valuation after raising its latest funding round, the startup announced.
The firm said that it reached a post-money valuation of 7 billion yuan ($990.5 million), but it did not disclose the investor(s) or financial details of this funding round.
Founded in 2014 by molecular biologist Lan Tian, VectorBuilder largely serves the overseas market with over 10 branch offices and subsidiaries across more than 90 countries and regions. It just built a new subsidiary in Edinburgh earlier this month to further expand in the European market.
As a contract research organisation (CRO), the Guangzhou-based firm has offered a spectrum of gene delivery solutions to over 4,000 labs, biotech and pharmaceutical companies. Its clients include Johnson & Johnson, Novartis AG, Bayer AG, and Roche Holding AG, as well as labs at Harvard University, the University of Cambridge, the Johns Hopkins University, and so on.
VectorBuilder’s near entry into the unicorn club comes ahead of the firm’s planned public listing. In July 2022, VectorBuilder hired brokerage firm Haitong Securities to provide it with a pre-listing tutorial, as it plans to file for an initial public offering (IPO) on Shanghai’s tech-focused STAR Market this year.
Six months back, VectorBuilder raised 410 million yuan ($58 million) in a Series C round in October 2022. Legend Capital, Suikai Equity Investment, and Yuexiu Industrial Investment Fund jointly led the previous deal.
Xiaomi leads Series C+ round for smart vehicle enabler INGIN
China’s Xiaomi Corp has invested in INGIN, a provider of auto parts and solutions for smart vehicles, through its 10-billion yuan ($1.4 billion) industry fund.
Xiaomi led INGIN’s over-100-million-yuan ($14.1 million) Series C+ funding round through its Beijing Xiaomi Zhizao Equity Investment Fund. The industry fund, which was set up by Xiaomi in September 2021, focuses on semiconductor and supply chain companies across new-generation IT, smart manufacturing, new materials, artificial intelligence (AI), automotive electronics, and more.
Sunic Capital, an investment firm dedicated to chip investments, also participated in the deal.
Shanghai-based INGIN plans to invest fresh capital in the R&D of new products with a focus on intelligent electric car doors, smart key systems and compatible software, and sensor-based environment perception technologies for vehicles.
The financing will also help the startup expand its research & marketing team and scale the business globally.
INGIN has provided its products and services to traditional automakers including SAIC Motor, Chang’an Automobile, Geely Auto, and Guangzhou Automobile Group, as well as new energy vehicle brands such as Xpeng and Nio.
Prior to the Series C+ round, INGIN raised hundreds of millions of yuan from investors like BAIC Capital, as well as publicly listed machinery maker Suzhou SLAC Precision Equipment and automotive electronics supplier Foryou Corp.
