This is the fifth in a seven-part series on China's VC investment in Q2 2022. This series features firms spanning seven industries, including automaking, healthcare, New Retail, intelligent hardware, smart manufacturing, enterprise services and emerging technologies.
For emerging technologies, we at EqualOcean have identified 20 companies worth watching in Q2. The core criterion is to receive venture capital investments of over USD 30 million on average or the equivalent value in CNY in a single round. When compiling the list, we also considered factors such as growth prospects, brand influences and reputation, as well as planned expansions.
From SMEs about to make their mark in the market, to well-established companies that have already raised significant funds and are still seeking further capital injections, here's a list you won't want to miss.
XMOV (Chinese: 魔珐科技) received USD 130 million in total from consecutive Series B&C in April. The Series B round worth USD 20 million was jointly led by Fresh Capital (Chinese:清新资本) and Jinsha Capital (Chinese: 锦沙资本), while the Series C round worth USD 110 million led by SoftBank Vision Fund 2 (Chinese: 软银愿景基金二期).
Established in 2018, XMOV is an AI company focusing on computer vision and computer graphics. Jinxiang Chai (Chinese: 柴金祥), founder & CEO of the company, received his PhD degree in computer science from Carnegie Mellon University.
Cocos (Chinese: 雅基软件) attained USD 50 million in Series B funding round, invested by CCB Trust (Chinese: 建信信托), GGV Capital (Chinese: 纪源资本) and Agora (Chinese: 声网).
Established in 2011, Cocos is a leading platform that focuses on the development of digital interactive content. Cocos Engine, an open-source engine, has gained popularity worldwide. After this round of financing, Cocos will enhance the core engine and promote further combinations with various scenarios, such as games, cars, education, XR, and home design.
Deemos (Chinese: 影眸科技) bagged tens of millions of CNY in Series Pre-A, led by Sequoia Capital China Seed Fund (Chinese: 红杉中国种子基金), with participation from MiraclePlus (Chinese: 奇绩创坛).
Established in 2020, Deemos aims to promote the civilianization and commercialization of cutting-edge artificial intelligence and computer vision technologies in the mass entertainment market through cooperation with top laboratories.
Mindverse (Chinese: 心识宇宙) harvested tens of millions of CNY in Angel round, led by Sequoia Capital China Seed Fund (Chinese: 红杉中国种子基金), with participation from Linear Capital (Chinese: 线性资本) and K2VC (Chinese: 险峰).
Established in 2022, Mindverse is a pioneer of digital mindfulness, with a world-class team composed of talents from Tsinghua University, Peking University, Hong Kong University, University of Illinois, etc. and executives from the world's tech giants and research institutions, such as Facebook, Google, Alibaba, ByteDance, and Microsoft Research.
DPVR (Chinese: 大朋VR) got tens of millions of CNY in strategic funding round. Huaqiang Capital(Chinese: 华强资本), Qianyi Capital(Chinese:谦宜资本) and Lianxin Fund (Chinese: 联芯基金) poured their money.
Established in 2015, DPVR is a leading XR full-stack developer dedicated to building the infrastructure of the metaverse and creating more productive interactive content.
GHS Technology (Chinese: 根号叁) received tens of millions of CNY in Series A, led by Detao Fund (Chinese: 德韬资本). The proceeds will be invested in core technology development, team building and market expansion of Starverse ®, the commercial metaverse platform.
Established in 2014, GHS Technology aims to build a Bussiness MetaVerse platform in the era of full-fidelity Internet.
LNGIN (Chinese:棱镜全息) netted nearly CNY 100 million in Series A+, with participation from Geely(Chinese:吉利科技集团) and Qianhe Investment (Chinese:千合投资). The money will be mainly used to mass produce in-vehicle products, expand and iterate next-generation product lines, and develop core technologies.
Founded in 2017, LNGIN, a smart automotive display developer, is dedicated to the novel display field, especially holographic 3D Hi-Fi technologies. The company’s products are widely adopted by the intelligent cockpit, smart living, media, and entertainment industries.
Joy Unlimited (Chinese: 齐乐无穷) pocketed nearly CNY 100 million in Series A, led by Avic Trust (Chinese: 中航信托), with participation from Lakala (Chinese: 拉卡拉) and BlueFocus (Chinese: 蓝色光标).
Established in 2016, Joy Unlimited is a culture tech company focusing on XR high simulation, with operations covering enterprise metaverse SaaS platform services, high simulation AI virtual human generation, metaverse live streaming solutions, and other fields.
Super ACG (Chinese: 超次元) raised tens of millions of CNY in Series A, with participation from Tiantu Capital (Chinese: 天图资本) and Agora (Chinese: 声网).
Founded in 2015, Super ACG is a comprehensive virtual IP service provider that integrates technical execution, event planning and content production. It is committed to becoming a technology-driven comprehensive virtual event operator.
MetaMainland (Chinese: 元大陆) bagged CNY 10 million in the Angel round, with TONBOSS HOLDINGS (Chinese: 东嘉控股) as its exclusive investor.
Established in 2022, MetaMainland aims to become a comprehensive digital technology company integrating cross-dimensional digital IP development and operation services, VR/AR content development and production.
Kuntian New Energy
Kuntian New Energy (Chinese: 坤天新能源) received CNY 334 million in Series B. The proceeds will be mainly used for the lithium battery cathode material project in Sichuan with an annual capacity of 50 thousand tonnes.
Established in 2018, Kuntian New Energy is mainly engaged in the R&D, production and sales of artificial graphite products for lithium-ion batteries.
Enpower Greentech (Chinese: 恩力动力) raised more than USD 20 million in Series A+, jointly led by Sequoia China (Chinese: 红杉中国) and Dayone Captial, (Chinese: 日初资本), with participation from GAC Capital (Chinese: 广汽资本), Broad Resources (Chinese:博润资本), Tianqi Capital (Chinese: 天启资本), and Niuli Capital (Chinese: 纽励资本). Earlier this year it received over USD 15 million in its Series A round.
Established in 2012, Enpower has cooperation with top-notch scientists, such as Professor John Goodenough, a Nobel laureate in chemistry, and Professor Ryoji Kanno, the inventor of Lithium superionic conductors with the Li10GeP2S12 (LGPS)-type structure.
Startorus Fusion (Chinese: 星环聚能) pocketed hundreds of millions of CNY in the Angel round. Its investors include Shunwei Capital (Chinese: 顺为资本), Sequoia Capital China Seed Fund (Chinese: 红杉中国种子基金), K2VC (Chinese:险峰长青).
Established in 2021, Startorus Fusion is a commercial fusion energy company focusing on the design, construction, operation, and development of small, commercial, and rapidly iterating controlled fusion energy devices.
CNNP Rich Energy
CNNP Rich Energy (Chinese:中核汇能) attained strategic financing worth CNY 7.5 billion, with participation from 8 investors, including CITIC Securities (Chinese: 中信证券), Zheneng Electric Power (Chinese:浙能电力) and China Life (Chinese: 中国人寿).
Established in 2011, CNNP Rich Energy is a professional platform specializing in the development, construction and operation of the non-nuclear clean energy industry.
GCL·Perovskite (Chinese 协鑫光电) gathered hundreds of millions of CNY in the Series B round, led by Tencent(Chinese：腾讯), with Lighthouse Capital (Chinese: 光源资本) as its financial advisor. The money will be devoted to the construction of a 100 MW mass production line of perovskite modules.
Established in 2019, GCL·Perovskite focuses on improving the photoelectric conversion efficiency of perovskite cells and reducing the cost of solar cells, trying to solve the problems of solar power and make clean energy the mainstream of the energy market.
Talent New Energy
Talent New Energy (Chinese: 太蓝新能源) harvested hundreds of millions of CNY in Series A++, jointly led by CCIG (Chinese:中金资本) and China Merchants Venture (Chinese: 招商局创投).
Established in 2018, Talent New Energy is a startup focusing on the development and industrialization of new solid-state lithium batteries and key lithium materials.
Innoreagen (Chinese: 新研氢能) received hundreds of millions of CNY in Series A, led by E-Town Capital (Chinese:亦庄国投), with participation from GF Venture Capital (Chinese:吉富创投) and Jinlong Yao, president of Meijin Energy (Chinese:美锦能源).
Established in 2017, Innoreagen is dedicated to the R&D, promotion and application of efficient and environmentally friendly new energy technologies.
Changing Bio (Chinese: 昌进生物) received CNY 140 million in Series A, led by Bits x Bites (Chinese: 食芯资本), with participation from 5 investors including Country Garden Venture Capital (Chinese: 碧桂园创投) Sherpa Healthcare Partners (Chinese: 夏尔巴投资), and GLVentures (Chinese: 高瓴创投).
Established in 2017, Changing Bio focuses on the research, development and industrialization of microbial synthetic proteins.
Ai Ke Nong
Ai Ke Nong (Chinese: 爱科农) bagged hundreds of millions of CNY in consecutive Series A and Series A+. The Series A round was led by Source Code Capital, while Series A+ was jointly led by IDG Capital (Chinese: IDG资本) and GLVentures (Chinese: 高瓴创投).
Established in 2016, Ai Ke Nong is a developer of online agriculture activity management platforms which can analyze weather and soil data to enable better farming.
MOL Breeding (Chinese: 博瑞迪科技) pocketed hundreds of millions of CNY in Series A1, led by Zoo Capital(Chinese: 万物资本), with participation from Jihui Capital (Chinese:吉慧资本) and Ultima Capital (Chinese:允治资本).
Established in 2015, MOL Breeding has been committed to developing green and environmentally friendly bio-manufacturing methods to replace the traditional energy-intensive technologies.