15 Companies to Watch in May 2023 -- New Technology

Technology Author: Zhisheng Wang, Yiran Xing Editor: Yiran Xing Jun 06, 2023 02:42 PM (GMT+8)

Editor's note: We at EqualOcean tracked the major funding rounds or industry events that took place in China's new technology space in May 2023. And the following is a list of deals that we have selected for you, based on a number of criteria, including the funding amount, the financial backers, and the segments in which the companies operate.



On May 6, Mogo.ai (Chinese: 蘑菇车联) completed a CNY 580 million (USD 81.59 million) Series C2 financing round, with investments from Chengdu Science and Technology Venture Capital Group (Chinese: 成都科创投), Zhuhai Haidu Science and Technology Venture Capital (Chinese: 珠海海都科创投), Tencent (Chinese: 腾讯), Yi Xin Capital  (Chinese: 易鑫), etc. This round of financing will be used to accelerate the iteration and scale up the implementation of standardized products for autonomous driving.

Founded in 2017, Mogo.ai is a leading provider of autonomous driving technology and operational services in China. The company has developed the world's first "vehicle-road-cloud integrated" autonomous driving system, with full-stack self-developed core hardware and software, and standardized product package, called MOGO Package, which can be widely applied in various areas, such as smart cities, digital transportation, intelligent connected vehicles, vehicle-road cooperation, and autonomous driving, to help cities and highways achieve digitization and promote the intelligent and connected development of the automotive industry.


On May 24, INGIN (Chinese: 恩井科技) announced the completion of a Series C+ financing round of over CNY 100 million. This round of financing was led by Beijing Xiaomi Zhizao Equity Investment Fund Partnership (Chinese: 北京小米智造基金) and followed by Linxin Asset Management (Chinese: 临芯资本) and other institutions. This round of financing will be used for product development and global business expansion in the key directions of the industry in the field of automotive intelligent access, as well as the construction of the technology and marketing team.

INGIN is an automotive intelligent mobility solution provider, focusing on the development of key components for automotive intelligent mobility systems, and has developed system simulation analysis, component development, and intelligent electronic control system integration capabilities in the field of automotive intelligent mobility. The existing products are mainly automotive intelligent electronic control modules, automotive electric tailgate, electric side door, electric sliding door, intelligent actuators and various electronic sensors, etc.. The business scope covers overseas OEM, domestic mainstream front-end car enterprises and new energy car enterprises.

Luchen Technology

On May 22nd, Luchen Technology (Chinese: 潞晨科技) announced the completion of a Series A financing of over CNY 100 million, with investments from Bluerun Ventures (Chinese: 蓝驰创投). This is the third round of funding completed within 18 months of the establishment of Luchen Technology, and the funds will be utilized primarily for team expansion and business expansion.

Founded in 2021, Luchen Technology is primarily concerned with assisting organizations in lowering the cost of landing huge models and improving the efficiency of training and reasoning by developing a distributed AI development and deployment platform. The company's software allows to write code and the system will automatically power their artificial intelligence to deploy artificial intelligence to the cloud or to supercomputers and dynamically optimize the degree of parallelism according to the real-time situation through AI model training and deployment, enabling users to have deep integration of software system design and hardware architecture.

Qingtao Development

On May 27, Shanghai Automotive Group Co., Ltd. (Chinese: 上海汽车集团股份有限公司) made an additional investment of up to CNY 2.7 billion in QingTao Development (Chinese: 清陶能源).

Founded in 2016, Qingtao Development is a global leader in the industrialization of solid-state lithium batteries and is the first to put into production a large-scale mass production line of solid-state power lithium batteries in China. Qingtao Development focuses on the R&D and production of solid-state lithium batteries, ceramic diaphragms, and lithium production equipment, and has achieved independent control in solid-state battery core materials, core processes, and customized equipment, and is one of the first domestic solid-state battery companies to achieve mass production delivery.

Lynk Pharmaceuticals

On May 31, Lynk Pharmaceuticals (Chinese: 凌科药业) has successfully completed a CNY 200 million Series C1 financing round. This round of financing was jointly participated by China Grand Prosperity Investment (Chinese: 盛世投资), Tailong Venture Capital (Chinese: 泰珑投资) and LIANDO Investment (Chinese: 联东投资). This round of financing will be used to accelerate the clinical development of Lynk Pharmaceuticals's core products.

Founded in 2018 and headquartered in Hangzhou, Zhejiang, Lynk Pharmaceuticals is a clinical stage company dedicated to discovering and developing novel medicines to treat oncology, immunology and inflammatory diseases. Lynk Pharmaceuticals was founded by veteran drug hunters from Pfizer, Merck and Johnson & Johnson with collectively more than several decades of rich experiences in drug discovery. Driven by a higher purpose, Lynk aims at growing into a market leader for developing innovative therapies to address unmet medical needs.


On May 31, DeepQ (Chinese: 深擎科技) completed a Series A+ financing round of over CNY 10 millions. This round of financing was led by Heshia Capital (Chinese: 合世家) and followed by Ningbo Intellectual Property Operation Fund (Chinese: 宁波市知识产权运营基金). The financing funds will be used to explore AIGC and promote related products to the ground.

DeepQ is an intelligent management technology provider that offers intelligent products and cloud services such as intelligent machine customer service, intelligent investment advisor and intelligent investment research for enterprise users by applying its R&D capabilities in natural language processing, knowledge mapping and machine learning to realize AI-enabled enterprises. Among the domestic head brokerage firms, DeepQ has a client coverage rate of over 70% and a client repurchase rate of 90%.


On May 8, Tiamat received a USD several million Series A+ investment led by Linear Capital (Chinese: 线性资本) and followed by DCM and Vitalbridge (Chinese: 绿洲资本). Foresignt Capital (Chinese: 远识资本) acted as the exclusive financial advisor for this round of financing. This is another capital gain for Tiamat in just three months, following the completion of nearly USD 10 million Series A financing in February this year.

Founded in 2023, Tiamat is an AI image generation technology service provider. Its self-developed Morpher VLM is the first cross-modal generation model proposed based on the concept fusion paradigm of nearly 10 billion in China, which improves the model's ability to model multi-scale information of images and achieves progress in the comprehension of user prompt input.


Boss Software

On May 31, Boss Software (Chinese: 数采科技) has completed its first round of financing, with a total of CNY 370 million of joint investment from several institutions. The investors include CMB International Capital (Chinese: 招银国际资本), CDH Investments (Chinese: 鼎晖投资), Shengze Venture Capital (Chinese: 晟泽创投), Yinshi Fund (Chinese: 因时基金), China Merchants Group (Chinese: 招商局创投) and Xi'an Particle (Chinese: 西安粒子). The financing will be mainly used for upgrading and iteration of product technology, research and application of intelligent procurement and market expansion.

Boss Software is a public procurement information service provider, focusing on the field of public procurement information, and has been providing procurement platforms and services for the Ministry of Finance, the Central Government Procurement Center and more than a dozen provincial government units in Guangdong and Fujian for many years.


On May 23, SHINING 3D (Chinese: 先临三维) completed over CNY 100 million B round of financing, with the investors being SDIC Unity Capital (Chinese: 国创投和), Genertec Ventures Capital (Chinese: 通用创投), CITIC Securities (Chinese: 中信证券), Qianhai Zhongchuan Equity Investment Fund (Chinese: 前海中船), and Hangfa Asset Management Co (Chinese: 航发基金).

SHINING 3D, founded in 2004,  focuses on the research & development, manufacturing, and application of high-precision 3D digital products. The company  is committed to becoming a 3D digital technology company with global influence, promoting the popularization and application of 3D digital technology, offering accessible efficient high-tech solutions.


On May 23rd, Eplus3D (Chinese: 易加三维) completed over CNY 100 million Series B financing, with the investors being SDIC Unity Capital (Chinese: 国创投和), Genertec Ventures Capital (Chinese: 通用创投), CITIC Securities (Chinese: 中信证券), Qianhai Zhongchuan Equity Investment Fund (Chinese: 前海中船), and Hangfa Asset Management Co (Chinese: 航发基金).

Eplus3D was founded in 2014. The core technical team has more than 25 years of AM technology accumulation, and has been engaged in research and development of industrial-grade Additive Manufacturing systems and application technologies, with MPBF™ (Metal Powder Bed Fusion), PPBF™ (Polymer Powder Bed Fusion) and Stereo lithography 3D printing technology, providing professional application solutions for the fields of Aerospace, Automotive, Tooling, Health, Dental, Consumer Goods, Precision Manufacturing, etc.

RedCloud Bio

On May 15, RedCloud Bio (Chinese: 红云生物) announced the completion of nearly CNY 100 million in Series B+ financing, with the lead investor being Lotus Lake Capital (Chinese: 荷塘创投) and Taizhou Huayin Financial Investment (Chinese: 泰州华银金投), and the followers being Renjin Investment (Chinese: 仁金投资) and Taizhou Angel Fund (Chinese: 泰州天使资金).

RedCloud Bio is an innovative biotech company integrating experimental structural pharmacology and computing technologies for the advancement of small molecule drug discovery and development. The Company has laboratories in Shanghai and Beijing. RedCloud Bio has accumulated structural data covering targets of potential clinical value. With this foundation, RedCloud Bio has built its pipeline targeting tumor resistance as well as rare and other critical diseases with high unmet medical needs, using its core technology platform.

Qingdian Photovoltaic Technology

On May 11, Qingdian Photovoltaic Technology (Chinese: 清电光伏科技) completed a CNY 1.5 billion Series A round of financing. The investors are Hefei Industry Investment Group (Chinese: 合肥产投集团), King Energy Group (Chinese: 京能集团), Sany Renewable Energy (Chinese: 三一重能), Broad River Capital (Chinese: 博润资本) and Daoge Capital (Chinese: 道格资本).

Qingdian Photovoltaic Technology is a provider of photovoltaic power generation services with various technologies in polycrystalline silicon and monocrystalline silicon production. It has previously started the construction of the photovoltaic silicon-based demonstration industrial park in Hami.

Voyager Technology

On May 11, Voyager Technology (Chinese: 寅家科技) announced the completion of nearly CNY 100 million B1 round of financing, which was jointly invested by Oriental Fortune Capital (Chinese: 东方富海), Shenzhen Capital Group (Chinese: 深创投) and Shenzhen High-Tech Investment (Chinese: 深圳高新投).

Founded in 2013, Voyager Technology Co., Ltd. is an independent high-tech enterprise integrating research and development, production, sales and service. Voyager focuses on environmental perception, intelligent decision-making, control execution, and is committed to becoming the world's leading intelligent driving solution provider. Voyager designs and provides ADAS advanced driving assistance system, APA/RPA/HPP/AVP parking system, CMS camera monitoring system, DMS driver monitoring system, 360/540/720 around view monitoring, IMS interior monitoring system, which has been deployed in hundreds of thousands of vehicles worldwide.

NeuExcell Therapeutics

On May 4th, NeuExcell Therapeutics (Chinese: 神曦科技) completed a Pre-A+ round of financing of over CNY 100 million from Zhangkelingyi (Chinese: 张科领戈), Jimin Kexin (Chinese: 济民可信), HaiXi New Drug (Chinese: 海西新药), Lead Venture Capital (Chinese: 领军创投), Suzhou Yihe Venture Capital (Chinese: 苏信宜和), Huiju Xinxing (Chinese: 汇聚新星), CAS Holding Group (Chinese: 中科科创) and Hongshi Capital (Chinese: 鸿石资本).

NeuExcell Therapeutics is a gene therapy company focusing on neurodegenerative diseases. Its vision is to restore health and improve the quality of life for millions of patients worldwide suffering from neurodegenerative diseases and CNS injuries. NeuExcell’s foundation is based on Professor Gong Chen’s scientific discovery of in vivo astrocyte-to-neuron (AtN) conversion using gene therapy. NeuExcell’s disruptive AtN technology has the potential to regenerate neuronal tissue in a damaged area caused by a wide variety of neurodegenerative conditions such as Stroke, Huntington's disease, Amyotrophic Lateral Sclerosis (ALS), Alzheimer's Disease, Parkinson's Disease, Traumatic Brain Injury, Spinal Cord Injury, Ophthalmic Diseases and Glioma.


On May 29th, Bestzyme (Chinese: 百斯杰生物) received a strategic investment of CNY 250 million, led by Hillhouse Capital (Chinese: 高瓴资本) and followed by Huatai Zijin Investment (Chinese: 华泰紫金投资), Dao Xing Investment (Chinese: 道兴投资), Zhibo Investment (Chinese: 置柏投资), Hainan Xuanwan (Chinese: 海南萱湾), Huahai Venture Capital (Chinese: 华海创投), Nanjing Lixu (Chinese: 南京利旭) and Hainan Haiying (Chinese: 海南海盈).

Founded in 2013, and rooted in independent research and development capabilities in synthetic biology, Bestzyme has always taken "make the best enzyme in the world" as the mission and continues to provide high quality and innovative enzyme products to customers. Being one of the leading enzyme manufacturing companies in China, the company offers a wide range of single and compound enzyme products, which can be applied in various industries such as feed, bio-enthanol, starch, textile and food. Bestzyme's advanced research & development method has greatly improved the quality of the enzyme products, whilst increasing the quantities of each type of enzyme our enzyme factory produces every year.