China Digest: GP Capital leads $26m Series B in Baijiayun; TargetRx raises $14m
Sep 18, 2020
September 18, 2020
Baijiayun has secured 178 million yuan ($26 million) in a Series B round of financing led by existing investor GP Capital, while Shenzhen Targetrx has garnered nearly 100 million yuan ($14 million) from Hongtai Aplus. Baijiayun nets $26m in a Series B round
Baijiayun, a provider of one-stop video technology services, announced on Friday that it has raised 178 million yuan ($26 million) in a Series B round of financing led by existing investor GP Capital, an investment arm of state-owned Shanghai International Group. The investors who participated in the round include Chinese Academy of Science’s investment vehicle CASH Capital, Qinglan Capital, Shenzhen Houde Qianhai Investment, and Baijiayun’s employees, the company posted on WeChat. Education-focused Taoli Capital and Hailan Capital served as financial advisors. The fresh proceeds will be used to expand Baijiayun’s sales network, facilitate product R&D, and strengthen talent. Baijiayun, which started operations in 2017 in Beijing, primarily develops cloud-based video software-as-a-service (SaaS) for the education and training industry. Its one-stop service comprises live streaming, video conferencing, online courses, and virtual training. Besides, it also caters to a slew of areas such as finance and healthcare. “With the fresh round of funding, we expect Baijiayun to continue to help more enterprises through innovative products and services,” said Haoxiang Hou, partner, GP Capital, in the statement. GP Capital, along with state-backed CITIC Capital, Gaorong Capital, QF Capital, and others had collectively invested in Baijiayun in an angel round in 2017. Additionally, it was also backed by Baidu, Bondshine Capital, and Guiyang Venture Capital, among others. Shenzhen Capital-backed TargetRx bags nearly $14m
Oncology drug maker Shenzhen Targetrx, Inc, also known as TargetRx, has closed a nearly 100 million yuan ($14 million) strategic investment from Hongtai Aplus, a 30 billion yuan ($4.4 billion) investment fund with a focus on AI, big data, smart manufacturing, consumption and education, and healthcare. The fundraising follows an undisclosed investment from CCB International’s Beijing Jianxing Medical Fund and Shenzhen Zhonghe Ruimin Investment in July. TargetRx will allocate the proceeds to accelerate the development of new drugs, it said in a statement on Friday. Founded by Dr. Yihan Wang in 2014, TargetRx is a small-molecule-based biopharma firm that develops effective and safe anti-cancer drugs. The flagship drug candidate, TGRX-678, in June this year received clinical trial approval from the Center for Drug Evaluation, NMPA. The firm has got over 180 patents in China and beyond. State-owned Shenzhen Capital Group had together with CCB International, Oriental Fortune Capital, and Tsing-Yuan Capital infused 150 million yuan ($22 million) in TargetRx’s Series A round in April 2020. In 2018, Shenzhen Capital had also joined hands with other investors collectively pouring “millions of US dollars” in its Pre-A round.