Technology Author: Yijiuan Li Editor: Tao Ni Apr 07, 2022 10:20 PM (GMT+8)

This is the sixth in a seven-part series on China's VC investment in Q1 2022. This series features firms spanning seven industries, including smart mobility, healthcare, New Retail, intelligent hardware, smart manufacturing, enterprise services and emerging technologies

China VC Investment Series Q1 2022

The buzzwords Metaverse, NFT, and VR/AR/XR have continued to grasp market attention in 2022, though investments seemed unmatched to the frenzy surrounding such concepts. 

Somehow, developments in these sectors still are enthralling for they could afford a glimpse into how our future might look. Just like blockchain, years ago it was still unthinkable to most people, but what was thought impossible has now become a reality. Who knows, perhaps 10 years from now, mankind will live in a parallel universe under a virtual avatar?

For advanced tech, we at EqualOcean have identified 20 companies worth watching in Q1. 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.

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Axera 

Axera (Chinese: 智砹芯半导体) closed on January 17 its CNY 800 million (USD 125.640 million) Series C financing round, backed by Heju Private Equity, Glory Ventures, Qiming Venture Partners, Legend Star, Inno Chip, Meituan, and GGV Captial.

Established in 2020, the Shanghai-based company is a Chinese artificial intelligence chip startup centering on computer vision.

Rokid AR

Lingban Technology (Chinese: 灵伴科技), also known as Rokid AR, completed on March 20 a Series C financing round worth CNY 700 million. The firm did not disclose its major investors.

Established in 2014, the Hangzhou-based company is committed to combining advanced AR and AI technologies with industry applications, empowering customers with efficient full-stack solutions.

AI Rudder

AI Rudder (Chinese: 赛舵智能) announced its USD 50 million Series B financing round on March 9, backed by Ventures Lab, Sequoia Capital India, WestSummit Capital, Coatue, Tiger Global, First Plus, and Cathay Innovation.

Started in 2019, the Shanghai-based company develops AI-powered voice solutions to improve B2C communications.

Oasis VR

Weier Technology (Chinese: 唯二网络), also known as Oasis VR, closed its CNY 128.092 million Series B financing round on March 7, backed by BAI, 5Y Capital (previously known as Morningside Venture Capital), and Vitalbridge.

Since its founding in 2018, this Shanghai-based company has focused on developing VR games, whose main product is Oasis VR. The hit game provides customers with a virtual environment to socialize.

DexForce

DexForce (Chinese: 跨维智能) completed on March 23 an angel round of financing worth CNY 128.092 million, with investors including Green Pine Capital Partners and ZhenFund.

Established in 2018, the Guangzhou-based company focuses on the R&D of 3D vision products, providing integrated solutions of software and hardware.

Zhipu Technology

Zhipu Technology (Chinese: 南京智谱) secured CNY 100 million in its Series A+ financing round on January 25, backed by Hillhouse Capital and Chengwei Capital (Chinese: 成为资本).

Founded in 2018, the enterprise focuses on self-developed intelligent spectral imaging equipment and spectral analysis systems.

Lingxi AR

Lingxi AR (Chinese: 灵犀微光) completed its CNY 100 million Series B financing round on March 9. Investors included Hangzhou Mdk Opto Electronic and FIH Mobile Limited.

Launched in 2014, the Beijing-based company is the first developer of waveguide AR technology in China. It provides AR optical display modules technology by exploiting the core components of the visual engine.

BUD

Point One Technology and Entertainment (Chinese: 零点一科技娱乐), referred to as BUD, announced on February 14 its USD 15 million Series A+ financing round, backed by Qiming Venture Partners, Source Code Capital, GGV Captial, and Sky 9 Capital.

Established in 2019, the Shenzhen-based company is a 3D UGC platform. Users can create and share their immersive 3D interactive content on their cell phones.

Burning Galaxy

Burning Galaxy (Chinese: 博宇盖乐) raised USD 10 million in its Series A financing round on January 21, led by Matrix Partners.

Since its inception in 2021, the Shanghai-based startup has been a virtual interactive entertainment platform. Its current “Project-AE” integrates digital characters, virtual reality, and UGC, where users can participate in their DIY virtual entertainment.

Yuanhe Semiconductor

Yuanhe Semiconductor (Chinese: 元禾半导体) netted CNY 50 million of strategic investment from Shenzhen Wongtee International Enterprise.

Launched in 2022, the Guangdong-based startup is an AR and VR core chip design and development company.

StarHeir

StarHeir Technology (Chinese: 世悦星承) received CNY 50 million of strategic investment from Plum Ventures on January 17. 

Founded in 2021, the Beijing-based startup is a developer of virtual characters designed for the fashion industry.

VeeR VR

VeeR Technology (Chinese: 为快科技) raised CNY 50 million of strategic investment from Activation Group on January 10. 

Founded in 2016, the Beijing-based company is a VR-sharing platform with over 10,000 4K 360/180 3D videos, photos, and other interactive experiences.

AIxCoder

AIxCoder (Chinese: 硅心科技) announced its CNY 20 million angel round on March 22, led by Hillhouse Capital.

Established in 2017, the Beijing-based company is the first intelligent programming robot based on deep learning code generation technology in China. It has provided services for over 20 internet, finance, and aerospace enterprises, including Huawei, Baidu, China Aerospace, and ICBC.

Chic Health

Chic Health (Chinese: 启益医疗) secured CNY 100 million in its Pre-A financing round on February 18, with Oriza Holdings and Matrix Partners China among its backers.

Established in 2020, the Wuxi-based firm is an AI healthcare tech company based on real-world research data.

Shiyou Technologies

Shiyou Technologies (Chinese: 世优科技) bagged CNY 20 million in its Series A+ financing round on January 8, led by Duowen Capital.

Founded in 2015, the Beijing-based firm focuses on motion capture and real-time animation technologies. 

UGION

UGION (Chinese: 域圆科技) announced on January 11 its CNY 20 million Series A financing round, with GSR Ventures among its backers.

Founded in 2014, the Shanghai-based company provides XR surgery simulation platform solutions. Its existing product line covers intelligent traditional Chinese medicine, nursing and midwifery, rehabilitation and elderly care, basic medicine, and smart education.

CarbonNewture

CarbonNewture (Chinese: 碳衡科技) completed CNY 2000 angel round on February 11, led by Oriza Holdings. 

Founded in 2021, the Shanghai-based startup is a technology company that helps enterprises deal with climate change risk and start green and low-carbon transformation.

NFTCN

NFTCN (Chinese: NFT中国) closed its CNY 20 million Series A financing round on March 2, led by Capital Nuts.

Founded in 2021, the Hangzhou-based company is a platform for professional NFT art creation, promotion, and trading. It also aims to lower NFT’s cost and make it accessible to everyone. 

istaric

istaric (Chinese: 芯璨科技) secured on February 7 its CNY 20 million Pre-A financing round, backed by Qingfeng Capital (Chinese: 清枫资本) and Guangyuan Shuke Fund (Chinese: 光远数科).

Launched in 2020, the Shenzhen-based company provides full-size capacitive touch and OLED display driver chips and related solutions. It enables human-computer interaction with low power consumption.

Meta Universe Collection

Meta Universe Collection (Chinese: 元宇宙藏品馆) received CNY 20 million in an angel round on January 16, led by Fujian Wilton Industries.

Established in 2018, the Ningbo-based company is a blockchain-based platform for digital collections that integrates distribution, display, revenue, and sharing.