20 Chinese Companies to Watch in Q1 2023 – Technology

Technology Author: Yongqian Yang Mar 27, 2023 05:43 PM (GMT+8)

Editor's note: We at EqualOcean tracked the major funding rounds or industry events that took place in China’s tech space in Q1 2023. 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, the activity level and the segments in which the startups operate.


1.     FlectoThink

The brain-computer interface company FlectoThink (Chinese:柔灵科技) completed an angel+ round of financing of CNY tens of millions, exclusively invested by Zhejiang Chunxiao Digital Publishing Fund (Chinese: 浙江春晓数字出版基金), which is managed by Shanghai Dunhong Assets (Chinese: 上海敦鸿资产管理). This round of financing will mainly be used for technology research and development of non-invasive brain-computer interfaces and business model expansion.

Founded in March 2020, FlectoThink is a company focusing on the research of non-invasive brain-computer interface technology. At present, it has offices in Hangzhou and Shenzhen, China, and Atlanta, USA. The team has gathered top material scientists, brain-computer interface engineers, neuroscientists, and human-computer interaction engineers from MIT, New York University, Carnegie Mellon, California Berkeley and other universities around the world, forming an international top-notch comprehensive R&D team with an interdisciplinary background. Focusing on the research of non-invasive brain-computer interface technology and its application in the field of consumer electronics and medical field, its main products include flexible electrode EEG for EEG monitoring and metaverse-based neural 3D interactive system, involving flexible materials, algorithms, AI and many other scientific fields. It can provide technical applications and services in the fields of sleep monitoring, psychological problem screening, chronic disease rehabilitation management, VR/AR interaction, games and other fields under the background of Internet medical care, so as to promote the empowerment of enterprises and create greater social value.

2.     Easymove

Easymove (Chinese: 铱钼科技), a large-scale new energy smart mining truck company, has completed its A-round financing of over CNY 100 million. This round of financing was led by the old shareholder Xiangfeng Investment (Chinese: 祥峰投资), followed by Oriental Jiafu (Chinese: 东方嘉富). The financing will be used for the continuous research and development of Easymove’s large-scale smart mining truck chassis, control system and intelligent system, as well as the research and development, manufacturing and testing of EM165 and EM185.

Founded in August 2021, Easymove is a new energy intelligent construction machinery company that provides large-scale new energy intelligent construction machinery products and capacity services for global mining customers. The company's main product is a large-scale new energy intelligent mining truck, which can be applied to non-road closed transportation scenarios such as mines, ports, and large-scale projects. The company currently has a variety of non-highway large-scale new energy intelligent mining trucks of 165 tons and above.

3.     Deep Insight

Deep Insight (Chinese: 洞隐科技), a digital solution and SaaS service provider for the entire supply chain, announced that it has completed a round of financing of over CNY 100 million, and the investor is Yinshan Capital (Chinese: 隐山资本), a subsidiary of GLP (Chinese: 普洛斯). This round of financing will support the continuous technological innovation of Deep Insight in the field of supply chain SaaS, and promote the development of supply chain digital capabilities.

Deep Insight was established by the merger of Kejian Software (Chinese: 科箭软件) and Jilianxin Software (Chinese: 吉联新软件) at the end of 2022, providing an integrated supply chain execution cloud platform and one-stop industry digital solutions. After the integration of the two parties, it is committed to helping manufacturing, retailing and logistics companies coordinate the entire supply chain scene - from raw materials to production lines, from warehousing to sea, land, air and railway transportation and distribution, from distributors, stores and other marketing channels to product delivery to end customers; provide integrated solutions from order fulfillment, warehouse coordination, intelligent optimization, and data insights to achieve true end-to-end supply chain visualization.

4.     DeepVerse

Artificial intelligence new material research and development company DeepVerse (Chinese: 幻量科技) announced that it has completed CNY tens of millions in seed round financing. This round of financing is led by Sequoia China Seed Fund (Chinese: 红杉中国种子基金), followed by Chaosheng Capital (Chinese: 巢生资本), Zhen Fund (Chinese: 真格基金) and Newlight, and the funds will be used for continuous technology research and development and talent attraction.

Founded in 2021, DeepVerse is a data-driven material information design and engineering technology company. It has independently developed a material information artificial intelligence and data management platform. With the help of technologies such as machine learning, high-throughput computing, and high-throughput experiments, it provides high-efficiency solutions for the development of new materials and improves the quality of new materials. R&D efficiency, reduce R&D risks, and promote efficient innovation in the core links of R&D, technology, and processes in the material-related manufacturing industry, enhancing the value chain status and long-term competitive advantages of its empowered enterprises.

5.     JingChuang Advanced

Jiangsu JingChuang Advanced electronic technology Co., Ltd. (Chinese: 京创先进)  completed the B+ round of financing. This round of financing was led by Qiming Venture Capital (Chinese: 启明创投), Shenzhen Venture Capital (Chinese: 深创投), Guofa Venture Capital (Chinese: 国发创投), Changshu Guofa (Chinese: 常熟国发), Nanjing Xingong Industrial Investment (Chinese: 南京新工产投), Soochow Venture Capital (Chinese: 东吴创投) and other joint investment. This round of financing will mainly help new technology breakthroughs, new product development, fully automatic product capacity expansion, marketing promotion and brand building.

Founded in 2013, Jingchuang Advanced is a semiconductor precision cutting equipment manufacturer, focusing on the field of precision grinding of semiconductor materials, providing users with automatic precision scribing equipment, scribing process solutions and other services, mainly including precision scribing machines, laser Cutting machine, automatic film laminating machine, automatic cleaning machine and other equipment.

6.     Qboson

Optical quantum computing company Qboson (Chinese: 玻色量子) completed a new round of CNY 100 million-level financing, jointly led by Beijing China Mobile Digital New Economy Industry Fund (Chinese: 北京中移数字新经济产业基金) and Huakong Fund (Chinese: 华控基金), followed by Infortech (Chinese: 盈富泰克), Chaoke Chuang (Chinse: 朝科创) and other institutions. The funds will continue to be used for the research and development, productization and market expansion of the company's practical optical quantum computing platform. The blessing of industry capital such as China Mobile Fund will also help accelerate the practical application of the company's optical quantum computing platform. 

Founded in November 2020, Qboson focuses on the technical route of coherent quantum computing, and conducts the research and development of the whole platform of software and hardware for quantum computing to solve the future demand for AI computing power. The research results are commercially feasible in the short term, and can exponentially accelerate the calculation of artificial intelligence and optimization combination problems, and then apply and serve various industries.

7.     Kingsware

Kingsware (Chinese: 金智维) announced that it has received nearly CNY 500 million in round C financing, led by CDB Capital (Chinese: 国开金融), followed by Wenrun Investment (Chinese: 温润投资), Yuecai Fund (Chinese: 粤财基金), Zhongdian Zhongjin (Chinese: 中电中金), Shunwei Capital (Chinese: 顺为资本), Junsheng Investment (Chinese: 君盛投资), Zhengling Venture Capital (Chinese: 正菱创投) and other institutions. This round of funds will be mainly used to accelerate the research and development of the "RPA+X" product matrix and improve the company's "1+N" ecological layout.

Kingsware was established in 2016. The team started researching RPA (Robotic Process Automation) and automation in 2009. It is an artificial intelligence company that focuses on providing enterprise-level RPA platforms. With "RPA+AI+Big Data" as the core technology, it creates an "RPA+X" product matrix, and provides enterprises and organizations with a one-stop digital employee overall solution.

Up to now, Kingsware has over 1,000 contracted customers and has provided more than 800,000 digital employees for different types of organizations and internal departments. In the future, Kingsware will continue to serve thousands of businesses with digital employees, boosts the digital economy, and makes contribution to constructing digital China.

8.     Goodo Tech

Goodo Tech (Chinese: 谷斗科技), a software developer that helps industrial enterprises build intelligent decision-making brains through independent research and development of resource intelligent optimization collaboration platform products, recently announced that it has received two consecutive rounds of CNY 100 million financing. The round of financing was led by Shunwei Capital (Chinese: 顺为资本), Zhenghan Investment (Chinese: 正瀚投资), and the old shareholder Ginkgo Valley Capital (Chinese: 银杏谷资本) followed up. The previous round of financing was exclusively invested by Sequoia China,

Goodo Tech is committed to building an enterprise-level, industrial-level and ecological-level resource intelligence optimization collaboration platform (RSO_PLAT), which solves the pain points of complex, inefficient and high-cost enterprise resource collaborative decision-making, and helps Chinese enterprises realize the transformation from automation to digitalization to intelligent strategic transformation. It helps to fill the gap between the industrial Internet and the consumer Internet, realizes the global collaboration between the consumer and the supply end, and provides enterprises with a package of intelligent collaborative overall solutions from strategic consulting to software solution implementation, in the fields of sales demand forecasting, supply chain planning decision-making, production operation scheduling (APS), safety inventory optimization, logistics distribution planning decision-making and more.

9.     InventChip Technology

Following the completion of the Pre-B round of CNY hundreds of millions in December 2022, InventChip Technology (Chinese: 瞻芯电子) has recently announced that it has completed the B round of CNY hundreds of millions in financing. This round of financing was led by Guofang Innovation (Chinese: 国方创新), followed by many institutions such as Guozhong Capital (Chinese: 国中资本), Lingang New Area Fund (Chinese: 临港新片区基金), Goldstone Investment (Chinese: 金石投资), Zhongding Capital (Chinse: 钟鼎资本), and Changshi Capital (Chinese: 长石资本). The old shareholders Lightspeed China (Chinese: 光速中国), Linxin Investment (Chinese: 临芯投资), and GF Xinde (Chinese: 广发信德) continued to add.

InventChip Technology was established in Lingang, Shanghai in 2017. It is the first company in China to independently develop and master 6-inch SiC MOSFET products and process platforms. It has built a SiC wafer factory designed according to automotive standards and is committed to the development of carbonization Silicon (SiC) power devices, drive and control chips, silicon carbide (SiC) power module products, and around the application of silicon carbide (SiC) power semiconductors, provide customers with Turnkey chip solutions.

10.  Minospace Technology

MinoSpace Technology (Chinese: 微纳星空), a domestic commercial satellite development company, announced in January 2023 that it has successfully completed round B and B+ rounds of financing of nearly CNY 400 million. The main investors include CDB Manufacturing Transformation and Upgrading Fund (Chinese: 国开制造业转型升级基金), Yuexiu Industry Fund (Chinese: 越秀产业基金), Donghao Lansheng Ruili Investment (Chinese: 东浩兰生瑞力投资), Haitong Innovation Investment (Chinese: 海通创新投), and Zero2IPO Fund of Funds (Chinese: 清科母基金). After two rounds of financing, MinoSpace has more sufficient cash reserves. At the satellite level, it will break through the threshold for satellite development of more than 1 ton, accelerate the production capacity of batch-produced business satellites and equipment satellites, and build a practical and efficient satellite production line.

MinoSpace was established in August 2017. It is a satellite system development supplier with satellite manufacturing business as its core. It is mainly engaged in satellite R&D and manufacturing business and provides satellite in-orbit delivery services. In 2022, MinoSpace successfully launched 7 satellites, with total number of satellites launched reaching 17. At present, the company still has more than ten satellites of different technical states under development, and the number of satellites launched by the company in 2023 will reach a new high.

11.  Thinkre New Material

Suzhou Thinkre New Material Co., Ltd. (Chinese: 科润新材料) was founded in 2019 by Yang Dawei, an expert of the National People's Plan. It has nearly 10 years experience in the research and development of perfluorinated ion exchange membranes. Thinkre New Materials develops, manufactures and sells: proton exchange membranes for fuel cells, perfluorinated ion membranes for vanadium batteries, ion membranes for electrolysis, PVDF hollow fiber membranes; perfluorosulfonic acid Ion exchange resins, industrial polyvinylidene fluoride ultrafiltration membrane components, sewage treatment equipment; household ultrafiltration water purifiers, ultrafiltration membrane filter elements.

Thinkre New Materials recently completed the C round of CNY 240 million financing. The C round of financing was led by Sequoia China, jointly invested by many industrial investors and excellent institutional investors such as BAIC Industrial Investment (Chinese: 北汽产投), Weishi Energy (Chinese: 未势能源), Yutong Group (Chinese: 宇通集团), General Technology Capital (Chinese: 通用技术资本), Bridge Capital (Chinese: 架桥资本), Yingding Investment (Chinese: 盈鼎投资), and the old shareholder Rongtuo Capital (Chinese: 熔拓资本), Sihai New Materials (Chinese: 四海新材) continued to increase investment.

12.  InnoChip Technology

Nanjing InnoChip Technology (Chinese: 创芯慧联), a 5G communication baseband chip company, announced that it has completed a C+ round of financing of over CNY 100 million. This round was led by China Merchants Qihang Capital (Chinese: 招商启航资本), a subsidiary of China Merchants Group (Chinese: 招商局), with Tinno Mobile (Chinese: 天珑移动) and Hengzhaoyi Capital (Chinese: 恒兆亿资本) following suit, and old shareholders Lanpu Capital (Chinese: 兰璞资本), Jucheng Capital (Chinese: 俱成资本), and Guozhong Capital (Chinse: 国中资本) continued to invest.

InnoChip Technology is a national high-tech enterprise focusing on the R&D, design and application of integrated circuits in the field of mobile communications. Founded in 2019, it is headquartered in Jiangbei New Area Research and Innovation Park in Nanjing, China. Its products cover 5G chip of mobile communication system, terminal chip etc. including both network chips and terminal chips. It is a national high-tech enterprise, unicorn cultivation enterprise, standing member unit of wireless access system professional committee of China Communications Enterprise Association, member unit of 5G medium and high frequency device innovation center, member unit of 5G Industrial Technology Alliance, young tiger enterprise of research and development, a superb innovative company.

13.  Yarbo

Yard service robot company Yarbo (Chinese: 汉阳科技) has recently received over CNY 100 million Pre-A round of financing. This round of financing was exclusively led by Haochen Capital (Chinese: 昊辰资本), Singapore Zelos Fund, Gengxin Capital China (Chinese: 庚辛资本), angel investor Wang Long, and Silicon Valley investor HP Jin, angel investor Cheng Xiaohua, Fang Xing, chairman of Shenghong (Chinese: 盛弘股份), and Zhang Peike, chairman of Mingyang Circuits (Chinese: 明阳电路) followed suit. This round of financing will be used for product production and overseas sales.

Founded in 2015, Yarbo focuses on the research and development of snow-sweeping robots; after 6 years and 6 generations of product iterations, it defined and commercialized the world's first snow-sweeping robot, snowbot, which was included in the authoritative magazine "Lawn & Landscape" of the garden industry in the United States. At the CES exhibition in January this year, Hanyang won the CES 2023 Innovation Award. At present, it has received intentional orders of over USD 100 million and the team said that it will begin to deliver this year.

14.  Space Epoch

Beijing Space Epoch Technology Co., Ltd. (Chinese: 箭元科技) completed the second round of strategic investment, with a financing amount of more than CNY 100 million. The financing was led by GSR Hongyu Capital (Chinese: 金沙江弘禹资本), with the participation of well-known investors.

Space Epoch is a research and development company of launch vehicles and other spacecraft. It is the first private company in China to adopt the "stainless steel rocket body + liquid oxygen methane" scheme, using industrialized manufacturing and innovative recycling technology to realize recyclable and fully reusable medium and large launch vehicles. It supports the sharp increase in the national space infrastructure's demand for rocket capacity, and at the same time serves markets such as point-to-point transportation, space tourism, space station construction, deep space exploration, and asteroid defense. Space Epoch provides space launch services for orbital resource customers, and the products are medium and large-scale fully reusable liquid launch vehicles.

15.  Passion

Passion (Chinese: 派迅智能) announced the completion of CNY hundreds of millions in Series B financing. This round of financing was led by SAIF Investment Fund (Chinese: 赛富投资基金), followed by China Securities Investment Capital (Chinese: 中信建投资本) and Ginkgo Valley Capital (Chinese: 银杏谷资本). This round of financing will be mainly used for technology research and development, global market expansion and layout, supply chain capability improvement, and organizational structure construction.

Founded in 2014 and headquartered in Suzhou, Passion is a provider of intelligent storage solutions for the production process. The company is committed to improving the efficiency of material storage and circulation with AIoT+ robot technology, and helping enterprises realize automation, digitalization, and intelligent transformation and upgrading. The main products include intelligent warehousing equipment, intelligent handling equipment, material visual registration & detection & inventory system, mobile IoT storage terminal, material execution system iMHS, iWMS, WCS, RCS and other software and hardware for production process and intelligent factory integrated solution。

16.  Zhongcan Technology

Zhongcan Technology(Chinese: 中灿科技) announced that it has completed the Pre-A round of financing of nearly CNY 100 million. The investors of this round are Xingchan Zhulu (Huzhou) Venture Capital Partnership (Limited Partnership) (Chinese: 兴产逐鹿(湖州)创业投资合伙企业(有限合伙)) and Anji Yili Enterprise Management Co., Ltd (Chinese: 安吉亿立企业管理有限公司). This round of financing will be used to expand research and development, market promotion and other aspects.

Founded in 2014, Zhongcan Technology is a provider of Internet of Things data collection solutions. Based on the core technology of micro-water power generation, the company integrates intelligent sewage technology, and relies on the latest network communication technology to create front-end data acquisition equipment integrating power supply, collection and transmission, and practice low-carbon and energy-saving life. Its technology is widely used in induction bathrooms , agricultural irrigation, landscape fountains, garden irrigation, water purifiers, smart water meters, sewage treatment and other fields.

17.  LEKR VR Technology

VR technology integrated operator LEKR VR Technology Co., Ltd. (Chinese: 乐客VR) has recently completed the B round of financing, with a total amount of nearly CNY 100 million. This round of financing was led by the Yangtze River Delta Shuwen Fund (Chinese;长三角数文基金), followed by Zhongguancun Zhongnuo Fund (Chinese: 中关村中诺),

After the completion of this round of financing, LEKR VR will continue to carry out brand building and expand the scale of joint ventures nationwide. At the end of 2019, LEKR officially launched the joint venture business model of Leke VR technology entertainment space, which focuses on family parent-child consumption and children's virtual reality experience, with the concept of "technology empowers entertainment, let love accompany children to explore the unknown world", creating a comprehensive experience store with VR technology attributes and children's entertainment attributes. At this stage, it has opened more than 400 stores nationwide, and it is expected to exceed 1,000 by the end of 2023.

18.  PCG Power

PCG Power (保碧新能源), a comprehensive energy management service provider jointly incubated by Poly Capital (Chinese: 保利资本) and Country Garden Ventures (Chinese: 碧桂园), recently announced that it has completed the first round of financing of CNY 500 million.

This round of financing is the first external financing of PCG Power. The investors are all strategic investors and industrial capital, including Huamei International (Chinese: 华美国际), Weilai Capital (Chinese: 蔚来资本), Zhongding Capital (Chinese: 钟鼎资本), Xinghang Capital (Chinese: 星航资本), XFZ Venture Capital (Chinese: 小饭桌创投), and a number of photovoltaic industry chain leaders.

PCG Power was established in June 2022 and is located in Guangzhou City, Guangdong Province. The company mainly focuses on the research and development of solar energy, electric power and other types of new energy and its technologies, as well as the sales of photovoltaic equipment and components, etc., with the goal of providing users with more efficient and high-quality new energy equipment, and helping the development of various industries in my country.

19.   Audfly

Audfly (Chinese: 清听声学) announced the completion of the B round of financing of nearly CNY 100 million. This round of financing was led by Su Gaoxin Group (Chinese: 苏高新集团) and Bohai Capital (Chinese: 渤海创富), and the old shareholders participated in the follow-up investment. This round of financing will be used for the construction of sound-focusing screen production lines, various laboratories and other facilities, to develop product categories in the consumer and smart cockpit fields, and to accelerate the release of consumer terminal products of its own brand.

Audfly is a leading company in domestic acoustic innovation technology, focusing on the research and development and application of acoustic innovation technology, committed to integrating innovative acoustic technology with industry needs, and expanding the implementation of "sound +" innovative application solutions in various industries.

Since its establishment in March 2015, it focuses on directional sound technology and applications, and launched Focusound Screen, a sound-gathering screen with directional sound technology. Focusound Screen is the original technology of Audfly. It uses transparent composite polymer film materials to establish a micron-level three-dimensional microstructure sound unit. At the same time, Audfly has self-developed a multi-channel sound radiation signal processing algorithm and proprietary hardware, combining software and hardware to realize directional sound generation on the screen. At present, Audfly has completed the large-scale mass production and commercial application of the sound gathering screen technology. Customers include leading manufacturers in the fields of smart cockpits, laptops, desktop monitors, TVs, mobile phones, etc., and the company has also entered into office, home, and vehicle scenarios.

20.   Maxtropy

Maxtropy (Chinese: 极熵科技) announced the completion of the B round of financing of nearly CNY 100 million. This round of financing was exclusively invested by Xinshang Capital (Chinse: 新尚资本), an investment platform under the Wuxi State-owned Assets Supervision and Administration Commission (Chinese: 无锡国资委). This round of financing will be used for further market expansion and product development.

Founded in 2014, Maxtropy is a solution provider that cuts into the industrial Internet from the three subdivisions of electricity, gas and heat. The core advantage of the product lies in: reducing product costs through self-developed software and hardware technologies, and utilizing the team's years of industry accumulation to achieve rapid product deployment and professional value enhancement, helping industry users reduce project costs and improving the quality and efficiency of energy and power supply. Maxtropy has served more than 1,000 customers in total, and mainly makes profits on a project basis, including a complete set of solutions and annual service fees. According to CEO prediction, the turnover of Maxtropy may exceed CNY 100 million this year.