Understand what moves China tech with us — we roundup what you need to know about the local venture scene every Thursday morning 8am (SGT).
Top IPOs of the week
Tuya Smart (涂鸦智能) | Listing application submitted to NYSE
Tuya Smart, a Chinese Internet-of-Things (IoT) cloud platform service provider, submitted its IPO filings to the US Securities and Exchange Commission on Friday, February 26. The company aims to raise approximately USD 100 million via a public listing on the New York Stock Exchange (NYSE).
Tuya Smart was co-founded by two Alibaba alumni. In 2014, Wang and his business partner left Alibaba to create Tuya Smart, which is now a unicorn that carries a valuation of USD 20 billion. According to its prospectus, Tuya Smart raked in revenues amounting to USD 179.9 million in 2020, up 70% from the preceding year.
Startups on our watchlist
Qutke (况客科技) | Series C
Qutke is an intelligence and analytics technology provider with a business focus on wealth and asset management sectors. It has three core products: Fund of Fund (FoF) Investment Manager Database, Pharos Asset Allocation Platform, and Qutke Investment Research Platform.
WhalesBot (鲸鱼机器) | Pre-Series B
WhalesBot, a robotics and programming education hardware manufacturer and service provider, recently completed a RMB 50 million (USD 7.74 million) pre-Series B round. Besides manufacturing educational robots the company runs a series of competitions called “ENJOY AI” for teenagers. This has created a yardstick for WhalesBot to measure learning outcomes of teenagers using its robotics hardware.
Top Stories: VCs and Investments
SVolt Energy Technology (蜂巢能源), an electric vehicle battery producer spun off from Great Wall Motors’ research and development department in 2018, bagged RMB 3.5 billion (USD 541.57 million) in a Series A financing round jointly led by Bank of China Group Investment and the State Development & Investment Corp. Yang Hongxin, chairman and president of SVolt, said that the company will commence its Series B round and lay the groundwork for an initial public offering in 2022. The company expects 100% year-on-year revenue growth this year, with a significant increase in international sales.
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MNCs in China
Tim Hortons China received fresh funds last week from Sequoia Capital China and Eastern Bell Capital. Tencent, an existing shareholder of the company, also participated in the investment. This is the second round of financing for the international coffee chain in the two years after it entered China.
With effective localization strategies, Tim Hortons China has introduced creative food and beverage options while retaining its classic menu. The brand has been well received by Chinese locals and has garnered nearly 3 million members on its WeChat Mini Program.