Yesterday’s stock crash is already showing signs of recovery, but it could still have an impact on funding in the near to mid-term. This is especially true with China, where indications are that access to venture capital has already began to tighten for local startups.
What this might mean for major Chinese VC investments abroad is still an unknown. At least for the time being, there are no signs yet of IPOs being pushed back.
EHANG grabs $42 million for its new UAV
American-Chinese UAV maker Ehang announced a $42 million round in Series B, raising its funding tally to $52 million overall, along with the appointment of several new vice presidents.
Ehang’s consumer targeted Ghost Drone has been hugely popular and garnered major support in a Chinese crowdfunding campaign last year. It plans to launch a next generation drone later in 2015 according to a press release, in what it calls the beginning of a “smart drone revolution”.
The company has offices in San Francisco Bay Area, Guangzhou, Beijing and Shanghai. It was co-founded by Derrick Xiong, newly crowned Senior VP of Operations Wei Qi and VP of Sales Yijun Wang. Investors include GGV Capital, ZhenFund, Lebox Capital, OFC and PreAngel.
Electric sports cars get big in Japan
Kyoto-based GLM Inc., an electric sports car maker, scored ¥1.7 billion ($14 million) in a new round.
The round will go toward marketing its plug-in car and exports of left-hand drive vehicles to Europe and the Middle East.
GLM released its first product to market in August 2014, the Tommy Kaira ZZ, at a price tag of ¥8 million ($66,830.96).
The company was founded in 2010. Investors in the company include the University of Tokyo, Edge Capital Co., the Saudi Arabia’s Riyadh Valley Co. and Japan’s Globis Capital Partners who contributed ¥400 million in Series A.
Freee reels in $29 million for its fintech software, gets valued at $250M
Japanese fintech company Freee raised ¥3.5 billion ($29 million) in Series C, bringing its total haul so far $45.9 million according to CrunchBase. The news also came with a $250 million valuation of the company.
Freee’s cloud-based accounting software targets Japanese small businesses, with the company touting 380,000 users.
Investors include DCM, Recruit Holdings, E-Ventures and Japan Co-Invest Limited Partnership. The company was founded by CEO Daisuke Sasaki in 2012. The company hopes to score $1 billion in an IPO in 2017 or 2018.
Digital Storage Company Scality Lands $45 million in new funding
San Fran company Scality raised $45 million in Series D, bringing the company’s tally to about $80 million in venture funds. The company’s RING storage software is used by several major companies, including Dell and HP.
Investors include new funder BBTower, as well as previous participants Menlo Ventures, IDInvest, Galileo Partners the Digital Ambition Fund, Iris Capital and Omnes Capital.
The cloud data services company was founded in 2009 by CEO Jerome Lecat, VP of Strategic Sales Serge Dugas, CTO Giorgio Regni, Chief Architect Bradley King and VP of Customer Services Daniel Binsfeld. The company employs 160 people and counts major brand names like Dell among its corporate customers.
Photo Credit: Ghost Drone website