Supermag Intelligent Technology has secured 100 million yuan ($14 million) in its Series A round co-led by Chinese venture capital firm Qiming Venture Partners, China Fortune-tech Capital and Runzhang Venture Capital.
China Development Bank Capital, Oriza Holdings, and Oriza Seed participated in the round, according to a release on January 8.
The Suzhou-based firm will use the proceeds for marketing, product development, as well as team expansion.
Founded in 2017, Supermag specialises in magnetic levitation technology that is applied across the bioprocessing, semiconductor, chemical, and chemical industries.
The deal marks yet another investment by Qiming Venture Partners this month. The firm, which invests in early-stage opportunities across the technology, media, telecom (TMT), and healthcare sectors, has so far pumped capital into life science and biopharmaceutical solution provider PRCXI; contract research organisation (CRO) Chemlex; as well as Indonesian EV startup Swap Energy.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing all prominent venture capital transactions in the Greater China region from January 8– 14, 2023.
