Drug maker MingMed closes $60m; Changyang Tech raises nearly $31m

Chinese pharma products developer MingMed has garnered $60 million in a Series A round, while industrial Internet security solutions provider Changyang Tech has raised nearly 200 million yuan ($30.8 million) in a Series D round.

Pharmaceutical startup MingMed closes $60m

MingMed Biotechnology, a startup that develops first-in-class pharmaceutical products, on Wednesday announced the completion of a Series A funding round at $60 million led by Chinese venture capital firm Gaorong Capital.

Lightspeed China Partners, Guangzhou-based Flower City Ventures, JCP Capital, Zhuhai Huajin Capital and state-owned investment company Hengqin Financial Investment joined the round.

Founded in October 2019 and headquartered in southern China’s Guangzhou City, MingMed’s product pipeline covers small-molecule immuno-oncology, gene editing-based immunotherapy, medical aesthetics, and pet medicine. It has over 10 ongoing projects, most of which are first-in-class products with clinical proof-of-concept data, shows its website.

In a statement, Zhang Yan, co-founder and CEO of MingMed, said that the startup made progress in the exploratory, double-blind clinical trials of its drug candidate being developed for the treatment of dry age-related macular degeneration.

It will use the new proceeds to fund its product R&D and to advance drug candidates in the pipeline.

Changyang Tech raises nearly $31m in Series D round

Changyang Tech, a Chinese industrial Internet security solutions provider, has secured nearly 200 million yuan ($30.8 million) in a Series D round.

The Series D round was led by a 10-billion-yuan sub-fund under Russia-China Investment Fund. Chinese investment companies Shenzhen Captial Group, Guoyuan Venture Capital, and United Capital participated in the deal.

With a focus on big data and industrial Internet security, Beijing-based Changyang Tech leverages AI to develop over 50 products covering security situation awareness, cybersecurity for industrial control systems, and industrial visual intelligence solutions.

Prior to the new financing, the startup raised 150 million yuan in a Series C round from Zhonghai Venture Capital Investment, Cornerstone Capital, CITIC Securities Investment, and others in August 2020.

(Excerpt) Read more Here | 2021-03-17 07:27:39
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