2022, the Door Opens to the Future | 5Y News Monthly
The big news from last month.
5Y News Monthly
"5Y News Monthly" is a regular column from 5Y Capital. At the beginning of each month, we look back at news from the past month involving 5Y Capital itself and our portfolio companies, sharing it with friends who follow us in the hope of helping you understand us better.
01 Portfolio Company Milestones
Major news about 5Y Capital portfolio companies, including financing, IPOs, strategic partnerships, breakthroughs, and new product launches.
02 5Y Capital Updates
News about 5Y Capital honors, investor interviews, and perspective pieces.
Note: Companies are listed in alphabetical order by pinyin.
01
Portfolio Company Milestones
PAM2L Biotechnologies Completes Angel Round
PAM2L Biotechnologies announced in December that it had completed an angel round totaling nearly $5 million, with 5Y Capital as the sole investor. This financing marks the company's formal launch of R&D in synthetic biology new materials and related medical pipeline products. Founded in 2021, PAM2L Biotechnologies develops bio-based materials and related medical products driven by dual-core technologies in synthetic biology and machine learning, providing customers with safe, reliable, and sustainable solutions. Read more
CRED Completes Series E
Indian fintech company CRED announced in December that it had completed a $251 million Series E round. The round was co-led by Tiger Global and Falcon Edge Capital, with participation from Marshall Wace, Steadfast, DST Global, Insight Partners, Coatue, Sofina, RTP, and Dragoneer. This was CRED's third financing round this year. Following this round, the company's valuation reached $4.01 billion, nearly doubling from $2.2 billion in April. 5Y Capital participated in CRED's Series A round shortly after the company's founding. Read more
Vastai Technologies Completes RMB 1.6 Billion Financing
High-end chip design unicorn Vastai Technologies announced the completion of two consecutive rounds — B-1 and B-2 — totaling RMB 1.6 billion. The rounds were co-led by Alibaba, PICC Capital, Matrix Partners China, and 5Y Capital, with follow-on investment from China Life Science and Technology Innovation Fund, Mirae Asset, Cornerstone Capital, Muhua Science and Technology Innovation Fund (Tsinghua University-affiliated), and existing shareholders Redpoint China Ventures, Yaotu Capital, and Yuanmu Capital. Following this financing, the company will continue to expand its product matrix, including large-scale domestic and international deployment of its SV100 series product line for cloud-edge AI inference and video, increase R&D investment in graphics GPU product lines, and begin laying out other intelligent product lines. Read more
Huoban Cloud Completes B+ Round
No-code application platform Huoban Cloud completed a $40 million B+ round, jointly invested by a well-known investment institution and a strategic investor, with existing shareholders HSG and 5Y Capital continuing to show support. New investors Zhenxin Capital, Yilian Capital, and Belle Consumer Fund also joined the round. Previously, Huoban Cloud had completed a $17 million Series B round co-led by HSG and 5Y Capital, with Tiaozhanzhe Capital participating. Read more
Kuaishou and Meituan Reach Strategic Partnership
On December 27, Kuaishou and Meituan announced a strategic partnership for interconnected collaboration. The two parties will leverage the Kuaishou Open Platform to integrate content-scenario marketing, online transactions, and offline fulfillment capabilities, jointly creating a "one-stop" complete consumer journey for users. This complementary partnership, combining Meituan's service retail supply chain with Kuaishou's UGC content, will help local lifestyle service merchants connect with incremental demand in diverse scenarios such as "content-driven discovery." Consumers will gain immediate access to high-quality services the moment inspiration strikes from content. Content platform creators will also benefit. Read more
Laizanbao Completes Series A of Over RMB 100 Million
Southeast Asian e-commerce service provider Laizanbao Group announced the completion of a $16 million Series A round, led by 5Y Capital with Yindong Capital and existing shareholders following on. Previously, Laizanbao had received angel investment from Starmax Liya Group and Pre-A investment from Suizi Wealth. The three rounds combined total nearly RMB 200 million. Read more
Redesign Science Completes $15 Million Financing
Platform-based drug discovery company Redesign Science today announced the completion of two consecutive rounds totaling $15 million. The first $5 million round was led by Collaborative Fund, with Preface Venture, Acequia Capital, Hawktail, and existing shareholder 5Y Capital following on. The additional $10 million round was led by Kaitai Capital, with ZhenFund and previous round shareholders following on. Proceeds will primarily fund continued innovation at the intersection of statistical physics, computational science, and biotechnology in dynamic protein target drug development. The company will also expand Redesign's cloud computing framework and apply it to multiple new target R&D programs. Read more
SenseTime Lists on Hong Kong Stock Exchange
On December 30, SenseTime Group officially listed on the Hong Kong Stock Exchange under ticker 0020.HK. SenseTime held simultaneous listing celebrations in Shanghai and Hong Kong. Dr. Li Xu, co-founder, chairman, and CEO of SenseTime Group, said in his listing speech: "SenseTime people have always believed that AI technology transformation creates incremental value, and will inevitably drive the arrival of an era of inclusive and equitable intelligence. Together with investors and partners, we will promote the construction of AI infrastructure, empower all industries, and benefit all people. With our hundredfold passion, we will shine with thousandfold light!" Read more
ShareChat Completes $266 Million Financing
Indian social media company ShareChat announced the completion of a new $266 million round, led by Alkeon Capital with Temasek, Moore Strategic Ventures (MSV), Harbourvest, and India Quotient participating. The company's cumulative fundraising in 2021 approached $1 billion. ShareChat is currently valued at $3.7 billion. 5Y Capital participated in its Series C and D rounds in 2018 and 2019. Read more
Deepwise Completes Nearly RMB 100 Million Financing
AI ultrasound leader Deepwise announced a new round of financing totaling nearly RMB 100 million, led by a well-known investment institution with New Silk Road Capital following on. Proceeds will primarily fund continued R&D in AI-powered high-performance medical imaging and mobile-grade high-performance intelligent ultrasound medical devices. Deepwise originally started with AI, big data, and usage scenarios, creating convenient, intelligent, and low-cost equipment by introducing AI into ultrasound diagnosis. 5Y Capital invested in its B+ round. Read more
Treelab Completes Series A
No-code collaboration platform Treelab announced the completion of a Series A round of tens of millions of dollars, jointly invested by HSG and a strategic investor, with existing shareholders GGV Capital, 5Y Capital, and Future Capital all following on to show support. Mumu Advisory served as exclusive financial advisor. Following this new round, Treelab will increase investment in product R&D, service upgrades, market expansion, and talent, continuing to drive product iteration and user experience optimization while deepening industry development in operation-heavy scenarios. Read more
Graph Origin Completes Angel Round
Online collaborative 3D creation engine company Graph Origin announced the completion of a multi-million dollar angel round, invested by 5Y Capital. The funds will primarily be used for developing an online physics engine and multi-user collaboration architecture, as well as building an overseas team. Founded in late 2020, Graph Origin's core product is an online collaborative 3D creation engine for non-professional users, featuring low barriers to entry, online operation, multi-user collaboration support, online rendering, and a simple physics engine — greatly satisfying users' social, creative, and leisure needs. Read more
Unknown Completes Nearly $100 Million Financing
Shenzhen Unknown, a company focused on gut microbiome AI drug discovery, announced in December the completion of a new financing round, bringing its total Series B financing to nearly $100 million. This is understood to be one of the largest financings in China's microbiome industry in recent times. Unknown attracted additional investment from Legend Capital, Gaorong Capital, Sky9 Capital, 5Y Capital, Primavera Venture Partners, and HIKE Capital, reflecting investor confidence in Unknown's position in microbiome therapeutics. Proceeds are expected to fund clinical trials, IND applications in the US and China, and pipeline R&D. Read more
Pony.ai and FAW (Nanjing) Reach Strategic Partnership
On December 24, Pony.ai announced a strategic partnership with FAW (Nanjing) Technology Development Co., a wholly-owned subsidiary of strategic investor China FAW. The two parties will deeply integrate resources and strengths in L4 autonomous driving technology R&D and vehicle R&D and manufacturing, accelerating large-scale deployment of autonomous mobility services (Robotaxi) and jointly creating safe, reliable, efficient, and convenient transportation. Read more
GalaxySpace Global Remote Sensing Satellite Industrial Base Settles in Hefei
On December 27, Hefei High-Tech Zone and GalaxySpace signed an investment cooperation agreement, formally establishing GalaxySpace's Global Remote Sensing Satellite Industrial Base in Hefei. Yu Aihua, member of the Provincial Party Committee and Party Secretary of Hefei, and Zhang Hongwen, member of the Provincial Party Committee and Executive Vice Governor, met with Xu Ming, founder, chairman, and CEO of GalaxySpace, and witnessed the signing. The base will establish joint new R&D institutions, intelligent manufacturing centers, data processing centers, and application service centers, providing space-air-ground integrated data and information services for industries including emergency response, water conservancy, environmental protection, and urban governance. Read more
02
5Y Capital Updates
5Y Talk x SenseTime | The World Rewards Those Who Are Long-Term and Pure
On December 30, 2021, SenseTime successfully listed on the Hong Kong Stock Exchange. Founded in 2014, SenseTime chose a longer-term path at a time when mobile internet was surging ahead, focusing on original computer vision and deep learning technologies. This meant resisting short-term temptations and making sustained investments for a grand vision. We believe the world rewards individuals and enterprises who are long-term and pure — this is why 5Y Capital and SenseTime have been connected since 2017 and have journeyed together to this day.
Recently, Li Xu, chairman and CEO of SenseTime, joined 5Y Capital partner Zhang Fei and 5Y Capital EIR Zhao Hejia for a conversation. They discussed entrepreneurs' choices, corporate conviction, and the future of artificial intelligence. Li Xu noted that the standard for judging a company's value is what it leaves behind in the long arc of history. This is also what 5Y Capital has always believed — the world rewards those who are long-term and pure. Read more
Multiple 5Y Capital Portfolio Companies Named to 2021 China Sci-Tech Innovation Companies and 2021 Venture50 Lists
On December 15, Shanghai United Media Group's Star Market Daily released its "2021 China Sci-Tech Innovation Companies" innovation list and sector-specific lists. The lists evaluated over 100 sci-tech companies in the primary market across six dimensions: market performance, financing, innovation, government support, industrial chain position, and corporate reputation, covering multiple industries to identify the most innovative enterprises. 5Y Capital portfolio companies Dipp Cloud, StartDT, Unknown, Xinhuazhang, XinYaohui, GalaxySpace, and Zilliz were named to various sector lists.
In December, Zero2IPO and PEDaily announced the final 2021 Venture50 lists and sector-specific lists. 5Y Capital portfolio companies ChaYanYueSe, Horizon Robotics, XtalPi, and Taimei Medical Technology were named to the 2021 Venture50 main list. Additionally, 5Y Capital portfolio companies Bosie, ChaYanYueSe, Chenan Biotech, Horizon Robotics, Huanyi Biotech, StartDT, Keep, METiS Pharmaceuticals, moody, PingCap, Sensors Data, Taimei Medical, Unknown, Neox Biotech, and Yahaha were named to various sector-specific lists. Read more
5Y Capital (formerly Morningside Venture Capital) currently manages approximately RMB 32 billion in dual-currency USD and RMB funds. 5Y Capital seeks out, supports, and inspires lonely entrepreneurs, providing support from spirit to all operational matters. We believe that if the person others see as crazy begins to be believed in, the world will become a different place.
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