Rongbao | Major Acquisition in Innovative Drugs; Laser Chips, Quantum Computing, and Global Payment Platform Secure New Funding

About Rongbao

"Every breakthrough is a kind of bloom." Global innovation competitiveness, forward-looking vision, and major leaps in key technologies lay the foundation for progress. This month's Rongbao rounds up recent headline acquisitions, funding news, and product launches, commercial deployments, and important milestones from innovative companies.

Apr

News

Genmab Acquires ProfoundBio for $1.8 Billion, Fully Unlocking the Potential of ADC Therapy

On April 3, Genmab (Nasdaq: GMAB) and ProfoundBio announced that the two companies had reached a definitive agreement under which Genmab would acquire ProfoundBio for $1.8 billion in an all-cash transaction. ProfoundBio is a clinical-stage biotechnology company dedicated to developing next-generation antibody-drug conjugate (ADC) therapeutics and related technologies for the treatment of ovarian cancer and other folate receptor-alpha (FRα)-expressing solid tumors. Gaorong Ventures participated in ProfoundBio's Pre-A and Series A funding rounds in 2021.

Based on innovative and proprietary technology platforms, ProfoundBio has built a pipeline of ADC candidates targeting both solid tumors and hematologic malignancies. Its disclosed development pipeline includes the FRα-targeting ADC rinatabart sesutecan (Rina-S, PRO1184), the CD70-targeting ADC PRO1160, the PTK7-targeting ADC PRO1107, and the bispecific ADC PRO1286, which simultaneously targets two broad-spectrum solid tumor antigens.

This acquisition will give Genmab global rights to ProfoundBio's next-generation ADC candidate portfolio, including three clinical-stage programs and multiple preclinical programs. The deal stands as a landmark transaction in the biopharma industry in recent years, injecting strong confidence into the sector. Read more

Arnatar Raises Over $50 Million in Series A to Accelerate Deep Pipeline Expansion in Nucleic Acid Drugs

Recently, Arnatar, a company dedicated to developing nucleic acid therapeutics, announced the completion of a Series A funding round exceeding $50 million. The round was jointly led by Eight Roads, Bencao Capital, Huajin Capital, Gaorong Ventures, and Jifeng Capital.

Founded in 2022 by a world-class team of scientists in the nucleic acid drug field, Arnatar has built a proprietary breakthrough nucleic acid drug platform and continues to uncover novel nucleic acid drug mechanisms across multiple therapeutic areas.

Arnatar is leveraging innovative antisense technology, utilizing RNA interference (RNAi) and antisense oligonucleotide (ASO) platforms to modulate target gene expression, enabling treatments for liver and extrahepatic organ diseases, including both common and rare conditions. The company is also accelerating IND filings and clinical trials for its pipeline candidates while further deepening its pipeline focused on innovative drugs. Read more

Vertilite Closes New Nine-Figure RMB Financing Round, Solidifying Its Position in the Top Tier of VCSEL Laser Chips Globally

In early May, Vertilite, an industry-leading laser chip company, announced the first close of its Series C4 funding round worth hundreds of millions of RMB. The round was led by China Development Bank Manufacturing Transformation and Upgrading Fund, with participation from Lianfengfengye, Suzhou Yongxin, and Hainan Xinhe. Gaorong Ventures participated in Vertilite's Series B round in 2018 and has continued to increase its stake in subsequent rounds.

Vertilite maintains a comprehensive product portfolio spanning consumer electronics, automotive electronics, optical communications, and RF epitaxy, consistently providing high-quality VCSEL laser chips and modules, epitaxial products, and technical solutions to domestic and international customers.

In consumer electronics, Vertilite ranks first in China and among the top globally in market share. In automotive electronics, Vertilite is collaborating with multiple leading domestic and international LiDAR manufacturers, Tier 1 suppliers, and OEMs to develop semi-solid-state and pure solid-state LiDAR solutions. Its core VCSEL products have achieved front-loading mass production in vehicles, ranking second globally in market share. In optical communications, Vertilite achieved sales of 50G PAM4 VCSEL chips in 2023, with 100G PAM4 VCSEL sample specifications aligned with international leading manufacturers. Product validation is expected to be completed by year-end, with mass production beginning in 2025 to meet rapidly growing AI market demand. Read more

Huayi Quantum Raises Over 100 Million RMB in Pre-A Round to Accelerate Development of Novel Ion Trap Quantum Computers

Recently, Huayi Quantum announced the completion of a Pre-A funding round exceeding 100 million RMB. The round was led by CCTV Media Convergence Fund, with participation from Baidu Venture, Lenovo Capital and Incubator Group, and 37 Interactive Entertainment. Gaorong Ventures led Huayi Quantum's angel round in 2022.

Huayi Quantum is a high-tech enterprise incubated by Tsinghua University's Quantum Information Center, born from the exceptional expertise and efforts of the quantum information research team at the Institute for Interdisciplinary Information Sciences, Tsinghua University. The company's founder is Professor Luming Duan, an academician of the Chinese Academy of Sciences, whose team — with deep academic foundations and forward-looking vision — has led Huayi Quantum to continuous breakthroughs in quantum computing.

A two-dimensional ion crystal containing approximately 1,000 ions

Huayi Quantum focuses on the ion trap quantum computing approach, achieving multiple major technical breakthroughs in the development of large-scale quantum computers — including repeatedly setting world records for the number of trapped ions, solidifying the company's leading international position. Huayi Quantum has successfully released its first-generation commercial ion trap quantum computer prototype, the HYQ-A37, with a scale of 37 qubits and performance metrics reaching world-class levels. Looking ahead, the company plans to achieve sustained rapid growth in qubit scale based on its unique advanced architecture, with a 110-qubit cryogenic ion trap quantum computer set for imminent release. Read more

Global Payment Platform Waffo Closes Funding Round, Focused on Southeast Asia, South America, and Africa

Recently, global payment platform Waffo announced the completion of a funding round nearing 100 million RMB, jointly invested by BAI Capital, Gaorong Ventures, and others. The proceeds will be used for business expansion across Asia, South America, and Africa, with continued investment in building out its payment infrastructure platform.

As a cross-border payment platform for emerging markets, Waffo is committed to providing effective solutions for pain points in overseas payment processes — including success rates, costs, and security. Waffo currently supports over 70 currencies and more than 300 payment methods, covering over 50 countries and regions with a focus on Southeast Asia, South America, and Africa.

Waffo's founding team has been engaged in overseas business development since 2012, with extensive experience in cross-border payments, local payment finance, and investment and M&A. The company places high importance on security and compliance, having obtained PCI DSS certification meeting the highest security standards, as well as an MSO payment license issued by Hong Kong Customs.

Shixu Technology Completes A+ Round to Expand Application Scenarios for Industrial AI Generative Design Software

Recently, Shixu Technology, a supplier of industrial AI generative design software and solutions, completed its A+ funding round, jointly led by Ameba Capital, Yonghua Investment, and existing shareholder Lenovo Capital and Incubator Group. Gaorong Ventures participated in Shixu Technology's angel round in early 2021 and increased its stake in subsequent Pre-A and Series A rounds.

Founded in 2020, Shixu Technology is dedicated to applying AI technology to improve efficiency and quality across industrial design, simulation, process engineering, and manufacturing based on its self-developed AIGE (Engineering) data structure. The company has launched its core product "Shanshe," an industrial intelligent generative design software that primarily leverages geometric modeling and AI technologies to provide intelligent generation and intelligent interaction capabilities on a cloud architecture, currently applied across multiple design domains in the automotive and aviation industries.

Compared to traditional industrial software, Shixu Technology's products enable intelligent generation during the design phase, reducing cumbersome manual operations while cutting local deployment costs through cloud technology and facilitating real-time collaboration. In mature scenarios, the software can generate hundreds of sketches within minutes, improving design efficiency by over 10x and shortening delivery cycles.

Apr

By the Numbers

Seyond Debuts Two New Products at Beijing Auto Show, Dual-Path Technology Leading Industry Development

On April 25, Seyond, a global provider of image-grade LiDAR solutions, appeared at the 18th Beijing International Automotive Exhibition and launched two products — the third-generation image-grade ultra-long-range main LiDAR Falcon K3, and the ultra-wide-angle LiDAR Robin D — covering the industry's mainstream 1550nm and 905nm technology routes, bringing practical application-focused innovative technology to the industry.

1550nm is the premium choice for LiDAR pursuing peak performance; 905nm balances performance with cost advantages. The Falcon platform's 1550nm technology route represents Seyond's consistent core focus. The newly released third-generation Falcon K3 achieves further leaps in detection precision and ranging performance, with maximum angular resolution of 0.12°*0.03°, standard detection range of up to 300 meters (simultaneously meeting 10% reflectivity, over 90% POD, and direct midday sunlight conditions), and maximum detection range of 500 meters — seeing clearer, farther, and smarter, providing reliable support for full-scenario intelligent driving perception coverage.

The Robin platform represents Seyond's 905nm technology route. The ultra-wide-angle LiDAR Robin D launched at this auto show features a uniquely large field of view, reaching up to 270°*90°, making it easier to build surround perception capabilities and helping customers efficiently achieve full field-of-view coverage with fewer LiDAR units — simplifying application while reducing extra costs from repeated calibration.

Multiple Companies Appear at Beijing Auto Show's "China Chip Exhibition Zone"

At the 18th Beijing International Automotive Exhibition, a special "China Chip Exhibition Zone" was established, selecting outstanding domestic automotive chips for different application scenarios for display, with multiple Gaorong Ventures portfolio companies exhibiting.

ESWIN Computing focuses on smart cockpit domain, intelligent driving domain, and body control domain, providing global OEMs and component suppliers with higher-reliability, safer, and smarter automotive chips and solutions. Its current automotive-grade chip offerings cover automotive MCUs, display driver chips, video transmission chips, power management chips, and connected vehicle chips. At this exhibition, ESWIN Computing showcased its RISC-V automotive MCU based on a domestic process platform, automotive LCD display power management chip, RISC-V automotive LCD/OLED touch control chip, and RISC-V automotive LCD touch and display driver integration chip.

On April 25, Xinhuazhang released its PIL (Processor-in-the-Loop) simulation solution at the Beijing Auto Show. The core advantage of PIL simulation stems from Xinhuazhang's self-developed high-performance hardware emulator exceeding 10 billion gates, targeting scenario-defined chips and致力于打通场景到算法到芯片的系统级仿真. Without incurring costly sample tape-out expenses, PIL simulation enables HIL (Hardware-in-the-Loop) testing, hardware-software co-development and testing to begin 18 months earlier.

Additionally, GeePak's silicon carbide plastic-encapsulated modules appeared in the exhibition zone. As a high-performance electric vehicle main drive power product solution, these modules are compatible with ultra-800V high-voltage systems.

China Energy Storage: Shandong Feicheng 300MW Advanced Compressed Air Energy Storage National Demonstration Plant Achieves Successful First Grid Connection

On April 30, the world's first 300MW/1800MWh advanced compressed air energy storage national demonstration plant in Feicheng, Shandong — featuring fully independent intellectual property rights — achieved successful first grid connection and power generation in a single attempt. The plant employs advanced compressed air energy storage technology independently developed by the Institute of Engineering Thermophysics, Chinese Academy of Sciences, with China Energy Storage as the investment and construction entity. It is currently the world's largest, most efficient, best-performing, and lowest-cost new-type compressed air energy storage plant.

The R&D team broke through the complete set of core key technologies for 300MW-class compressed air energy storage systems, conquering multi-stage wide-load compressor and multi-stage high-load turbine expander technology, high-efficiency supercritical heat storage and exchange technology, and full-condition optimization design and integrated control technology. They creatively developed core equipment including 300MW multi-stage high-load turbine expanders, multi-stage wide-load combined compressors, and high-efficiency compact heat storage exchangers. System unit cost dropped over 30% compared to 100MW systems, with 100% equipment localization rate, achieving complete independent control.

The plant has a construction scale of 300MW/1800MWh, with total project investment of 1.496 billion RMB, rated design efficiency of 72.1%. It can achieve continuous discharge for 6 hours, with annual power generation of approximately 600 million kWh.

Innomind Biosciences' Recombinant Botulinum Toxin Type A: First Global Therapeutic IND Application Accepted by CDE

On April 24, Innomind Biosciences announced that its holding company Yuyan Pharmaceutical's independently developed recombinant botulinum toxin type A — with global intellectual property rights — had its first therapeutic indication IND for adult upper limb muscle spasticity formally accepted by the Center for Drug Evaluation (CDE) of the National Medical Products Administration.

Yuyan Pharmaceutical's recombinant botulinum toxin type A represents a new generation of botulinum toxin. Without altering protein activity, Yuyan Pharmaceutical avoids biosafety risks inherent in traditional production routes through its self-developed recombinant technology platform and innovative processes, combined with an innovative triple-filtration design to produce botulinum toxin products with high purity, high specific activity, and remarkable response rates.

This recombinant botulinum toxin type A has already entered Phase III clinical trials for the cosmetic indication of improving moderate to severe glabellar lines. The acceptance of this adult upper limb muscle spasticity indication marks the product's first global expansion into therapeutic indications.

Haijieya's AI Epic™ Co-Ablation System Receives FDA Breakthrough Device Designation — China's First Tumor Minimally Invasive Interventional Therapy System to Receive This Designation

On April 19, Haijieya's AI Epic™ Co-Ablation System received FDA "Breakthrough Device Designation," making it the first tumor minimally invasive interventional therapy system from China to receive this designation. This recognition fully demonstrates the breakthrough achievements and leading position of the Co-Ablation System in tumor treatment, marking another key international milestone following NMPA innovative medical device review and European CE certification.

As an internationally original, domestically pioneered tumor ablation therapy system, the Co-Ablation System holds enormous market potential. Haijieya's Co-Ablation System innovatively integrates ultra-low-temperature cryoablation (-196°C) with high-intensity heating (+85°C) in a single platform, generating massive thermal stress through an ultra-wide temperature differential of nearly 300°C to efficiently and thoroughly destroy tumors. Its comprehensive performance — high treatment efficiency, operational safety, low operating costs, and application convenience — provides a powerful original tool for tumor minimally invasive interventional therapy. The Co-Ablation System's indications cover solid tumors excluding hollow-organ tumors, applicable to multi-site tumor treatments including liver, lung, kidney, and breast cancers.

Currently, Haijieya Medical's Co-Ablation System has been commercially deployed in over ten countries and regions globally.

Atome Financial, Under Advance Intelligence Group, Achieves Profitability in Q1 2024; Full-Year 2023 Revenue Reaches $170 Million

Atome Financial, Southeast Asia's leading digital financial services platform encompassing Atome Buy Now Pay Later and Kredit Pintar — one of Indonesia's most important digital lending platforms — recently announced profitability in Q1 2024, with full-year 2023 operating revenue reaching $170 million.

Atome Financial is affiliated with Advance Intelligence Group. Its Atome brand is Southeast Asia's largest embedded finance platform, offering digital financial services including buy now pay later, insurance, Atome Card, and credit; Kredit Pintar is a leading digital lending platform in Indonesia, regulated by Indonesia's Financial Services Authority (OJK).

In 2023, Atome's GMV (gross merchandise value) approached $1.5 billion, up 40% year-over-year. Through efficient operational performance, expanded regional commercial partnerships, and diversification into broader digital financial services, Atome is positioned to continue innovating and expanding profitably.

Apr

Horizons

Style3D Studio Releases Version 7.0, Opening a New Era of Design

Decoding the Jishi 01: One Vehicle, Three Functions Jishi 01 = Off-Road SUV + Luxury MPV + Versatile RV

Apr

Recognition

Ahead of China's Youth Day on May 4, the China FOF Research Center released its 2024 40 Under 40 Outstanding Young Investors list. Gaorong Ventures ranked TOP4 among direct investment fund institutions most popular with young investors, and Rui Han, partner at Gaorong Ventures, was named among the 2024 40 Under 40 Best Direct Investment Fund Young Investors.

Apr

Ronghui

On April 26, "Riding the Clouds, Seeing Intelligence" — Alibaba Cloud AI Think Tank was held in Beijing, co-hosted by Gaorong Ventures and GeekPark. Founders and CTOs from Gaorong portfolio companies Shilv Technology (Read more), Yunzhongzi Technology, Shangjian Technology, Testin Cloud Testing, and Smart Interaction shared their practices and reflections on building AI innovative applications, and the value and challenges of large language models in vertical business applications.