Its technology sector is the bedrock but the innovation boost the country needs is beginning to happen.

The employee transportation manager has raised $10.2m from Colosseum Group and plans to extend its service from three cities to five.

A snapshot of the corporate-backed venturing activity in Asia-Pacific show it is the second most active region in terms of corporate-backed venture deals and exit count.

Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.

Red Star Macaline has contributed to a $210m pre-IPO round for cybersecurity software producer Qi An Xin, which was spun off from Qihoo 360 in 2016.

Alibaba-backed cloud services provider DT Dream raised $84m in a series B round that reportedly boosted its valuation to $1.5bn.

The insurance intelligence and security technology developer has raised $37m altogether, with UL Ventures investing in its latest round.

Legend Capital returned to lead a series A-plus round that increased automotive parts supplier Mancando's overall funding to almost $60m.

The optical transceiver developer has raised $25m in an Intel Capital-led round that represents its first publicly disclosed funding.

Lenovo Capital and Incubator Group was among the investors as optics technology provider Yuguang nabbed series B-plus funding.