ZGT has raised $48m from Tsinghua Holdings Capital, CAS Star and others, while University of Cambridge spinout Colorifix has pocketed $22.7m.
Zhongshu Guoneng Technology (ZGT), a China-based compressed air energy storage technology spinout of Chinese Academy of Sciences, has pocketed $48m in pre-series A-plus financing led by Tsinghua Holdings Capital, a vehicle for Tsinghua University’s asset management arm Tshingua Holdings. The round included Chinese Academy of Sciences’ early-stage vehicle CAS Star, as well as Legend Star, a subsidiary of conglomerate Legend Holdings. Power plant operator China Three Gorges Corporation and department store chain owner Beijing Cuiwei Tower filled out the list of investors together with CMB International, Puhua Capital and Gaorong Capital.
Colorifix, a UK-based textile dyeing process developer spun out of University of Cambridge, picked up £18m ($22.7m) in series B financing on Friday from investors including tech transfer office Cambridge Enterprise. The round was led by fashion retailer H&M’s investment arm, H&M Co:Lab, and also included Sagana, Bombyx Growth Fund, PDS Ventures, Regeneration.VC and SynBioVen. Colorifix had picked up $3m in a series A round in 2018 from a consortium also featuring Cambridge Enterprise.
Purmx Therapeutics, a Japan-based nucleic acid drug developer spun out of Hiroshima University, has raised ¥850m ($6.6m) in series A funding featuring University of Tokyo Edge Capital Partners, which invested through its Fund 5, and Osaka University Venture Capital, which took part through its Fund 2. The round also featured Hiroshima University / Hiroshima Prefectural University Venture Support Fund, managed by Hiroshima Venture Capital to invest in spinouts out of the institution and startups based in Hiroshima. QB Fund 2, a joint vehicle between university spinout-focused QB Capital and financial services firm NCB Bank subsidiary NCB Venture Capital, also took part in the round, as did Mitsubishi UFJ Life Science Fund 3, part of financial services firm Mitsubishi UFJ’s corporate venturing arm, Mitsubishi UFJ Capital. Additionally, Hiroshima Venture Capital also invested through its HVC2 fund. Hiroshima Environment and Health Association filled out the list of investors.
Photo Electron Soul, a Japan-based electron beam semiconductor inspection technology developer spun out of Nagoya University, has pocketed ¥350m ($2.7m) in a funding round backed by Tokai Tokyo Investment, part of financial services firm Tokai Tokyo Financial Holdings, Japan Science and Technology Agency, I-Nest Capital and unnamed private investors.
– Additional reporting by Edison Fu
