Chinese battery giant CATL injects over $55 million into Shenghua New Material while medical device maker Singular Medical secures 150 million yuan ($20.7 million) in a fresh round.
CATL invest $55m in Shenghua New Material
Chinese battery giant CATL has injected 400 million yuan ($55.1 million) into Jiangxi Shenghua New Material, a subsidiary of Shenzhen-listed automotive parts maker Fulin Precision, in a strategic funding round.
Post financing, CATL will own about 18.7% of Shenghua New Material on a fully diluted basis; while Fulin Precision holds 79.6%, according to an exchange filing on March 10.
Founded in July 2015, Shenghua New Material specialises in the production of lithium iron phosphate (LFP) materials – a key material of electric vehicle batteries that are more environmentally friendly than the lithium-ion batteries.
Tasly Capital leads Singular Medical’s Series C round
Medical device maker Singular Medical has secured 150 million yuan ($20.7 million) in a Series C round led by Tasly Capital, the investment firm of Chinese pharmaceutical firm Tasly Holding Group.
Existing shareholders including Qiming Venture Partners; SND Financial Holdings; and HWealth Capital also re-upped in the round, according to a release on Wednesday.
Founded in 2017, the Suzhou-headquartered firm is engaged in the R&D and manufacturing of cardiac rhythm management (CRM) medical devices. The firm has offices in Beijing and Irvine, California.
Previously, Singular Medical secured “several hundreds of millions” in a Series B+ round in January 2023, roping in Lotus Lake Capital, HWealth Capital, and Qiming Venture Partners as participating investors.
