Greater China digest: GENIUS closes $14m Series B; Carnot raises $800k
Summary
Other investors including Chinese investment company V Star Capital also participated in the new round, according to a statement on Wednesday. GENIUS, founded in February 2017 and based in Shanghai, primarily provides AI-based STEM education services and solutions to students and schools ranging from kindergarten to the 12th grade (K-12). The investment comes after Carnot Innovations received HK$450,000 ($57,488) in pre-seed funding earlier this year from Entrepreneur First, an international talent investor, to kick off its business and set up headquarters in Hong Kong. Carnot Innovations, founded in 2018, uses machine learning algorithms to predict failures in heating, ventilation and air conditioning (HVAC) systems in commercial buildings. We believe that the team will capitalise on the expected 30% growth of the smart building industry,” said Vishal Harnal, general partner at 500 Durians fund, in the statement.