China Digest: IDG Capital backs Lyvgen's Series C; VirtAI Tech bags over $10m
Summary
Biopharmaceutical firm Lyvgen has raised “tens of millions of US dollars” in a Series C round led by IDG Capital, while AI accelerator Beijing VirtAI Technology has pocketed a similar amount in its Series A+ round led by China Mobile’s joint fund. Lyvgen, a biopharmaceutical firm focussed on oncology immunotherapy, has announced the completion of “tens of millions of US dollars” in its Series C round of financing led by IDG Capital, according to a company statement on Tuesday. VirtAI claims that this is its fourth round of funding in two years since its inception in 2019, the company said in a WeChat post on Tuesday. Located in Beijing, VirtAI provides new generation data centre class AI accelerator virtualisation and resource management software and solutions. Its OrionX software products enable industries to improve GPU resource utilisations, which are widely in internet, finance, telecom, education, entertainment, among others.