Thursday, 28 February 2019 14:55

China dominates VC-funded emerging techs

By Peter Dinham
China dominates VC-funded emerging techs Pixabay

Chinese companies dominate venture capital funded companies in the global tech space, according to worldwide data and analytics vendor GlobalData.

Four of the top five venture capital-funded tech companies raised a combined disclosed VC funding of US$20.5 billion while Singapore-based Grab, which is into digital business space, is the only non-Chinese company to make it to the list of top five VC-funded companies with a total disclosed funding of $2.5 billion in 2018, the firm said.

China-based Ant Financial, which is in the payment technologies space, raised US$14 billion, the highest VC funding among all companies.

Other Chinese companies to make it to the list of top five VC-funded emerging tech companies include Pinduoduo, SenseTime and Shanghai Lujiazui International Financial Asset Exchange (Lufax) with the total disclosed funding of US$3 billion, US$2.2 billion and US$1.3 billion, respectively in 2018.

While Pinduoduo and Lufax are into digital business, SenseTime is active in the artificial intelligence space.

Aurojyoti Bose, Financial Deals analyst at GlobalData, said, “Chinese companies are making their presence felt in a big way. There has been a surge in fundraising by Chinese companies, which is a testimony to the fact that China’s presence is rapidly growing in the emerging tech space."

And with respect to technology, GlobalData says payment tech companies working in the areas of digital wallets, mobile payments, digital transactions and cryptocurrency have been able to better attract investors’ interest in 2018.

“Companies with advanced AI or machine learning capabilities were also on investors’ radar during the year. In the last few years, digital business/e-commerce segment attracted higher investors’ interest among others,” GlobalData said.

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