- Shanghai and Anhui startups in financial AI, terahertz technology and high-speed flight raised fresh funding
- New capital will back AI deployment, terahertz applications and near-space aircraft development
AI research startup AlphaPai bags $45 million in Series B funding
Shanghai-based financial AI research platform AlphaPai (讯兔科技) has completed a Series B financing round of more than 300 million yuan ($44.72 million), attracting a mix of insurance, venture and private-equity investors.
Participants include China Insurance Investment, GF Xinde Investment, Qiming Venture Partners, Ambrum Capital, Next Capital, Trustar Capital and Eastern Bell Capital.
The round marks AlphaPai’s third financing in the past year. The company previously completed a Pre-A round of more than 100 million yuan and an A round of nearly 200 million yuan, reflecting growing investor interest in the application of AI to financial research and investment.
Founded in 2021, AlphaPai provides financial data and AI-powered research tools to public and private fund managers, securities research departments, insurers and private-market investors.
Its flagship AlphaPai product now serves more than 80,000 investment and research professionals at more than 6,000 institutions. It has reached a 90% penetration rate among leading financial institutions, making it one of China’s largest financial AI research platforms by user base.
Fusion THz closes equity funding to scale controlled fusion tech
Hefei-based Fusion THz (中科聚变太赫兹) has completed a new equity financing round worth several hundred million yuan, valuing the company at several billion yuan and pushing it into the ranks of China’s quasi-unicorn startups.
China Life Capital led the round, with China Fortune-Tech Capital, ZWC Partners, Yongjun Capital, Jinyan Capital, Green Technology Bank Capital and listed company CSG Smart also participating.
Founded in 2019, Fusion THz was established to commercialize technology originating from the Experimental Advanced Superconducting Tokamak (EAST), or China’s “artificial sun,” at the Hefei Institute of Physical Science under the Chinese Academy of Sciences.
The company is one of a small number of Chinese businesses with end-to-end capabilities in core terahertz components. Its product portfolio includes terahertz lasers, detectors and optical components.
Fusion THz has developed four main application areas: fusion monitoring and diagnostics, terahertz-based human security screening, medical testing and nondestructive testing.
Its proprietary terahertz security-screening products have already been deployed in settings including rail transit systems and large public venues.
The latest financing brings together insurance capital, semiconductor-industry investors and market-oriented funds, and will support the company’s continued technology development and commercialization across these applications.
Aircraft developer Near Space completes angel funding
Hefei-based high-speed aircraft developer Near Space (临空科技) has raised tens of millions of yuan in an angel round from a group of state-backed and private investors.
Investors include Anhui Provincial Emerging Industry Investment, Green Technology Bank Capital, Chuanghehui Capital, Yinxinggu Capital and Yuhu Capital.
Founded in September 2024, Near Space is developing high-speed aircraft designed for operations in the near-space environment, an emerging strategic sector between conventional aviation and spaceflight.
Its aircraft use liquid-fueled ramjet propulsion and a new navigation system, enabling sustained supersonic or hypersonic cruise. The company says its navigation technology can maintain precision positioning even when satellite navigation is unavailable.
The aircraft are also designed to support launches from both land-based and airborne platforms, giving them flexibility across different operating environments.
Near Space will use the new funding to expand its R&D team and complete the engineering development and flight testing of the first aircraft in one of its near-space high-speed vehicle series.
