China Neuralink Rival Seeks Pre-IPO Funds at $1.3 Billion Value
PATH Train Service Resumes After Fire at Jersey City Station
Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole
Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds
Seeking Relief From Heat and Smog, Cities Follow the Wind
The company founded in 2015 by Harvard alumnus Han Bicheng is in negotiations to secure about $100 million in pre-IPO financing, people familiar with the matter said. The startup has begun preparing documents for a market debut, though it hasn't decided on venue or other details, the people said, asking to remain anonymous discussing private plans.
BrainCo, or Zhejiang Qiangnao Technology Co., is one of 'Six Little Dragons' that garnered acclaim this year as among the country's most advanced technology innovators. Based in the affluent eastern city of Hangzhou like fellow dragon DeepSeek and e-commerce leader Alibaba Group Holding Ltd., BrainCo is developing bionic limbs and technologies for human brains to control computers.
It isn't the only fledgling Chinese firm hoping to take on Neuralink. Earlier this year, Shanghai StairMed Technology raised 350 million yuan ($48.7 million) in Series B funding and launched the country's first clinical trial for invasive brain-computer interfaces, local media outlet Yicai reported. BrainCo's founder told the South China Morning Post in April he was exploring an expansion to Hong Kong.
Discussions around financing and an IPO remain in flux and the details could change depending on market conditions. But BrainCo's financing underscores the growing investor interest in a new generation of startups aiming to shake up the tech sector and pioneer advances in spheres from artificial intelligence to robotics. Representatives for the startup didn't respond to a request for comment.
China's largest venture capital houses are tapping the market for at least $2 billion in new funds, re-engaging with the country's startups in a signal of renewed attention on areas like AI.
Together, they represent a wave of fundraising that hasn't been seen among Chinese VCs for years. It's unfolding as global investors reassess the country's startup landscape and broader economy, which are showing signs of revival after years of Covid-era stagnation and regulatory headwinds.
Much of that resurgent interest can be traced to the rise of breakout AI stars like BrainCo, DeepSeek and Manus, which has galvanized local entrepreneurs. The Hangzhou Six also includes Game Science — developer of the hit game Wukong — Deep Robotics, Unitree Robotics and Manycore.
AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay
Russia's Secret War and the Plot to Kill a German CEO
Government Steps Up Campaign Against Business School Diversity
What Happens to AI Startups When Their Founders Jump Ship for Big Tech
How Podcast-Obsessed Tech Investors Made a New Media Industry
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Trump Pushes China to Quadruple U.S. Soybean Buys -- Markets React Ahead of Tariff Truce Deadline
Soybean futures posted their biggest intraday gain in four months after US President Donald Trump called on China to quickly quadruple its purchases of American soybeans, linking such a move to narrowing the trade gap between the two countries. The comments, made on Truth Social just one day before the current tariff truce is set to expire, came with a public thank-you to Chinese leader Xi Jinping, though no further detail was provided. The timing is notable US farmers are only weeks away from harvest, when fresh supply typically boosts export potential. While China bought more than $12 billion in US soybeans in 2024, government data show no bookings yet for the new season beginning in September, a sign that trade tensions remain an obstacle. Warning! GuruFocus has detected 5 Warning Signs with NVDA. The market reaction was swift. Chicago soybean futures jumped as much as 2.8% before easing to a 2.3% gain, with corn and wheat prices also edging higher. Analysts point out that this period often marks a shift in China's buying toward Northern Hemisphere origins, but the current pattern has leaned heavily toward Brazil, Argentina, and other South American suppliers. The US Department of Agriculture is expected to raise its domestic harvest outlook in an upcoming report, potentially adding to export competitiveness. Still, some market watchers caution that without progress in trade talks, China could meet its annual soybean needs entirely from South America, leaving US farmers sidelined. The tariff truce deadline on August 12 adds another layer to the story, with signals from Washington that an extension is possible. Broader US-China tensions remain in play from Beijing's defense of Russian oil imports against US tariff threats to state-linked criticism of Nvidia (NASDAQ:NVDA) chip performance. For now, Trump's remarks have injected a dose of optimism into agricultural markets, but whether this translates into sustained buying from China could depend on the trajectory of negotiations in the weeks ahead. This article first appeared on GuruFocus.
Yahoo
17 minutes ago
- Yahoo
S&P Global revises credit outlook for Gucci owner Kering to negative from stable
By Matt Tracy (Reuters) -S&P Global has revised its credit outlook for luxury goods group Kering S.A. to negative from stable, the ratings agency said on Monday, after sales of Kering's Gucci brand and other products declined in the first half of the year. In a report on Kering's investment grade credit rating, S&P analysts highlighted weakening consumer demand for the French group's luxury apparel across key markets, most notably a 22% year-on-year decline in revenue in the Asia-Pacific and China. The analysts added that Kering had underperformed peers such as LVMH, Dior and Hermes so far this year. Sales of Kering's flagship Gucci brand, which made up over half of its core earnings (EBITDA) last year, fell by a quarter in the first half of 2025, the analysts added. S&P maintained Kering's long-term issuer credit ratings at BBB+, which lies toward the lower end of the high-grade ratings spectrum. "The negative outlook reflects Kering's reduced rating headroom stemming from ongoing pressures in its operating performance, execution risks associated with the company's turnaround initiatives, amid a subdued industry environment," the analysts wrote. Kering in June announced it appointed as its new CEO Luca de Meo, former CEO of French automaker Renault Group, who will take office in mid-September. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 minutes ago
- Yahoo
Nvidia is willing to pay the US government $3 billion to save its business in China
Nvidia (NVDA) has reportedly cut an unprecedented deal with the Trump administration to save its China business that would entail sharing as much as $3 billion in revenue with the US government for the current fiscal year to resume sales of its H20 chips. Multiple media outlets have confirmed with unnamed sources that leading AI chipmaker Nvidia and rival Advanced Micro Devices (AMD) cut deals with President Trump to fork over 15% of their revenues from China in exchange for export licenses, following an initial report of the news from the Financial Times. Trade policy experts cited by the Washington Post said the deals amounted to blackmail and violated the US Constitution's ban on export taxes. Nvidia did not confirm its new arrangement with the Trump administration but a spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide.' Nvidia stock fell fractionally Monday while AMD shares pared initial losses to trade flat. China is one of Nvidia's most important markets, accounting for 13% of the company's revenue in its prior fiscal year. Nvidia has repeatedly introduced new, lower-power chips to sell to China in the face of tightening US export controls, as the government has cited national security concerns. The chipmaker began sales of its H20 chips — graphics processing units based on its prior-generation Hopper architecture — in 2024. Nvidia got hit with a surprise ban on exports of its H20 chips to China by the Trump administration in April, costing the company billions in lost sales and sending the stock spiraling. The ban was later reversed in July, drawing national security concerns from lawmakers worried over China's development of AI. Wall Street analysts projected that Nvidia would recoup $15 billion in lost sales in the second half of the year after the ban was lifted to hit about $20 billion in revenue from China for its fiscal year 2026, which ends next January — meaning the US government could get $3 billion from its deal with the company. Bernstein analyst Stacy Rasgon said Nvidia making some revenue from China is better than none: 'At the end of the day we believe it is better to allow NVIDIA (and AMD) to sell AI into China, as failure to do so effectively hands the Chinese AI market over to Huawei, and encourages the coalescence of Chinese developers around Huawei's architecture and ecosystem (undesirable).' Huawei is the Chinese tech giant developing chips to rival Nvidia's H20 ones. Nvidia has argued that export controls leave room for Chinese rivals to advance. Rasgon noted that it's unclear whether Nvidia's new revenue sharing agreement with the US covers only its H20 chips or if it also covers its new chips based on its latest Blackwell architecture designed for the Chinese market unveiled in July. Nvidia expects China to transition to buying Blackwell-based products Nvidia is developing to comply with export controls, Rasgon said. Still, DA Davidson analyst Gil Luria said the new deal could end up 'encouraging China to move away from buying its chips from American companies and focusing more on domestic suppliers such as Huawei," because the Chinese government wouldn't want companies effectively handing over money to the US government. Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @ Email her at
