Funding round
Huasun Series B
Huasun, which works in heterojunction solar technology manufacturing in Xuancheng, raised $295M in a Series B round announced on 29 Jan 2023, led by CNBM (Anhui) New Materials Fund. 11 firms took part. It is Huasun's first venture round on record.
$295M
Amount raised
2,000,000,000 CNY converted
Not disclosed
Post-money valuation
11
Investors
1 lead
Valuation
What this round says about the price
Huasun did not disclose a valuation in this round. It is Huasun's first venture round on record, 3 years after it was founded in 2020. It is 52% of the $571M Huasun has raised in the venture rounds on record. Huasun raised again 10 months later: a Series C round of $276M in Nov 2023.
Huasun's funding rounds
Huasun has 2 venture rounds on record. This one is highlighted.
- Series B this round 29 Jan 2023, led by CNBM (Anhui) New Materials Fund $295M
- Series C 16 Nov 2023, led by China Green Development Investment Group $276M
Investors
Who put money in
CNBM (Anhui) New Materials Fund led the round with 10 other firms.
Lead investor
- CNBM (Anhui) New Materials Fund new investor
Also in the round
- Wuxi Originvest Fund new investor
- Chuanghe Xincai Manufacturing Transformation and Upgrading Fund (SDIC-Xiamen Tungsten Industry Fund) new investor
- GLP Hidden Hill Capital new investor
- Dayone Capital new investor
- Hefei Industry Investment Group new investor
- Guoyao Capital new investor
- Nuoyan Capital new investor
- backs 19 venture-backed companies new investor
- Jiuwan Capital new investor
- Jintou Zhiyuan new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development and scaling operations.
- Product development
- Scaling operations
Comparable rounds
How it compares
12 Series B rounds in Solar Energy Company within a year either side disclosed an amount; the median was $35M, and this round was 8.3 times the median. The closest in time, other companies' Series B rounds in Solar Energy Company:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Solar Energy Company | 27 Dec 2022 | $38M | not disclosed | not named |
| Solar Energy Company | 15 Dec 2022 | $38M | not disclosed | not named |
| Solar Energy Company | 16 May 2023 | $17M | not disclosed | Summiteer and B&C Innovation Investments |
| 1KOMMA5° Solar Energy Company | 23 Jun 2023 | $235M | $1.10B | G2 Venture Partners |
| Solar Energy Company | 2 Aug 2022 | $44M | not disclosed | Breakthrough Energy and Prelude Ventures |
| Solar Energy Company | 3 Jul 2023 | $40M | not disclosed | International Finance Corporation |
| Solar Energy Company | 17 Aug 2023 | $50M | not disclosed | Idealist Capital |
| Solar Energy Company | 11 Oct 2023 | $30M | not disclosed | Nuveen |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Huasun raise in its Series B round?
Huasun raised $295M in its Series B round, announced in Jan 2023.
Who led Huasun's Series B round?
CNBM (Anhui) New Materials Fund led it, with Wuxi Originvest Fund, Chuanghe Xincai Manufacturing Transformation and Upgrading Fund (SDIC-Xiamen Tungsten Industry Fund), GLP Hidden Hill Capital, Dayone Capital and Hefei Industry Investment Group and 5 more.
What was Huasun's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Solar Energy Company?
12 Series B rounds in Solar Energy Company within a year either side disclosed an amount; the median was $35M, and this round was 8.3 times the median.
Did Huasun raise again after this round?
Yes: a Series C round in Nov 2023 of $276M.