According to Bloomberg, Zhejiang Qiannao Technology is negotiating to raise funds at a valuation of more than $1.3 billion. After this round of financing, Qiannao Technology may launch an IPO in Hong Kong or mainland China. Qiannao Technology was founded by Harvard alumnus Han Bicheng in 2015 and competes with Neuralink, a brain-computer interface company owned by Elon Musk. Qiangnao Technology, together with DeepSeek and other companies, is known as the "Six Little Dragons" of Hangzhou and is committed to developing bionic limbs and human brain-controlled computer-related technologies.
People familiar with the matter said Qiannao Technology is negotiating about US$100 million in pre-IPO financing. The startup has started preparing the documents required to go public, but has not yet decided on a specific listing location or other details. There are still variables in the discussion about Qiannao Technology’s financing and listing, and specific details may be adjusted based on market conditions.
However, Qiannao Technology’s financing trends highlight investors’ growing interest in a new generation of startups. These companies aim to disrupt the technology industry and promote technological advancement in areas such as AI and robotics.
Qiannao Technology is not the only Chinese startup hoping to challenge Neuralink. According to China Business News, earlier this year, Shanghai Ladder Medical, an implantable brain-computer interface company, completed a 350 million yuan (approximately US$48.7 million) Series B financing and launched China's first clinical trial of an invasive brain-computer interface. Han Bicheng, the founder of Qiannao Technology, said in an interview with the South China Morning Post in April this year that he was considering expanding his business to Hong Kong.
As of press time, Qiannao Technology has not commented on this.