(Yicai) July 8 -- Jade Bird Display and five other companies registered in the Lingang Special Area, a testbed for economic and trade policies in Shanghai, completed financing rounds last month.

The firms secured funds from 12 investment institutions, including GL Ventures and MiraclePlus, according to the latest monthly report released by Shanghai-based Lingang Economic Development Group.

Half the fundraisers were in the integrated circuits industry, while the rest were in the artificial intelligence, biomedicine, and new materials sectors.

JBD, which focused on developing and producing micro light-emitting diode displays, bagged hundreds of millions of Chinese yuan, equivalent to tens of millions of US dollars, in a pre-B financing round. In the AI sector, IceWhale Technology secured tens of millions of yuan in a pre-A round.

Rapafusyn Pharmaceuticals, a leader in therapeutic drugs based on non-degrading molecular glues, raised USD28 million in a series A round, while Hyproof Technology, which focuses on innovative science and advanced technology, secured strategic financing.

Since its unveiling ceremony on Aug. 20, 2019, Lingang has inked deals for over 500 cutting-edge industrial projects, with investments exceeding CNY600 billion (USD82.5 billion). The area has built industrial systems in IC, AI, biomedicine, civil aviation, intelligent vehicles, high-end equipment manufacturing, new energy, and new materials.

Editor: Martin Kadiev