With over 200 million RMB in funding, another "Six Little Dragons" startup in Hangzhou secures investment.
Dowstone Technologies announced that it plans to subscribe for the Pre-B round of preferred shares of Strong Brain Technology with its own funds of US$30 million, thereby obtaining a minority shareholder interest in Strong Brain Technology.
< p > Another one of Hangzhou's "Six Little Dragons" enterprises, BrainCo, has secured financing. < / p >
< p > Guangdong Dowstone Technologies Co., Ltd. (hereinafter referred to as "Dowstone Technologies") recently issued an announcement stating that its wholly - owned subsidiary, Hong Kong Canrd Co., Ltd. (hereinafter referred to as "Hong Kong Canrd"), plans to subscribe for BrainCo's Pre - B round of preferred shares with its own funds of US$30 million (approximately RMB 213 million), thereby obtaining a minority shareholder interest in BrainCo. < / p >
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< p > BrainCo was founded in February 2015. Led by its founder, Han Bicheng, the team incubated the company at the Harvard Innovation Lab. It is mainly committed to the research and development of non - invasive brain - computer interface technology. < / p >
< p > Different from invasive brain - computer interfaces that require craniotomy to implant electrodes into the cerebral cortex, non - invasive brain - computer interfaces only need to collect signals from the scalp surface, which are safer and have a wider range of applications. < / p >
< p > Han Bicheng once said in a media interview that starting with non - invasive technology was to achieve large - scale implementation of the technology earlier and faster. < / p >
< p > In 2018, BrainCo moved its headquarters to Hangzhou. Along with companies such as Game Science, DeepSeek, Unitree Robotics, CloudMinds, and Suke Technology, it is collectively known as the "Six Little Dragons of Hangzhou". < / p >
< p > Currently, BrainCo has launched several products, such as intelligent bionic limbs and brain - computer intelligent sleep aids, which means that brain - computer interface technology is gradually moving from the laboratory to the stage of commercial application. < / p >
< p > According to the announcement issued by Dowstone Technologies, BrainCo is currently in the Pre - B round stage. < / p >
< p > Previously, there were market rumors that BrainCo was negotiating a pre - IPO financing of approximately US$100 million at a valuation of over US$1.3 billion, perhaps paving the way for a subsequent IPO in Hong Kong or the Chinese mainland, and had already started preparing listing documents. < / p >
< p > In response, BrainCo has not responded to an interview request from the reporter of Venture Capital Daily. < / p >
< p > Dowstone Technologies is a high - tech enterprise focusing on the research and development of new materials. Its main business covers fields such as solid - state battery materials, carbon materials, and ceramic materials. < / p >
< p > Among them, materials such as graphene and carbon nanotubes produced by Dowstone Technologies have excellent electrical conductivity, mechanical strength, flexibility, etc., and are suitable for the manufacturing of advanced products such as electronic skin. These materials highly match BrainCo's needs in the research and development of devices such as bionic limbs. At the same time, they can also provide important application scenarios for Dowstone Technologies to promote its "AI + new materials" strategy. < / p >
< p > The announcement issued by Dowstone Technologies also revealed that the investment in BrainCo aims to leverage BrainCo's experience in applying brain - computer interface technology in the fields of medical rehabilitation, education and consumption, and human - machine interaction to further enhance the ecological empowerment and commercial implementation capabilities of the "AI + new materials" strategy. At the same time, it will promote the application of the company's carbon material products in key components such as electronic skin. < / p >
< p > It is worth mentioning that according to Dowstone Technologies' semi - annual report for 2025 disclosed on August 13, the company's R & D investment in the first half of the year showed a significant contraction. Data shows that its R & D expenses decreased by 41.39% year - on - year to RMB 88.68 million, mainly due to the reduction in direct R & D material investment and personnel expenses. < / p >
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< p > Venture Capital Daily noticed that Dowstone Technologies also clearly pointed out in the announcement that the brain - computer interface industry in which BrainCo operates is an emerging industry and has not yet made a profit as of the end of 2024. < / p >
< p > A person in the brain - computer interface industry said in an interview with a reporter from Venture Capital Daily that due to uncertainties in the industry in terms of technological maturity, commercial implementation progress, and market development pattern, there is a certain degree of uncertainty in achieving BrainCo's business goals. "Therefore, this investment can be regarded as Dowstone Technologies' bet on future emerging industries, but there are also certain risks." < / p >
< p > According to data from Cailian Press Venture Capital Connect, BrainCo has previously completed multiple rounds of financing. In March 2016, it received angel - round financing from Hantan Investment and Jinhua businessman Kong Xiaoxian. In June of the same year, it received US$5.5 million in Pre - A round financing. In 2019, it completed Series A financing, and in 2020, it completed Series B financing and entered the unicorn club. In July 2023, Zhejiang Orient led the investment in BrainCo with an investment of US$200 million. In June 2025, BrainCo raised another US$650 million. In the eight years since its establishment, it has cumulatively raised over US$1 billion, and its current valuation may reach US$5 billion. < / p >
< p class="editor-note">This article is from the WeChat official account "Venture Capital Daily", author: Li Jiayi. Republished by 36Kr with permission. < / p >
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< p > BrainCo was founded in February 2015. Led by its founder, Han Bicheng, the team incubated the company at the Harvard Innovation Lab. It is mainly committed to the research and development of non - invasive brain - computer interface technology. < / p >
< p > Different from invasive brain - computer interfaces that require craniotomy to implant electrodes into the cerebral cortex, non - invasive brain - computer interfaces only need to collect signals from the scalp surface, which are safer and have a wider range of applications. < / p >
< p > Han Bicheng once said in a media interview that starting with non - invasive technology was to achieve large - scale implementation of the technology earlier and faster. < / p >
< p > In 2018, BrainCo moved its headquarters to Hangzhou. Along with companies such as Game Science, DeepSeek, Unitree Robotics, CloudMinds, and Suke Technology, it is collectively known as the "Six Little Dragons of Hangzhou". < / p >
< p > Currently, BrainCo has launched several products, such as intelligent bionic limbs and brain - computer intelligent sleep aids, which means that brain - computer interface technology is gradually moving from the laboratory to the stage of commercial application. < / p >
< p > According to the announcement issued by Dowstone Technologies, BrainCo is currently in the Pre - B round stage. < / p >
< p > Previously, there were market rumors that BrainCo was negotiating a pre - IPO financing of approximately US$100 million at a valuation of over US$1.3 billion, perhaps paving the way for a subsequent IPO in Hong Kong or the Chinese mainland, and had already started preparing listing documents. < / p >
< p > In response, BrainCo has not responded to an interview request from the reporter of Venture Capital Daily. < / p >
< p > Dowstone Technologies is a high - tech enterprise focusing on the research and development of new materials. Its main business covers fields such as solid - state battery materials, carbon materials, and ceramic materials. < / p >
< p > Among them, materials such as graphene and carbon nanotubes produced by Dowstone Technologies have excellent electrical conductivity, mechanical strength, flexibility, etc., and are suitable for the manufacturing of advanced products such as electronic skin. These materials highly match BrainCo's needs in the research and development of devices such as bionic limbs. At the same time, they can also provide important application scenarios for Dowstone Technologies to promote its "AI + new materials" strategy. < / p >
< p > The announcement issued by Dowstone Technologies also revealed that the investment in BrainCo aims to leverage BrainCo's experience in applying brain - computer interface technology in the fields of medical rehabilitation, education and consumption, and human - machine interaction to further enhance the ecological empowerment and commercial implementation capabilities of the "AI + new materials" strategy. At the same time, it will promote the application of the company's carbon material products in key components such as electronic skin. < / p >
< p > It is worth mentioning that according to Dowstone Technologies' semi - annual report for 2025 disclosed on August 13, the company's R & D investment in the first half of the year showed a significant contraction. Data shows that its R & D expenses decreased by 41.39% year - on - year to RMB 88.68 million, mainly due to the reduction in direct R & D material investment and personnel expenses. < / p >
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< p > Venture Capital Daily noticed that Dowstone Technologies also clearly pointed out in the announcement that the brain - computer interface industry in which BrainCo operates is an emerging industry and has not yet made a profit as of the end of 2024. < / p >
< p > A person in the brain - computer interface industry said in an interview with a reporter from Venture Capital Daily that due to uncertainties in the industry in terms of technological maturity, commercial implementation progress, and market development pattern, there is a certain degree of uncertainty in achieving BrainCo's business goals. "Therefore, this investment can be regarded as Dowstone Technologies' bet on future emerging industries, but there are also certain risks." < / p >
< p > According to data from Cailian Press Venture Capital Connect, BrainCo has previously completed multiple rounds of financing. In March 2016, it received angel - round financing from Hantan Investment and Jinhua businessman Kong Xiaoxian. In June of the same year, it received US$5.5 million in Pre - A round financing. In 2019, it completed Series A financing, and in 2020, it completed Series B financing and entered the unicorn club. In July 2023, Zhejiang Orient led the investment in BrainCo with an investment of US$200 million. In June 2025, BrainCo raised another US$650 million. In the eight years since its establishment, it has cumulatively raised over US$1 billion, and its current valuation may reach US$5 billion. < / p >
< p class="editor-note">This article is from the WeChat official account "Venture Capital Daily", author: Li Jiayi. Republished by 36Kr with permission. < / p >