On May 18th, Kingwills Advanced Materials Co., Ltd. (hereinafter referred to as Kingwills™) announced to complete the B round financing of more than 100 million RMB. This round of financing is jointly led by China National Building Materials Fund and GPRO, together with Shaanxi Coal, Oriza and TAIHECAP. GL Ventures and Oriental Yuhong, the lead investors in the A-round, continue to provide support. TAIHECAP also serves as the exclusive long-term financial advisor. This round of fundraising is intended to expand production lines, strengthen the supply chain system, and build a top-notch talent team.
Kingwills™ previously completed a Series A funding round exceeding 100 million RMB in 2022, with participation from GL Ventures, Oriental Yuhong, CICC Capital, Asia Green Fund and so on, becoming a star advanced materials company that combines top financial funds and industrial clients' investments. The Series B funding further introduced national advanced materials funds and local state-owned assets. In the future, multiple parties will work together to leverage industrial collaboration and resource advantages, Kingwills™ will speed up its advantages of independent innovation of scarce materials.
As China's leading flash-spun metamaterial enterprise, Kingwills™ has officially launched its first 3,000t production line in the past year, which is also the largest flash-spun metamaterial production line in China. Fash spun has facilitated Hypak™ (flash-spun metamaterial) delivery to important strategic customers in medical packaging, building envelopes, industrial and consumer goods innovation and other industries. The product quality has received widespread acclaim, and orders have been booked until 2024.
Flash-spun metamaterial has excellent properties, a wide application range and high commercial value. This technology and large-scale production had been monopolized by a Fortune 500 company in the US for a long time, thus it has become a scarce material which is highly in short supply in the world. Industrial packaging materials is characterized with strong waterproof, air permeability, light weight, high strength, bacteria resistance and high cleanliness, and has nearly 100 mature application scenarios in custom medical packaging, building envelopes, safety protection, industrial packaging, consumer goods and other fields.
To break the monopoly of this technology, Kingwills™ has undergone nearly 10 years of arduous independent research and development work, and achieved multifaceted independent innovation in terms of technology, process and equipment. In 2022, it successfully achieved the large-scale production of Hypak™, resolving the "bottleneck" issue faced by China in this field of advanced materials. Therefore, Kingwills™ has become one of the listed enterprises of the Ministry of Industry and Information Technology, "Top Ten Major Industrial Technology Needs of Advanced Manufacturing Industry".
Chen Boyi, founder & CEO of Kingwills™, stated that "customer first" is the core value of Kingwills™, and "becoming the most creative advanced materials enterprise" is the original intention of Kingwills™ team. Therefore, the company has attracted many elite talents from famous universities at home and abroad, including Harvard University, Max Planck Institute, Tsinghua University, Peking University and Zhejiang University. Starting from flash-spun technology, together with more advanced materials, Kingwills™ provides innovative material solutions for more customers. This serves as the long-term goal of Kingwills™.
Guo Hui, general manager of China National Building Materials Fund, one of the leading investors in this series, stated that Hypak™ is a globally scarce material and its domestic alternative holds significant strategic importance. We appreciate Kingwills™'s core value of "creating sustainable solutions for a better and happy life for people", and believe that Kingwills™ will continue to make greater breakthroughs in technological innovation and industrialization by virtue of its technological advantages, industrialization capability and team entrepreneurship. China National Building Materials Fund is willing to work with outstanding enterprises such as Kingwills™ to make positive contributions to accelerate the construction of a "powerful material nation".
Tian Huafeng, president & founding partner of GPRO, one of the leading investors in this series, stated, "waterproof yet breathable, light yet high-strength". Flash-spun metamaterial is a kind of special fiber material that exhibits excellent performance and possesses two sets of seemingly contradictory characteristics. Due to its high technological barriers and manufacturing difficulties, this type of waterproof and breathable material has long relied on imports. After years of technology research and development and process accumulation, Kingwills™ has successfully broken the foreign monopoly and made significant industrialization progress in this field. This product can be widely applied in safety protection, building envelopes, medical packaging, industrial innovation, creative life and other fields, having extensive and diversified market prospects.
The business director Li Wenlong, stated that Kingwills™ has an excellent senior management team with rich industrial experience, profound R&D skills and lean production capacity. We are optimistic about the company's future in further strengthening its core competitive advantages and contributing to green and sustainable development.
The project leader of GL Ventures told that as a highly difficult technology, flash-spun metamaterial has a very high technical threshold, meanwhile it is excellent in performance, appropriate for a large number of application scenarios, with broad market prospects. KingwillsTM team, led by the founder Chen Boyi, has both academic and industrial backgrounds, superior technical strength and rich industrial experience. We are delighted to see the company, after overcoming technical challenges, swiftly unleash its production capacity and supply the market, garnering significant acclaim for its products. As one of the investors in Series A funding, GL Ventures continues to invest in this series. We are optimistic that Kingwills™, as a first-class advanced material enterprise, will continue to provide high-quality products and create true value for all walks of life.
Zhang Ying, vice president of Oriental Yuhong, stated that as one of the investors in Series A funding, Oriental Yuhong has always been firmly optimistic about the development prospects of Kingwills™, and witnessed the rapid development of Kingwills™'s products from laboratory pilot tests to large-scale commercial mass production in factories, and product sales from single field to multi-field. What is particularly pleasing is that Kingwills™ has attracted a large number of outstanding talents from both domestic and international sources, further consolidating the company's leadership position in the domestic "flash-spun" technology field and narrowing the gap with leading foreign enterprises. The successful completion of Series B funding will help Kingwills™ continue to expand production capacity, increase research and development efforts and attract more top-tier expert talents to join the team. It is expected that after this series of funding, Kingwills™’s sales scale will usher in a leap-forward growth, and its international industry standing will be significantly enhanced. In the process of rapid development of Kingwills™, Oriental Yuhong has spared no effort to give support, which a sales elite team including dozens of people is assigned to help Kingwills™ promote products, build channels and expand application fields. Oriental Yuhong fully opens the existing customers to Kingwills™. In the future, Oriental Yuhong will continue to deepen cooperation in product research and development, supply chain, capital, etc., providing comprehensive support to help Kingwills™ grow and strengthen its position.
Guan Lingzi, vice president of TAIHECAP, stated that Kingwills™ is an advanced material company that we have great confidence in. On the one hand, it has scarce products and technologies. As the leader of the flash-spun metamaterial in China, Kingwills™ has established solid barriers in technological breakthroughs, large-scale production and commercialization; on the other hand, it has a top team. In the process of cooperation, we have deeply felt the open-mindedness, mission-driven execution, and unwavering belief of Kingwills™ team. TAIHECAP also firmly believes in and supports Kingwills™ to become the most innovative platform for sci-tech innovation of advanced materials.