- Companies
- Suzhou Kerun New Materials
Suzhou Kerun New Materials Valuation, Funding & Investors
Suzhou Kerun New Materials is valued at $435M as of October 2025.
Last Suzhou Kerun New Materials valuation
$435M
Series C · Oct 2025
Last Suzhou Kerun New Materials funding round
$17M
Series C · Oct 2025
Cumulative funding Suzhou Kerun New Materials raised
$108M
across 3 funding rounds
Key investors in Suzhou Kerun New Materials
BAIC Capital
Bridge Capital China
HSG
ZSVC
Peakvest
CCB Investments
Suzhou Kerun New Materials Overview
About Suzhou Kerun New Materials
Suzhou Kerun New Materials is a Suzhou-headquartered enterprise specializing in research, development, and production of perfluorinated ion exchange membranes. These materials support proton exchange membrane fuel cells, vanadium redox flow batteries, and electrolytic hydrogen production systems for clean energy applications.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$435M (Oct 2025)
Suzhou Kerun New Materials Valuation
Suzhou Kerun New Materials is currently valued at $435M, based on its Series C in October 2025.
The $17M round was led by BAIC Capital, with participation from Huaneng Great Wall Changfu, Yutong Bus, Yinlian Jingwei, Peakvest, Huiqi Investment and 1 other investor.
Suzhou Kerun New Materials' valuation has moved from $435M at its Series C in January 2023 to $435M in October 2025, across 3 priced rounds.
Suzhou Kerun New Materials valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2025 | Series C | $435M |
| Aug 2024 | Series C | $435M |
| Jan 2023 | Series C | $435M |
Suzhou Kerun New Materials Funding History
Suzhou Kerun New Materials has raised a total of $108M across 3 funding rounds.
Suzhou Kerun New Materials' first fundraising round was a $35M Series C in January 2023. The most recent completed round was a $17M Series C in October 2025.
Suzhou Kerun New Materials funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Series C | BAIC Capital (lead); Huaneng Great Wall Changfu; Yutong Bus; Yinlian Jingwei; Peakvest; Huiqi Investment; ZSVC | $17M | $435M | Suzhou Kerun New Materials Co., Ltd., established in 2019 and headquartered in Wujiang Development Zone, Suzhou, develops perfluorinated sulfonic acid proton exchange membranes for flow battery energy storage and hydrogen energy applications. The company covers the full industry chain from resin synthesis to membrane preparation, detection, and application development, achieving domestic independent production. It has ranked top in domestic shipments of perfluorinated sulfonic acid proton exchange membranes for three consecutive years. Kerun New Materials has completed three rounds of financing with investors including Sinopec Capital, Lianhong, Sequoia, China General Technology, Jiaqiao Capital, Yutong, BAIC, and Great Wall Capital. The company's valuation reached nearly 3 billion yuan. In May 2025, it signed a tutoring agreement with Minsheng Securities for an IPO on the Science and Technology Innovation Board and filed its counseling report on May 22, 2025. One reported funding round secured approximately ¥120 million for development of perfluorinated ion membranes and proton exchange membranes. |
| Aug 2024 | Series C | Sinopec Capital (lead); CCB Investments; Fenghe Capital; Bridge Capital China | $56M | $435M | Suzhou Kerun New Materials Co., Ltd., established on April 10, 2019, in Wujiang Development Zone, Suzhou, specializes in proton exchange membrane materials for flow battery energy storage and hydrogen energy applications. The company covers the full industry chain from resin synthesis to membrane preparation, detection, and application development, achieving domestic independent production of perfluorinated sulfonic acid proton exchange membranes. It has ranked top in domestic shipments of these membranes for three consecutive years. Kerun New Materials, part of Kerun Group founded in 2008 in Huai'an, Jiangsu, has completed three rounds of financing with investors including Sinopec Capital, Lianhong, Sequoia, China General Technology, Jiaqiao Capital, Yutong, BAIC, Great Wall Capital, and others. The company's valuation is nearly 3 billion yuan, as disclosed in its IPO counseling filing. On May 9, 2025, it signed a tutoring agreement with Minsheng Securities for an initial public offering on the Science and Technology Innovation Board, with the filing report released on May 22, 2025. |
| Jan 2023 | Series C | HSG (lead); Weishi Energy; BAIC Capital; General Technology Venture Capital; Bridge Capital China; Guangzhou Yingding Equity Investment Fund Management; Rongtuo Capital Management | $35M | $435M | Suzhou Kerun New Materials Co., Ltd., established on April 10, 2019, in Wujiang Development Zone, Suzhou, specializes in R&D and manufacturing of proton exchange membranes, focusing on core membrane materials for flow battery energy storage and hydrogen energy. It is one of China's earliest companies to industrialize perfluorinated proton exchange membranes and operates three factories in Fujian, Huai'an, and Suzhou, achieving a full industry chain from monomer to sulfonic acid resin to membrane. The parent Kerun Group, founded in 2008 in Huai'an, Jiangsu, has 16 years of experience in the field. Kerun positions itself as a top-tier player in China's proton exchange membrane industry, with capabilities supporting energy storage and hydrogen applications. The company has completed three rounds of financing with prominent investors including Sinopec Capital, Lianhong, Sequoia, China General Technology (General Technology Venture Capital), Jiaqiao Capital, Yutong, BAIC (BAIC Capital), Great Wall Capital, and others, aligning partially with the queried investors like BAIC Capital, General Technology Venture Capital, and HSG. As of May 2025, when it signed an IPO counseling agreement with Minsheng Securities for a potential listing on the Science and Technology Innovation Board, the company's valuation reached nearly 3 billion CNY. |
Who has invested in Suzhou Kerun New Materials?
16 investors have backed Suzhou Kerun New Materials across its funding rounds, including BAIC Capital, Bridge Capital China, HSG, ZSVC, Peakvest and CCB Investments.
Lead investors include BAIC Capital, Sinopec Capital and HSG.
Suzhou Kerun New Materials Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jan 2023 | ||
| 2 | Participant | Jan 2023 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Lead | Aug 2024 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Lead | Jan 2023 | ||
This data is available for Pro users. Sign up to see all 16 Suzhou Kerun New Materials investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Suzhou Kerun New Materials
Suzhou Kerun New Materials has invested in 1 company to date.
Latest investment by Suzhou Kerun New Materials was on March 1st 2023. Suzhou Kerun New Materials invested in Yunfan Hydrogen Energy in their $2M Seed round.
Latest Investments by Suzhou Kerun New Materials
| Description | Yunfan Hydrogen Energy Technology is a Shanghai-based manufacturer of bipolar plates for PEM fuel cells and water electrolyzers. Through yunfanhy.com, it supplies components to hydrogen production facilities and fuel cell vehicle makers in China. |
| HQ Country | |
| HQ City | Suzhou |
| Deal Date | 1 Mar 2023 |
| Round | Seed |
| Raised | $2M |
| Investors | Quanshun Environmental Protection; Wujiang Dongyun Chuangtou; Qianrong Venture Capital |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Suzhou Kerun New Materials investments and their VC round multiples. Start Free Trial | |
Suzhou Kerun New Materials Competitors
Suzhou Kerun New Materials competitors include listed companies like Aspen Aerogels, Magnera and Luxfer Holdings, and private ones like Paragraf, Cambium and InoBat.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $430M | - | ||
| Publicly listed | $271M | ($331M) | $426M | 1.7x | ||
| Publicly listed | $3.2B | $181M | $419M | 0.6x | ||
| Publicly listed | $385M | $38M | $461M | 1.4x | ||
| Private | $298M | - | $410M | 1.4x | ||
| Private | - | - | $476M | - |
Suzhou Kerun New Materials Public Comps
Suzhou Kerun New Materials is still privately-owned, but its public comps include Sterling and Wilson, Aspen Aerogels, Magnera, Luxfer Holdings, Energiekontor, Lydia Yeşil Enerji, Gevo, Kalyon Güneş Teknolojileri, Aydem Yenilenebilir Enerji and NYAB.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $787M | ($15M) | 0.7x | 0.7x | (37.6x) | 15.3x | |||
| $271M | ($331M) | 1.5x | 1.7x | (1.2x) | (96.1x) | |||
| $3.2B | $181M | 0.7x | 0.6x | 11.5x | 5.5x | |||
| $385M | $38M | 1.3x | 1.4x | 13.6x | 10.2x | |||
| $193M | $99M | 3.5x | 2.7x | 6.8x | 8.0x | |||
| $1M | - | 367.9x | - | - | - | |||
| $161M | $7M | 3.2x | 2.7x | 71.7x | 10.7x | |||
| - | - | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Suzhou Kerun New Materials competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Suzhou Kerun New Materials
| When was Suzhou Kerun New Materials founded? | Suzhou Kerun New Materials was founded in 2019. |
| Where is Suzhou Kerun New Materials headquartered? | Suzhou Kerun New Materials is headquartered in Suzhou, China. |
| Is Suzhou Kerun New Materials publicly listed? | No, Suzhou Kerun New Materials is a private, VC-backed company. |
| What is Suzhou Kerun New Materials' valuation? | Suzhou Kerun New Materials was last valued at $435M in its Series C in October 2025. |
| How much funding has Suzhou Kerun New Materials raised? | Suzhou Kerun New Materials has raised $108M across 3 funding rounds. |
| What was Suzhou Kerun New Materials' last funding round? | Suzhou Kerun New Materials' last funding round was a $17M Series C in October 2025, led by BAIC Capital. |
| Who are Suzhou Kerun New Materials' investors? | Suzhou Kerun New Materials' investors include BAIC Capital, Bridge Capital China, Weishi Energy, Huaneng Great Wall Changfu, Sinopec Capital, Yutong Bus, Yinlian Jingwei, CCB Investments, Fenghe Capital, General Technology Venture Capital and 6 others. |
| Which companies are comparable to Suzhou Kerun New Materials? | Companies comparable to Suzhou Kerun New Materials include Paragraf, Aspen Aerogels, Magnera, Luxfer Holdings, Cambium and InoBat. |
| How many companies has Suzhou Kerun New Materials invested in? | Suzhou Kerun New Materials has invested in 1 company, including Yunfan Hydrogen Energy. |
| What was Suzhou Kerun New Materials' last investment? | In March 2023, Suzhou Kerun New Materials invested in Yunfan Hydrogen Energy's $2M seed round alongside Quanshun Environmental Protection, Wujiang Dongyun Chuangtou and Qianrong Venture Capital. |
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