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Shein, now one of the leaders in China’s growing global fashion market, is planning to deepen its foothold in the U.S. as its sales to American shoppers continue to soar. The company plans to build three large distribution centers that could eventually reduce shipping times by three to four days in the US. Shein was valued at $100 billion in a funding round earlier this year after it raised money from global investors. In 2016, IDG Capital joined Shein's Series B round.
IDG Capital has led a pre-Series B round of financing in Vathin, a company that researches, develops, and manufactures single-use bronchoscopes. Vathin will use the proceeds to expand its research and product pipeline, scale up clinical trials, as well as strengthen its presence in international markets. Founded in 2018, Vathin counted Olympus, a Japanese camera and gastrointestinal endoscope manufacturer, as its strategic partner and sole agent in the US.
Pinduoduo, a Chinese bulk-buying e-commerce platform that sells everything from groceries to beauty products, has outperformed its peers in the past month, with its shares soaring 43%, as price-sensitive consumers try to find bargains. Founded in 2015, Pinduoduo has become one of the country’s biggest e-commerce platforms by active users, even briefly surpassing rival Alibaba in 2020. IDG Capital joined Pinduoduo's Series B funding round in 2016 and Pinduoduo went public on Nasdaq in 2018.
Gokin Solar, a Chinese solar energy firm that produces photovoltaic (PV) silicon wafers, has snapped up 2.5 billion ($360 million) in a Series B round led by China International Capital Corp (CICC). As of June, Gokin already completed two two-phase projects, with each of the project facilities generating 30GWs of PV silicon wafers per year. Co-founded by IDG Capital and HUafa Capital in 2019, Gokin focuses on the R&D and manufacturing of high-efficiency, thin-layered and large-sized silicon wafers that leverage PV technology to capture the sun’s energy to generate electricity.
WeRide, an autonomous driving technology company backed by IDG Capital, will cooperate with local government agencies in Guangzhou to launch green, safe, efficient and intelligent sanitation trucks. These autonomous sanitation trucks can drive safely without any driver, fully carrying out sanitation operations, including washing, dry sweeping, spraying and other functions. From September 1, WeRide’s sanitation truck team will be officially put into operation. IDG Capital joined WeRide’s Series C funding round this May.
Neukio Biotherapeutics, a Shanghai-based company that develops novel cell therapy products, has closed $50 million in a series A-1 funding round. The funds will accelerate the preclinical and clinical validation of induced pluripotent stem cell (iPSC)-derived off-the-shelf CAR-NK cell therapy products, and support team recruitment and expansion. IDG Capital, after participating Neukio’s angel round last August, also joined the investment round.
IICombined, the owner of South Korean eyewear Gentle Monster, has injected US$15 million into Chinese AR technology startup Nreal. Founded in 2017, Nreal is the producer of AR tech glasses – Nreal Light and Nreal Air. Its glass products are sold in six markets, including the US, Japan, South Korea, Spain and China. Backed by IDG Capital since its early stage, Gentle Monster currently operates 62 stores around the world. “This investment is an exciting attempt to explore the fusion and possibilities of fashion and tech,” said Hankook Lim, co-founder of Gentle Monster.
Farfetch, a London-based online luxury fashion platform, took a step toward long-awaited consolidation in the luxury e-commerce world, agreeing to buy a big stake in its rival Yoox Net-a-Porter. The deal furthers the rise of Farfetch, which was founded in 2007 and operates both as a retailer and a provider of e-commerce technology. In 2016, IDG Capital led Farfetch's Series F funding round. Farfetch went public on the New York Stock Exchange in 2018 with a valuation of $5.8 billion.
Electric vehicle (EV) startup Xpeng plans to launch two new vehicles next year, with one positioned to be a competitor to Tesla’s Model Y. Xpeng has been aggressive in launching vehicles as it looks to gain share in China’s fast-growing electric vehicle market. Xpeng President Brian Gu said one vehicle, called B-Class, will launch in the first half of 2023 and is “actually going to target [an] even larger market segment” than the P7 sedan. He said the car can be considered a “strong competitor” to Tesla’s Model Y mid-sized SUV. Previously, IDG Capital co-led Xpeng's Series B round.
China's leading food delivery app Meituan Dianping, focusing on instant retail born under the digital economy, displayed new products such as automatic delivery vehicles, drones, smart restaurants and smart pharmacies at the 2022 Global Digital Economy Conference. Chen Rongkai, vice president of Meituan, said that under the strategy of “retail + technology”, the company hopes to rapidly promote the retail efficiency of goods and services based on technological innovation in more than 200 scenarios. IDG Capital was an early investor in Meituan, which went public in on the Hong Kong Stock Exchange in 2018.
Pony.ai, an autonomous driving startup based in China and Silicon Valley, is forming a strategic joint venture with Sany Heavy Truck, a subsidiary of Chinese heavy equipment manufacturer Sany Heavy Industry, to create an autonomous truck brand. The plan is to combine Pony.ai’s “virtual driver” with Sany’s technical prowess in building heavy-duty trucks to build automotive-grade, self-driving trucks with Level 4 autonomy, which means the vehicles can drive themselves in certain conditions without needing a human to intervene. IDG Capital was a seed investor in Pony.ai and also joined its Series A funding round in 2018.
SenseTime, a Hong Kong-based artificial intelligence company, announced a strategic cooperation agreement with GAC Group. The two sides will cooperate on technology R&D and application innovation in the fields of intelligent driving, intelligent cabins, intelligent and connected vehicles, auto metaverse, AI tool chain and a supercomputing center. This cooperation is intended to accelerate in-depth exploration of the frontier technology of smart cars. Previously, IDG Capital led SenseTime's initial Series A funding round in 2014 and also joined the company's Series B round in 2017.
Pinduoduo, a Chinese bulk-buying e-commerce platform, has expanded its presence in Hong Kong with new delivery and payment services tailored for local consumers. The Shanghai-based company has recently started to accept foreign payment methods, including Visa and Mastercard, in Hong Kong, making it possible for consumers without a mainland bank account to buy goods on the platform. It also started a direct delivery service to Hong Kong, reducing the effort needed to deal with customs. IDG Capital joined Pinduoduo's Series B funding round in 2016 and Pinduoduo went public on Nasdaq in 2018.
Singapore-based crypto exchange KuCoin has announced strategic funding of $10 million. In addition to the investment, KuCoin will work on blockchain startup incubation. In particular, KuCoin will support startups through incubation, investment, and consultation. The funds raised will be used to upgrade the infrastructure of KuCoin as well as enrich and diversify its product line. Further, KuCoin is planning to bring more people to the company. IDG Capital co-led KuCoin's $20 million Series A round in November 2018.
Bilibili, China's leading online video platform, is restructuring its business units to boost profit growth. Three core business units - commercialization, streaming, and content-related business – will have leadership change, and the restructuring will also see Bilibili’s animation business become a new independent unit. Meanwhile Bilibili is also establishing a new data center. Previously, IDG Capital led Bilibili's Series A funding round in 2017 and also joined its A+ and B rounds.
Zoox, a Foster City, Calif.-based autonomous vehicle startup, has announced that it is now certified to meet the highest U.S. crash safety standards and is the first self-driving tech company to do so. Zoox plans to start its service with a purpose-built, four-passenger vehicle that has no steering wheel, pedals or conventional driving controls. To operate its robot on wheels on public roads and move forward with a ride service, Zoox needs additional approval from California’s Department of Motor Vehicles and the U.S. Transportation Department. IDG Capital invested in Zoox in 2016.