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Forbes has named IDG Capital’s Xiaojun Li (#19) and Young Guo (#85) again to its 2020 Midas List, an annual ranking of the world’s top 100 venture capitalists. Besides seven portfolio public offerings, including online entertainment firm BiliBili and social e-commerce company Pinduoduo, Li retains his place in the top 20 with two more exits: AMEC and Amlogic, both of them semiconductor companies that listed on the Shanghai Stock Exchange last year. Guo retains his place with his investment in autonomous vehicle firms: multi-billion-dollar Silicon Valley startups Zoox and Pony.ai raised a combined $700 million.
Autonomous driving startup Pony.ai is collaborating with Los Angeles-based e-commerce platform Yamibuy to launch an autonomous delivery service in Irvine, California. Through the partnership, Pony.ai will use its autonomous fleets to deliver packages and groceries to Yamibuy customers. It’s the first time the Fremont-based firm has deployed its vehicles for goods delivery and each robo-taxi is expected to carry about 100 orders a day. Previously, IDG Capital was a seed investor in Pony.ai and also joined its Series A funding round.
IDG Capital has donated 10,000 protective masks to Olympique Lyonnais, a French professional football club based in Lyon, for the area's emergency needs. The club has distributed the masks to several beneficiaries in Lyon, including the Rhone Red Cross and the Alynea association. In 2016, IDG Capital took a 20 percent stake in Olympique Lyonnais for $110 million.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, has received $400 million investment from Japanese multinational conglomerate Sony Corporation for 4.98% stake. With over 130 million users, Bilibili targets China’s Generation Z market, which comprises people born between 1990 and 2009. Bilibili and Sony say they will pursue collaboration opportunities in China’s entertainment sector, including animation and mobile game apps. Prior to Bilibili’s listing on Nasdaq, IDG Capital led Bilibili's Series A funding round and also joined its A+ and B rounds.
IDG Capital has joined a $51 million Series A round in ZhenGe Biotech, a Shanghai-based macromolecular pharmaceutical contract development and manufacturing organization (CDMO). Founded in 2017, Zhenge Biotech has hired more than 110 employees, including seven scientists and engineers educated overseas. The company will use the proceeds to expand its Shanghai R&D center and build a GMP production base in Shanghai, as well as expanding its US lab.
Cryptocurrency exchange Coinbase has passed a milestone of $200 million in total transactions processed through its retailer payment portal Coinbase Commerce. Currently, around 8,000 integrated retailers accept cryptocurrencies alongside other payment streams. Coinbase says it plans to keep building out Commerce’s features in response to merchant demands. IDG Capital was an angel investor in Coinbase in 2013.
SenseTime, a Hong Kong-based artificial intelligence company, has been shortlisted to help NEXCO Central Japan, a leading expressway company in the country, upgrade its expressway monitoring system. With technology in deep learning and autonomous driving, SenseTime developed a traffic video analysis algorithm that can identify and track various types of vehicles over multiple lanes with accuracy. Previously, IDG Capital led the company’s Series A round and also joined its Series B round.
IDG Capital-backed online education company Yuanfudao has closed its Series G round of $1 billion, marking the largest-ever fundraising deal in China’s online education sector. Founded in 2012, the firm is now valued at $7.8 billion. By January 2020, Yuanfudao has attracted over 400 million users on its app’s ecosystem, including over 1 million paid members for the flagship app Yuanfudao and 500,000 for its English and logical thinking platform Banma AI Ke. IDG Capital, which first invested in the firm in 2012, is the sole investor who has joined each financing round of Yuanfudao since Series A.
Analytics research firm TechArc has named Chinese e-commerce platform Club Factory as the top challenger to Flipkart and Amazon in India. Headquartered in Hangzhou, the e-commerce platform said its monthly active users (MAUs) has surpassed 100 million in India. Club Factory is strengthening its India leadership team and will appoint local leaders for key functions in the coming quarters. Previously, IDG Capital joined the firm's Series A round and led its $100 million Series C funding round.
Klaytn, the crypto unit of South Korea’s largest internet conglomerate Kakao Corporation, is now seeking to raise another $90 million and will repeat its initial coin offering (ICO) after the round. Currently, game developer Wemade Entertainment and Chinese travel agency Zanadu are among the 26 companies that will run their applications on the Klatyn platform. The company, which currently has 65 employees, also plans to hire more as the launch gets closer. In 2018, IDG Capital invested in Klaytn.
Razer, a San Francisco- and Singapore-based manufacturer of gaming peripherals, is building a true ecosystem around games, including a virtual credit system and a digital payment network. With more than 1,400 employees, Razer manufactures its products in partnerships with companies in China, Taiwan and Vietnam. Razer’s partners include Microsoft, Tencent and Google, with which it is building new cloud gaming ecosystems. IDG Capital-Accel China invested $50 million in Razer, which went public on the Hong Kong Stock Exchange in 2017.
Chinese leading electric vehicle manufacturer NIO said its full-year deliveries of vehicles has reached 20,565 in 2019, compared with 11,348 units delivered in 2018. Based in Shanghai, the company's total revenues also grew to $1.1 billion in 2019. "We are pleased to see our growing user community becoming an essential part of our brand and business growth," said William Li, founder, chairman and CEO of NIO. Previously, IDG Capital joined NIO’s Series B+ funding round. NIO went public on the New York Stock Exchange in 2018.
Razer, a Hong Kong-listed gaming hardware manufacturer, is converting some production facilities to temporarily make surgical masks. The company plans to provide healthcare authorities around the globe with as many as a million masks. "This emergency conversion of some of our lines and donation of masks is the first step of many that Razer will take," said CEO Min-Laing Tan. IDG Capital-Accel China invested $50 million in Razer in 2011.
Chinese electric vehicle (EV) startup Xpeng has secured permits for its new P7 electric sports sedan to test drive on American roads. The P7 electric sedan is Xpeng’s second production model and has the longest driving range among electric vehicles sold in China. The road tests in the US will provide a “supplement” to the company’s research in China. IDG Capital co-led Xpeng's $348 million Series B round in 2018.
Firework, a Redwood City, Calif.-based short-form video-sharing platform competing with TikTok, has signed a global strategic partnership with Chinese electronics giant Xiaomi. Firework's catalogue of 30-second short videos will be available to Mi Video users. The partnership will also extend Firework's Reveal technology, which allows videos to have a 360-degree horizontal and vertical point of view, to Mi Video. Previously, IDG Capital led a $30 million funding in Firework and was also an early investor in Xiaomi.
IDG Capital joined a $36million Series B+ financing round in Fenbeitong, a Beijing-based business expenses management start-up. Founded in 2015, Fenbeitong develops a corporate wallet app that allows users to manage, pay and receive reimbursement for business expenses. The company said it would use the new fund for product optimization and workforce expansion with additional research and development staff. Previously, IDG Capital led Fenbeitong's $4.36 million Series A round, co-led a $5.82 million Series A+ round and also joined its Series B financing round.