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IDG Capital has joined a Series C funding round in WeRide, a Guangzhou-based autonomous driving company. The new funds have brought the company value to $3.3 billion. WeRide’s robotaxi pilot in Guangzhou began in 2019 and it later became the first autonomous driving company in China to secure an official license for online car-hailing operations. WeRide intends to use this funding round to invest in R&D and commercialization as it works toward the next generation of Level 4 driving, in which a vehicle can drive without human intervention in certain conditions.
Pony.ai, an autonomous driving startup based in China and Silicon Valley, and Luminar Technologies, a LIDAR sensor maker also based in Silicon Valley, have formed a partnership to leverage Luminar’s LIDAR sensor on Pony.ai’s next-generation robotaxi. LIDAR, the laser sensor that sends millions of laser points out per second and measures how long they take to bounce back, is seen as a key ingredient to autonomous driving. Pony.ai has also confirmed plans to deploy autonomous fleets across the globe, starting in 2023. IDG Capital is an investor in both Pony.ai and Luminar Technologies.
Nasdaq-listed iQiyi, an online video platform based in Beijing, said the company may be able to turn a profit in five years. iQiyi, which incorporates artificial intelligence to predict viewership and box office, will turn to "intelligent production" to partly help it cut cost and turn a profit in the future. Backed by IDG Capital, iQiyi has expanded from being a video streaming platform to also generating self-produced video content, including drama series and variety shows. The company, which is still trying to boost its subscribers, is also interested in investing in film and television production companies and expanding overseas.
Waterdrop, a Beijing-based online insurance and healthcare crowdfunding company, has raised $360 million in its New York initial public offering under the 'WDH' ticker. By the end of 2020, the company had cooperated with 62 insurance companies to provide 200 kinds of health insurance and life insurance products to users, with a total of more than 140 million users. Waterdrop has also begun to expand into the field of drug and health management and began to test its healthcare businesses. As an angel investor in Waterdrop, IDG Capital has also joined the company’s multiple funding rounds.
Chinese electric vehicle maker Nio has decided to expand overseas and chosen Norway for its first foray into international markets. Nio Norway will offer a European version of ES8, Nio’s flagship electric SUV, to Norwegian customers from September this year. The ET7 sedan will follow in 2022. In addition to vehicle sales, the company also detailed plans to open dedicated service centers, vehicle charging stations and its Nio Power Swap battery swapping stations in Norway. Previously, IDG Capital joined NIO's Series B+ funding round. NIO went public on the New York Stock Exchange in 2018.
IDG Capital has participated in a fresh funding for Kelun Biotech, a subsidiary of Shenzhen-listed Kelun Pharmaceutical. Founded in 2016, Kelun Biotech is engaged in producing macromolecular drugs and small-molecular drugs, especially for antibody-drug conjugates. Its flagship candidate SKB264, which targets breast and lung cancers, has received clinical trial approval in China and the US. The company will use the proceeds for innovative drug R&D and commercialization. Kelun Biotech was valued at $696 million before the round.
San Francisco-based electric scooter giant Lime has launched its electric moped service in New York City, the third city to which Lime brings its all-electric mopeds. Safety will be of the utmost importance in launching the company’s line of e-mopeds around the world. Lime is taking possible precaution, such as identity verification and introductory safety video, to keep riders safe, while allowing for the freedom of a quick-on-quick-off rental system. Lime’s expansion is great news for green transportation and a step to reducing congestion. In 2017, IDG Capital joined Lime's Series A funding round.
Farfetch, a London-based high-end e-tailer, released its first annual Conscious Luxury Trends Report as a way to reflect on consumer shopping habits and identify whether customers are actually shopping responsibly. To help shoppers make more informed purchases, Farfetch also updated its Fashion Footprint Tool, which breaks down the impact a consumer’s purchase has on the environment. Farfetch’s goal is to get all subsections of the industry thinking about what it means to be truly conscious. In 2016, IDG Capital led Farfetch's Series F funding round. Farfetch went public on the New York Stock Exchange in 2018.
WakeData, a Shenzhen-based enterprise data services provider, has raised $25 million from investors including IDG Capital, at a post-money valuation of $200 million. Founded in 2018, WakeData provides data management toolkits to help clients like property developer Country Garden and retailer Watsons to digitalize their operations. The company is expected to more than double its revenue to nearly $38 million this year and turning profitable in 2022. Previously, IDG Capital led WakeData's pre-A round of financing and also joined its Series B financing round.
EdiGene, a Beijing-based company that uses genome-editing technologies to treat genetic diseases and cancer, has raised $61.7 million in a Series B+ round of financing. IDG Capital also participated this round. The new financing came as the genome editing development in Asia is speeding up to catch up with that in North America. EdiGena said that the round enables the company to continue its efforts in translating gene-editing technologies into therapeutics and further grow in terms of scale, global competitiveness and business development. Previously, IDG Capital also led EdiGene's Series A funding round and joined its multiple funding rounds.
Razer, a Hong Kong-listed gaming hardware manufacturer, has launched a $50 million Razer Green Fund to invest in sustainable startups. The first seed investment was given to the Bambooloo, a brand selling toilet papers made from bamboo pulp and using 90% less water and 70% less carbon to produce than regular toilet paper. Razer, known for making gaming hardware, says it hopes the fund will encourage its fans to use more sustainable products. IDG Capital-Accel China invested $50 million in Razer in 2011.
imToken, a China- and Singapore-based Ethereum wallet app, has raised $30 million in a Series B financing round. Founded in 2016, imToken now has 12 million users, who’ve used the platform to stash over $50 billion in crypto assets like Bitcoin and Ether. The company - which has generated positive cash flow since late 2020 - plans to grow users to 100 million in five years. The fresh capital will be used to accelerate the development of its next iteration imToken 3.0, recruit talent, and build a research arm called imToken Labs. IDG Capital led imToken's $10 million Series A funding round in2018.
Nasdaq-listed iQiyi, China's dominant online video platform based in Beijing, has announced a strategic partnership with two local powerhouses in Malaysia – Primeworks Studio, the content production and distribution arm of media giant Media Prima, as well as Celcom, one of the nation’s largest telecom companies. All of the Malaysian channel's titles will be made available within a dedicated tab on the iQiyi app for local content. iQiyi had grown its user base by more than 15 times by the end of 2020 and the fiture is expected to grow further through these partnerships. IDG Capital joined iQiyi's $1.53 billion financing round in 2017.
San Francisco-based electric scooter giant Lime is adding new features such as app-less riding, 10-minute reservations, and vehicle configurations. Lime will now allow customers to reserve a scooter for 10 minutes in an effort to take some of the stress out of scooter riding. Lime will also start recommending the nearest vehicle with the best battery range. Lime says this will help customers secure their vehicle faster, estimating it will take “less than 5 seconds” to reserve a scooter after opening the app. Lime, which operates in 120 cities across five continents, is in growth mode as the weather warms up in certain key markets. IDG Capital joined Lime's Series A funding round in 2017.
Ripple,San Francisco-based blockchain payment firm, has acquired a large stake in Tranglo, an Asia-based cross-border payments specialist, to meet growing customer demand. Ripple said its investment in Tranglo is a part of its commitment to enhancing the payments ecosystem in Southeast Asia. “We believe much of Ripple’s success can be attributed to their disciplined focus on user experience and ease-of-use, and we look forward to helping them apply that same focus to a wide range of services beyond their core wallet offerings,” said Guo Yihong, general partner at IDG Capital. IDG Capital was an angel investor in Ripple.
Klaytn, the blockchain project of South Korean tech giant Kakao, has established a partnership with NFT marketplace OpenSea to bring a nonfungible token market to its platform. OpenSea is one of the fastest-growing venues for the exchange of NFTs, with its reported March transaction volume of $100 million marking a 1,150% increase from that in January. Ground X CEO Jason Han said the partnership with OpenSea would open up Klaytn’s community to a wider range of options when it comes to NFTs. In 2018, IDG Capital invested in Klaytn.