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Doosan Mobility Innovation (DMI), a wholly-owned subsidiary of Doosan Corporation that develops hydrogen-powered drones, raised 27 billion won ($22.5 million) from a group of investors, the company said Tuesday.
IDG Capital, Korea Investment Partners and DS Asset Management participated in the funding.
Doosan Corporation's stake in DMI went from 100 percent to 86.96 percent following the transaction.
The Korean drone company plans to use the newly-raised funds to fortify its drone lineup and overseas business and invest in further research and development into fuel cell systems.
Chinese electric vehicle company Xpeng, with participation from IDG Capital, led an investment into a new $200 million fund focused on backing electric vehicles and “frontier technology” start-ups. The fund, called Rockets Capital, will focus on “venture and growth stage investments in Smart EV industry value chain, clean energy, and frontier technology areas.” IDG Capital co-led Xpeng's $348 million Series B round in 2018.
JMGO, a Shenzhen-based smart projector and laser TV maker, has secured $157.5 million in a new funding round from investors including IDG Capital. The funds will be used as working capital to support the expansion of JMGO’s business scale, and to invest in key strategic businesses such as technology reserves, product development, channel expansion and brand promotion. IDG Capital was an early investor in JMGO.
IDG Capital has led a new funding round in Tidetron, a Chinese startup that uses synthetic biology to produce raw materials for industries from skincare to biopharmaceuticals. The funding has brought Tidetron’s total fundraising size to over $100 million. Synthetic biology has been recognized as “the 3rd biotechnology revolution”, the fastest growth area of frontier science in recent years. The proceeds will be mainly used for the research and production of new pipelines, including the research and large-scale mass production.
IDG Capital is exploring the possibility of selling the stakes in Olympique Lyonnais, a French professional football club based in Lyon. The purpose of the financial structure adjustment is to enable the continuation of development projects which include the multipurpose arena, the OL Reign women's team in Seattle and OL Groupe's investments in ASVEL men's team. In 2016, IDG Capital took a 20 percent stake in the French football club.
Inceptio, an autonomous driving truck startup backed by IDG Capital, has raised a $188 million funding round. The startup collaborated with domestic original equipment manufacturers (OEMs) to develop China’s first driverless heavy-duty trucks for freight routes across the country. Inceptio said the fresh capital will go towards mass-producing driverless trucks, converting these vehicles from running on gas to electricity, and developing its proprietary full-stack autonomous driving system.
IDG Capital has co-led a Series Pre-A round of financing in LMBio, a biotechnology startup specialized in cell therapy, to support LMBio’s efforts to develop tumor-infiltrating lymphocyte (TIL) therapy for solid tumors. Founded in December 2020, LMBio focuses on the development of cell therapy products leveraging TILs, providing tumor patients with new treatment. Proceeds from the round will be used to help LMBio prepare for IND filings for multiple programs.
Italian luxury apparel manufacturer Moncler recorded revenues of over 2 billion euros for the year 2021, exceeding by 44% the revenues of 2020. All numbers are the result of the impressive expansion strategy of the brand, which this year has multiplied its collaborations with brands of the Genius project and with international personalities such as Alicia Keys. IDG Capital was an early investor in Moncler, which went public in Milan in 2013.
Farfetch, a London-based online luxury fashion platform, rose its revenue by 35 percent to $2.3 billion in 2021 over 2020, breaking $2 billion for the first time, driven by increased volume on the Farfetch marketplace and sales at Off-White parent New Guards Group. Farfetch has made other bold moves during the pandemic to expand its market share as more luxury sales shifted online, including a partnership with Tmall. IDG Capital led Farfetch's Series F funding round. Farfetch went public on the New York Stock Exchange in 2018.
IDG Capital has led over $15million in Seer Intelligent Technology Corporation (SEER), a company that develops autonomous mobile robot (AMRs) controllers, AMRs and automated guided vehicles (AGVs). The company’s SRC Series Core Controllers are universal AMR controllers that provide AMRs with core functions, like mapping, positioning and navigation. It also allows for model-editing for mobile robots. SEER’s standardized products allow for a variety of applications.
IDG Capital has led a Series A found of financing in DeepMirror, a China-based spatial intelligence technology startup specialized in 3D viewing. The firm is building a 3D metaverse infrastructure with a 1:1 ratio with the Earth and is realizing large-scale MMO games (massively multiplayer online games) or social applications with the real world. The financing proceeds will mainly be used for technology R&D, production, and recruitment. The firm will also soon start round A+ financing.
EdiGene, a Beijing-based company that uses genome-editing technologies to treat genetic diseases and cancer, has partnered with Neukio, a biotechnology company focused on the development and commercialization of allogenic iPSC-CAR-NK cell therapies. The collaboration will leverage EdiGene’s expertise in high-throughput genome editing screening and Neukio’s strength in the development and manufacturing of induced pluripotent stem cells (iPSC) and natural killer cells (NK Cell). IDG Capital has led EdiGene’s multiple financing rounds.
IDG Capital has partnered with Hong Kong and China Gas Company, the sole supplier of piped-cooking gas to households in Hong Kong, to launch the IDG Towngas Clean Energy Fund to meet carbon neutrality goal by 2060. The fund expects to raise 5 billion yuan, allowing the Hong Kong-listed gas supplier to extend its reach into the smart energy business. The ultimate goal of the fund is to build a platform that attracts different partners to participate in the development of the renewable energy ecosystem.
Easy Transfer, an IDG Capital-backed online financial service platform for more than 100,000 Chinese students studying overseas, has received investment from Tencent, one of the top Internet companies in China. Easy Transfer works with financial institutions with cross-border payments licenses in China and makes the transfer experience hassle-free. The partners have jointly developed a WeChat-based tuition remittance service called WeRemit. IDG Capital was an early investor in both Easy Transfer and Tencent.
ZhenGe Biotechnology, a Shanghai-based contract development and manufacturing organization firm, has completed a Series C financing round of $100 million. Existing investor IDG Capital also participated. To date, ZhenGe has served more than 100 biopharma customers and has completed over 150 projects, ranging from cell line development projects to Investigational New Drug applications. The proceeds will be used to strengthen global R&D capabilities and expand ZhenGe’s manufacturing capacity to better meet demand domestically and internationally.
Pony.ai, a global autonomous driving technology company, announced a joint venture with Sinotrans, one of China’s leading logistics and freight forwarding companies. The two companies will work together to build a smart logistics network featuring autonomous driving trucking technologies. The joint venture is expected to commence operations in early 2022 with an intelligent logistics fleet consisting of over 100 trucks. IDG Capital was a seed investor in Pony.ai and also joined a $112 million Series A funding round in 2018.