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Pony.ai, an autonomous driving startup headquartered in Freemont, Calif., is launching a robotaxi service with Hyundai and Via. Utilizing a smartphone app called BotRide, users can now order rides to arrange pick-ups and drop-offs. The driverless service will also include a human safety driver behind the wheel at all times. IDG Capital was a seed investor in Pony.ai and also joined the firm’s $112 million Series A funding round in 2018.
Kujiale, a China-based SaaS-enabled home decoration and design platform, raised $100 million in its most recent Series D round, propelling it to unicorn status. The firm now has an estimated valuation in excess of $1 billion. Kujiale’s platform allows users to generate interior design plans for home improvement, including a 360-degree real-time viewing experience incorporating Virtual Reality. Previously, IDG Capital led Kujiale’s $2 million Series A round in 2013 and also participated in three other venture rounds in 2014, 2016 and 2018.
Coinbase, an IDG Capital-backed cryptocurrency exchange, estimates that it earned more than $2 billion in transaction fee revenues since the company’s launch in 2012. Coinbase also said its operating profits now exceed the total venture capital which the firm has raised to date – or roughly $550 million from nine funding rounds. In 2013, IDG Capital was an angel investor in Coinbase. The San Francisco-based crypto platform is currently valued at $8 billion.
Chinese cross-border fashion e-retailer Club Factory was the most downloaded shopping app in Google Play Store in September, with nearly 13.8 million installs worldwide. India witnessed the largest number of Club Factory installations, according to data compiled by Sensor Tower, a mobile app intelligence firm. In 2018, IDG Capital led a $100 million Series C funding round in Club Factory, which is based in Hangzhou. It also joined the firm's Series A round in 2016.
Nasdaq-listed travel platform Ctrip has made championing female leaders a top priority since the CEO Jane Sun joined the firm in 2005. To attract and retain female talent, Ctrip developed a series of policies to support maternity and professional education, including fully paid egg-freezing medical services. The Shanghai-based company is now valued at $20 billion. IDG Capital was an early investor in Ctrip, which first went public on Nasdaq in 2003.
Forbes China named IDG Capital Partner Jeacy Yan to its 2019 list of the Top 50 Women in Technology in Mainland China. The Forbes list singles out women who are leaders in science, technology, engineering and math – including venture capital – and whose work contributes to domestic economic growth. At IDG Capital, Ms. Yan focuses on investments in consumer goods and services, retail and e-commerce. Prior to joining IDG Capital, she worked for the investment banking department of the Deutch Bank, Hong Kong branch.
Kr Space, an IDG Capital-backed co-working space operator in China, is refocusing its marketing strategy to cater to larger corporate customers like $12 billion local advertising giant Focus Media. According to Reuters, the firm is now on track to turn cash-flow positive by year-end, forcing several local rivals to adopt similar strategies. Since 2016, IDG Capital has participated in multiple Kr Space venture rounds, including a $145M funding round which it led earlier this year.
Bitmain, the world’s largest maker of bitcoin-mining computers, is building a new bitcoin mine at a former Alcoa Aluminum plant in Rockdale, Texas. The Beijing-based firm said the facility now has an initial power size of 25 megawatts but could soon expand to 50 megawatts and then potentially 300 megawatts. In time, CoinDesk estimates the Texas plant could generate up to $73 million in revenue per year at current bitcoin prices, making it the world’s largest bitcoin mine. IDG Capital invested in Bitmain in 2017.
Nasdaq-listed iQiyi, China's dominant online video platform, announced plans to budget $2.8 billion for content development in 2020. iQiyi’s founder and CEO Tim Gong Yu said that half of the firm’s new Chinese-language dramatic and variety content is now produced in-house. iQiyi, a Nasdaq-list firm based in Beijing, reported $3.6 billion in revenue for 2018, a 52% increase over the previous year. In 2017, IDG Capital joined iQiyi's $1.53 billion financing round.
IDG Capital joined a $141 million Series B round for Hainan Golden Technology, a Chinese electronic invoicing (e-invoicing) startup. A subsidiary of China-based multinational conglomerate Tencent Holdings, Hainan Golden provides e-invoicing solutions to local businesses ranging from catering, hospitality, retail to property management. Founded in 2017, the company’s leads customers include FedEx, Didi Chuxing, China Unicom, China Telecom and China Mobile. Hainan Golden said it will use the latest funding round to grow its capabilities in blockchain, cloud computing and big data. The company is also developing a platform for toll transactions to increase its share of the growing domestic smart transportation market. IDG Capital also participated in Hainan Golden’s Series A round in 2018. As the firm’s name suggests, the company is based in Hainan, China’s Southern island province.
Kuandeng, a Beijing-based high-solution mapping solutions provider, has completed a $14.2 million Series A+ round, indicating the mapping sector in China is starting to heat up alongside autonomous vehicle development. Founded in 2017, Kuandeng maintains a fleet of more than 20 vehicles for collecting road information in and around all the major domestic cities. The company obtained mapping permits from the central government this year and is preparing a nation-wide HD map for 100 cities in China. The latest investment will help Kuandeng further develop its Vehicle-to-Everything (V2X) technology, an approach that provides high-bandwidth, low-latency communication between vehicles, road signs and other traffic-related sensors. In 2018, IDG Capital led a $22.6 million Series A round in Kuandeng.
Waterdrop, a Beijing-based healthcare crowdfunding startup, continues to expand its profile in China. The firm provides a medical safety net to complement China’s government-funded social insurance. The startup pools donations and contributions from members, a portion of which are paid out to members who fall ill. The firm reports it has paid $127 million to date to 6,500 of the 80 million Waterdrop Mutual app holders, with the company retaining an 8% fee on all contributions. The three-year-old startup also markets conventional, private insurance products through partnership with more than 60 insurance firms. Its founder Shen Peng joined Forbes’ 30 under 30 Asia list in 2017. Earlier this year, IDG Capital joined a $74 million Series B funding round in Waterdrop.
Meituan-Dianping, an IDG Capital backed on-demand service provider for food delivery, retail products and other services in China, launched a voice technology application customized for the blind and visually impaired. Users can now speak to the app to order takeaway food online. In the future, they will also be able to purchase tickets for movies and other events and also order ride-hailing services. With a valuation of $516.2 billion, Meituan is now the third largest internet company in China after Alibaba Group and Tencent. IDG Capital was an early investor in Meituan, which first went public in on the Hong Kong Stock Exchange in 2018. The company posted $9.7 billion revenue in 2018, up 92.3% year-on-year.
Ripple, a San Francisco-based blockchain payments startup, has invested $750,000 in BRD, a Zurich-based cryptocurrency wallet provider. Founded in 2015, BRD now has over 2.5 million users in 170 countries and is currently helping consumers on-ramp $6 billion worth of traditional currencies into digital currencies. The investment will allow BRD to build on the Ripple’s XRP Ledger and integrate XRP cryptocurrency into BRD’s wallet apps. After the integration, BRD users can buy, sell, hold and send XRP anywhere with BRD apps. In 2015, IDG Capital led a $28 million Series A funding round in Ripple.
IDG Capital led a $100 million Series D round in Club Factory, a Chinese cross-border e-commerce platform for fashion, beauty items and electronics accessories. Club Factory’s principal markets are India, Southeast Asia and the Middle East. The Hangzhou-based firm has more than 70 million users, 40 million of whom live in India. To further expand its reach in India , Club Factory said it will leverage its latest investment to help sign up more than 10,000 sellers in India by year-end. In 2018, IDG Capital led a $100 million Series C funding round in Club Factory and also joined the firm's Series A round in 2016.
Xforceplus, a Shanghai-based provider of corporate software as a service (SaaS), raised $100 million in its latest Series C financing round. Founded in 2015, Xforceplus provides SaaS-based cloud computing software services and other industrial solutions to large-scale enterprises in manufacturing, retail, real estate, medicine and logistics. Major customers include the McDonald’s fast-food chain and Compass Group, a United Kingdom-based supplier of food services. Xforceplus’s capital raised across six funding round now totals $140.41 million. In September 2018, IDG Capital also joined a Series B round in Xforceplus.