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Private equity and venture capital companies continue to invest in the blockchain industry. IDG Capital recently led a $60 million Series D investment in Circle, a blockchain-based peer-to-peer payment company based in Boston.
Sina Finance and People’s Daily named the leaders of four companies in which IDG Capital invested to its list of the top ten Chinese business leaders of 2017. The list includes Jun Lei, CEO of Xiaomi; Hongyi Zhou, founder and CEO of Qihoo 360; Yu Gong, founder and CEO of iQiyi; and Bin Lei, founder and chairman of NIO.
James Peng and Tiancheng Lou, one of China’s leading software coders, left Baidu in 2016 to found autonomous vehicle startup Pony.ai. This fall IDG Capital joined Pony.ai’s $112 million Series A Round. Pony.ai plans to launch robo-taxi services in Guangdong Province by year-end.
Softbank Vision Fund, IDG Capital and SBI Group have jointly provided $2.2 billion in private placement financing to three subsidiaries of Shenzhen-based Ping An Insurance. The three subsidiaries include Ping An Good Doctor, China’s largest healthcare app with over 20 million monthly active users; Ping An Healthcare Technology, a managed care platform serving 800 million customers at Chinese hospitals; and OneConnect, Ping An’s artificial intelligence and blockchain-powered fin-tech business providing financial services to 2,300 financial institutions, including 420 banks.
Three blockchain firms, backed by IDG Capital, have joined Forbes 2019 Top 50 Fintech list: Circle, a Boston-based cryptocurrency firm valued at $3 billion; Ripple, a blockchain-based global settlements network headquartered in San Francisco, valued at $5 billion; and Coinbase, another San Francisco-based cryptocurrency platform, valued at $8 billion. Circle has 8 million customers in over 100 countries; Ripple’s customers include Bank of America and American Express; and Coinbase manages more than 20 million customer accounts. IDG Capital invested in Circle in 2016 and Ripple and Coinbase in 2015.
Boston University (BU) opened its BUild Lab/IDG Capital Student Innovation Center last week. The new center is designed to encourage BU students from different disciplines to network and acquire technological and entrepreneurial skills. IDG Capital Global Chairman and BU trustee Hugo Shong represented the venture capital/private equity firm at the Boston ribbon-cutting. BU President Robert A. Brown describes the BUild Lab as the school’s "most fitting place” for students “to start up a start-up."
IDG Capital has joined a $356 million Series A funding round in Jusda, a business-to-business supply chain solutions provider. Founded in 2010, Jusda started as an internal supply chain service for iPhone maker Foxconn. The latest investment in Jusda is now this year’s largest private fundraising deal in China. With more than 1,000 customers and 3,000 warehouses, Jusda accommodates 2.5 million square meters of storage and has 155 branches worldwide.
Xiaopeng Motors, a leading Chinese electric car start-up, has announced a $348 million Series B round led by Alibaba, Foxconn and IDG Capital. Xpeng is one of more than a dozen emerging electric car start-ups formed after the Chinese government began issuing manufacturing permits to non-traditional automobile manufacturers.
Xiaomi outsold Samsung in smartphones in India in the fourth quarter of 2017, according to Canalys. The market research firm estimates Xiaomi shipped 8.2 million smartphones in the fourth quarter, compared to 7.3 million by Samsung. It was the first time Samsung has been outsold in India in six years. IDG Capital was an early investor in Xiaomi.
SenseTime has 13% of its business outside China but the Hong Kong-based facial recognition firm is planning to open operations in Singapore soon, as well as an R&D center in the U.S. The Beijing-based company is also moving into autonomous driving, partnering last month with Honda through its Japanese subsidiary. SenseTime recently raised $450 million from a variety of investors, including IDG Capital and chipmaker Qualcomm.
China’s top bike-sharing firm Mobike will change its name to Meituan Bike after Meituan Dianping, the Chinese food delivery giant, acquired it last April. Listed on the Hong Kong Stock Exchange, Meituan Dianping is China’s largest provider of on-demand online services with more than 46,000 employees and $6.42 billion in annual revenues. The company says it can now offer integrated bike-rental services to more than 310 million customers. IDG Capital invested in Meituan Dianping in 2017.
IDG Capital joined a $36 million Series B funding round in Songxiaocai, a business-to-business platform that offers agricultural wholesale services to Chinese retailers. Global Logistic Properties led the funding round. Matrix China Partner and Puhua Capital are also investors.
Chinese internet security firm Qihoo 360 Technology Co. is joining with the Beijing Cultural Center Fund to establish a $150 million internet and cultural industry-focused investment fund. In 2006, IDG Capital was a Series B investor in Qihoo 360. The fund’s creation reflects a growing interest by Chinese investors in the country’s emerging culture and entertainment industries. Last February, Sequoia Capital China, IDG Capital and China CYTS Tours Holding Co. jointly established the CYTS Hongqi Fund, an investment vehicle for tourism-related projects.
Singapore state investor Temasek Holdings this week lead a $100 million new funding round in Rokid, a recent Chinese entrant into robotics and artificial intelligence (AI) markets. Credit Suisse Group, CDIB Capital Investment and existing investor IDG Capital, also joined the round.
Last year, 34 internet companies achieved unicorn status with valuations in excess of $1 billion. With three unicorn investments in 2017, IDG Capital joins the ranks of the world’s Top Ten investors in internet-related unicorns.
Former employees of several Baidu artificial intelligence units raised $300 million in venture funding last year. This week, Pony.ai, the self-driving car startup led by former Baidu engineer James Peng, raised $112 million from multiple investors, including IDG Capital. HoloMatic, another autonomous driving firm, founded by former Baidu AI scientist Ni Kai, raised tens of millions of dollars in October from IDG Capital, Bertelsmann Asia Investments and Chinese digital mapmaker NavInfo.