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Shenzhen Huole Technology, the parent company of JMGO, has added OPPO subsidiary as a shareholder. Established in 2011, Huole Technology is an intelligent projector developer. Its JMGO Projector, invested by IDG Capital, has won the top spot in Tmall’s Double Eleven projector category for four consecutive years, and is also the designated smart projector brand in China in the 2020 League of Legends Global Finals.
IDG Capital has joined a $47 million Series B financing round in Youibot, a Chinese producer of autonomous mobile robots (AMRs). Currently launched in 26 cities in China and more than 30 cities globally, Youibot’s robots can be used in factory automation, logistics management, inspection and maintenance for various industries. The company hopes to expand to new markets and continue to grow overseas. 80% of Youibot’s revenue comes from China, but international sales are growing.
Meituan, an IDG-Capital-backed on-demand service provider for food delivery and many other services in China, has flown 19,000 meals to 8,000 customers across Shenzhen, a city with close to 20 million people. The pilot program is available to seven neighborhoods, and only from a select number of merchants. On the back of the pilot program, Meituan has applied to operate a commercial drone delivery service across all of Shenzhen. IDG Capital was an early investor in Meituan, which went public on the Hong Kong Stock Exchange in 2018.
IDG Capital, a global venture capital and private equity firm, is now one of the top three investors into China unicorns with valuations of more than $1 billion, according to Hurun, a Shanghai-based market research firm. IDG Capital has invested in 50 unicorns globally in 2021, up from 41 unicorns in 2020.
Shenzhen-based biotech company NeoCura has secured $78 million in a Series A financing round. NeoCura plans to use a part of the proceeds to develop its virus vaccines, while the remaining will be used to accelerate its artificial intelligence platform, besides developing its drug R&D, and constructing a manufacturing base. Previously, IDG Capital joined NeoCura’s Series A round.
IDG Capital has led a Series A funding round in JD Energy, an energy storage system integrator based in China. The funds raised will be used for R&D and the upgrading of the company’s eBlock program, JD Energy’s smart energy block product. The eBlock program includes systems for balanced battery management, energy storage converters, safety, power distribution and thermal management. The proceeds will also be used to speed up the R&D of new products and improve delivery capacities.
San Francisco-based electric scooter firm Lime is planning to launch its e-scooter and e-bike rental service across the Middle East over the next two years. Lime CEO Wayne Ting said that the company is running a small trial in Dubai and plans to launch permanent operations in the next couple of months. Ting also mentioned the Middle East region is young, dynamic and forward-looking, adding that it has a huge commitment towards sustainability. IDG Capital joined Lime's Series A funding round in 2017.
Guangzhou-based driverless car start-up WeRide has received a strategic investment from Chinese automaker Guangzhou Automobile Group (GAC Group), which deepens WeRide and GAC’s strategic partnership in the joint development and manufacturing of purpose-built Robotaxis. WeRide and GAC will build a comprehensive framework for the development of Robotaxis which will cover the underlying technology, products, and commercialization. This May, IDG Capital joined WeRide’s Series C funding round.
ESWIN Technology, a Beijing-based provider of artificial intelligence of things (AIoT) chips and services, has pocketed $392.4 million in a Series C round of financing to step up R&D investment and talent recruitment. Founded in 2016, ESWIN operates as a semiconductor firm primarily involved in three businesses – integrated circuits (ICs) and solutions, silicon materials and advanced packaging & testing. ESWIN focuses on the development of 12-inch monocrystalline silicon polished wafers and epitaxial wafers. IDG Capital led ESWIN’s Series B round last June.
IDG Capital has led a Pre-A financing round in Jidun Technology, a network security company engaged in the detection and response capabilities in enterprise business scenarios. Founded in 2020, the company has independently developed and released two products - “Mizong”, an enterprise operation analysis tool for internal personnel, and “Xice”, a network security operation product - and has now served dozens of large- and medium-sized enterprises in the fields of banking, trust, real estate and the Internet. Jidun’s CEO Ding Yang was in charge of the security operation of several departments for Alibaba Group prior to the establishment of Jidun.
Luxury retail platform Farfetch has acquired resale platform Luxclusif. Luxclusif will take over operation of Farfetch Second Life and continue to sell the pre-owned products they acquire as well as making white-label pre-owned sales for Farfetch Platform Solutions partners. “Luxclusif will help us accelerate our capabilities and reach in this area,” Giorgio Belloli, chief commercial and sustainability Officer at Farfetch, said. “Having supported Luxclusif as a startup, bringing them into the Farfetch family marks an exciting culmination in our work.” In 2016, IDG Capital led Farfetch's Series F funding round. Farfetch went public on the New York Stock Exchange in 2018.
KuCoin, a Singapore-based cryptocurrency exchange, announced the platform has crossed the 10 million global users mark. Hitting the 10 million mark means that KuCoin has made it to the top 5 cryptocurrency exchanges, sharing the same number of users with the largest digital assets platforms. Known as the home of altcoins, KuCoin has discovered over 540 crypto gems with over 1000 trading pairs. IDG Capital co-led KuCoin's $20 million Series A round in November 2018.
IDG Capital has joined a $200 million funding round in Chinese self-driving firm Momenta.ai. Founded in 2016, Momenta is using a data-driven approach, with its algorithm able to turn sensory information about a vehicle and its surroundings into actionable information in real time. The first production car built with Momenta’s assisted-driving system, SAIC’s electric Zhiji L7 sedan, will start mass delivery as soon as next year.
Coinbase, a San Francisco-based cryptocurrency exchange, is acquiring Agara, an AI-powered support platform with operations in India and the US. Coinbase plans to leverage Agara’s powerful Deep Learning and Conversational AI technology to automate and enhance the customer experience (CX) tools. Additionally, the Agara team brings deep expertise in ML and NLP to Coinbase and will augment Coinbase’s existing product, engineering, and data teams. IDG Capital was an angel investor in Coinbase in 2013.
HT Aero, an affiliate of Chinese electric vehicle maker Xpeng, publicized a flying car that the company says can also drive on roads. Although not commercially available yet, the flying cars are planned to be rolled out in 2024. The vehicle will have a lightweight design and a rotor that folds away, allowing the car to drive on roads and then fly once the rotors are expanded. IDG Capital led HT Aero’s Series A funding last month.
IDG Capital has led a $500 million Series A funding round in HT Aero, an urban air mobility (UAM) company and an affiliate of Chinese electric vehicle manufacturer Xpeng. The company will use the funds to acquire top-tier talent, advance R&D and “continue to gain airworthiness provision and certification” as it advances toward the next generation of its vehicles. “Our next-generation model will be a fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving,” said Deli Zhao, founder and president of HT Aero.