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Nokia and Tencent have agreed to jointly build a lab focused on 5G mobile technologies. With 1.04 billion users on its WeChat and QQ chatting platforms, Tencent predicts the lab will find ways to help its customers to increase network speed and connectivity. IDG Capital was an early investor in Tencent, which first went public in Hong Kong in 2004.
Live.me, a Los Angles-based live broadcasting platform, recently launched Fluxr, a mobile gaming and esports live-streaming application. The new app will also cooperate with numerous mobile gaming suppliers. Live.me said it also plans to launch its own esports league. Tencent, an IDG-backed Chinese Internet and video gaming giant, is also a Fluxr's partner. IDG Capital first invested in Live.me in 2017.
Baidu is partnering with SB Drive, a SoftBank transportation subsidiary, and Xiamen King Long United Automotive to bring at least ten electric self-driving minibuses to Japan by early next year. Baidu last year launched Apollo, an open auto-driving platform, and is now working with more than 100 global partners in the automotive and technology industries, including Ford and Microsoft. IDG Capital was an early investor in Baidu, which went public on NASDAQ in 2005.
Autonomous driving startup Pony.ai has officially acquired a license to test self-driving vehicles in Beijing. The Fremont, Calif.-based company received a T3 license, the highest level qualification for self-driving cars, from the Chinese government. Last year, Pony.ai acquired similar testing licenses in California and Guangzhou, China. IDG Capital joined Pony.ai's Series A funding round in 2018.
36Kr, China's largest tech news site, founded Kr Space in 2016. Now an independent business, Kr Space currently operates incubators and co-working offices in 11 mainland Chinese cities and also recently expanded into Hong Kong. IDG Capital invested in Kr Space in 2016 and 2017.
Cryptocurrency exchange Coinbase has launched a custodian solution for institutional investors, allowing financial institutions and family offices in the U.S. and Europe to store assets on the firm's digital platform. Ten hedge funds and family offices have already begun using Coinbase's service. The company also plans to sign up 100 institutional partners by the end of the year. IDG Capital invested in Coinbase in 2012. The San Francisco-based firm is now one of the world’s largest crypto exchanges.
Italian apparel brand Moncler has inked a partnership with 14-year-old actress Millie Bobby Brown, the star of the Netflix series Stranger Things and a rising fashion icon. Brown will appear in the brand's upcoming ad campaigns. IDG Capital invested in Moncler in 2011, which later went public in Milan in 2013.
Rokid, a Hangzhou-based artificial intelligence startup, is now marketing three new AI-powered gadgets, including a smart speaker, an AI chip, and upgraded AR glasses. An earlier version of the glasses received positive feedback during the Consumer Electronics Show in Las Vegas earlier this year. IDG Capital was an angel investor in Rokid and joined the company's Series A and B funding rounds.
Cryptocurrency exchange Coinbase CEO Brian Armstrong recently launched GiveCrypto.org, a charity fund which hopes to raise $10 million by year-end. According to Armstrong, the initiative was inspired by other philanthropic efforts in the crypto community, including Ripple's donation of crypto assets to schools. IDG Capital was an early investor in both Coinbase and Ripple.
San Francisco-based Coinbase is opening an office in Portland and aims to hire up to 100 employees there by the end of 2018. The cryptocurrency exchange currently has 20 million users. Coinbase, which has offices in New York and Chicago and a total of 400 employees worldwide, plans to double the size of its entire workforce by year-end. IDG Capital was an angel investor in Coinbase in 2013.
IDG Capital participated in High Fidelity's $35 million Series D funding round after co-leading the company's $22 million venture round in 2016. The San Francisco-based virtual reality firm will use the latest investment to expand its blockchain infrastructure, which supports as many as 1 billion VR users. High Fidelity has also created a native cryptocurrency registry.
U.S. automaker Ford recently signed a letter of intent with China's Internet search company Baidu to develop artificial intelligence for its vehicles, using in-car smart connectivity. Prior to signing the agreement, the two companies jointly invested in Velodyne, a self-driving car component manufacturer. IDG Capital invested in Baidu in 2000, which first went public on NASDAQ in 2005.
Forbes has named seven IDG Capital-invested companies to its 2018 list of the "50 Most Innovative Companies in China". The new Forbes China list includes Ecovacs Robotics, iQiyi, NIO, Ping An Good Doctor, SenseTime, Xiaomi and Xpeng Motors. Also included were three spinoffs from Tencent and Baidu: Tencent Cloud, Tencent Music and the Baidu Duer Business Unit. IDG Capital was an early investor in both Baidu and Tencent.
Lime, a San Mateo, Calif.-based bicycle and scooter sharing startup, has opened an electric scooter operation in Paris. The company currently offers bike and scooter services in 60 cities and university campuses in the U.S., plus dock-free scooters in Berlin, Bremen, Frankfurt and Zurich. Lime says it will expand into 26 European cities by year-end. IDG Capital joined Lime's Series A funding round in 2017.
IDG Capital has joined a $20 million Series B+ round for Beijing-based Huohua Siwei, an online math education platform for children. The company will use the funding to expand operations in Beijing, as well as in Wuhan and Nanjing. IDG Capital previously led Huohua Siwei's Series A funding round.
Moncler, the Italian luxury apparel manufacturer and lifestyle brand, announced in February at Milan Fashion Week that it would collaborate with famed Japanese designer Hiroshi Fujiwara. Fujiwara's new Moncler designs are now available at selected stores in New York, London, Paris, Florence, Tokyo, Seoul and Beijing. IDG Capital was an early investor in Moncler, which went public on the Milan Stock Exchange in 2013.