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IDG Capital joined a $30 million Series A funding round in SongShuPinPin, a Chinese community group-buying platform. IDG Capital was previously an angel investor in the Beijing-based firm. SongShuPinPin hires neighborhood representatives to collect group orders and payments in the neighborhood they are responsible for using China's popular WeChat messaging App. SongShuPinPin was founded by Yang Jun, a co-founder of Meituan-Dianping, one of the most popular group buying and food delivery platforms in China.
Chinese smartphone manufacturer Xiaomi and photo-editing app Meitu announced a strategic partnership under which Xiaomi will assume responsibility for Meitu's R&D, production and sale of phone devices optimized for selfies. Xiaomi reported a 49% growth in revenues and a net profit of $357 million in Q3. Both Xiaomi and Meitu are IDG Capital-backed companies. Meitu debuted on the Hong Kong Stock Exchange in 2016 and Xiaomi followed suit on the same exchange two years later.
SenseTime, the world's most valuable artificial intelligence (AI) startup, is dramatically expanding its facial recognition business. Valued at $4.5 billion, SenseTime serves more than 700 companies around the world and is expected to triple revenues to $300 million according to Bloomberg's estimation. IDG Capital was one of SenseTime's earliest investors, actively participating in several funding rounds since the firm was founded in 2014.
Baidu's new artificial intelligence (AI) lab named nine internationally renowned scientists to its Baidu Research advisory board. The Chinese search engine conglomerate said its AI board now has representatives from Carnegie Mellon University, the University of Illinois Urbana-Champaign and AT&T Labs. With offices now in Beijing, Seattle and Silicon Valley, Baidu Research operation focuses on cutting-edge AI topics, including natural language processing, computer vision and deep learning. IDG Capital was an early investor in Baidu, which first went public on Nasdaq in 2005.
iQiyi, the Chinese equivalent of Netflix, has acquired the exclusive streaming rights to“The Late Late Show with James Corden”from CBS Studios International. The deal marks the first time that China will stream a U.S. talk show, including current and past episodes available on demand. iQiyi, based in Beijing, now has 126 million active daily users streaming programs online. In 2017, IDG Capital backed iQiyi, which went public on Nasdaq in March of this year.
Lime, the ubiquitous e-scooter and e-bike startup, launched a car-sharing service in Seattle with 50 vehicles. The San Francisco-based firm plans to add 500 cars by year-end. Lime, a part of Neutron Holding, also predicts it will have 1,500 cars on the road in Seattle by early 2019, making it the largest car-sharing program in any U.S. city. Lime currently has urban bike- and scooter-sharing operations in the U.S., Canada, Mexico, Austria, France, Germany, Spain, the Czech Republic, Australia and New Zealand. IDG Capital invested in Lime in 2017.
IDG Capital led a $14 million Series A round in DGene, a Shanghai-based provider of 3D imaging technology. The firm specializes in four-dimensional light field acquisition, rendering and display technology with applications in virtual reality, augmented reality and mixed reality. DGene's co-founders include scholars from University of Delaware and Massachusetts Institute of Technology as well as former principal researcher at Microsoft. The firm previously raised $6.5 million angel investment in 2016.
Neutron Holdings, the electric scooter and bike-sharing company known as Lime, has launched e-scooter operations in Sydney, Australia. The move is the latest expansion by the San Francisco-based firm. Lime also recently rolled out operations in New Zealand and has also launched several pilot projects in Melbourne, Australia. It also now has a sizeable presence in more than 100 cities around the world. IDG Capital invested in Lime in 2017.
British luxury apparel brand Burberry is collaborating with Farfetch, an e-commerce fashion platform, to expand its customer base in China. According to Burberry, the partnership will also help boost the 162-year-old brand's outreach to a young, tech-savvy audience in second- and third-tier Chinese cities. In 2016, IDG Capital invested in Farfetch, which is based in London and is now listed on the New York Stock Exchange.
Opera, a web browser developer based in Norway, invested $30 million in StarMaker, a social media company focused on music and entertainment. Opera, which is listed on Nasdaq, said the investment would help both companies leverage each other's resources and also create new business opportunities. IDG Capital joined Opera's pre-IPO financing round in 2018.
Meitu, a Hong Kong-listed photo App developer backed by IDG Capital, invested $10 million in PressLogic, a Hong Kong-based firm specializing in social media content and data analytics. PressLogic will use the latest funding to expand its lifestyle-oriented social network and also develop algorithms to predict social trends. IDG Capital was an early investor in Meitu.
IDG Capital has led a $47.14 million investment round in Chinese 3D printer maker Guangzhou Heygears Intelligent Manufacturing. Founded in 2016, the startup designs and manufactures 3D printing equipment for dental care, consumer electronics and other applications. Heygears said it would use the latest investment in R&D and expansion of its global business network. Current Heygears customers included Alibaba in China, Materialisels in Belgium and 3shape in Denmark.
McGraw-Hill Education published“Future Forward: Leadership Lessons from Patrick McGovern, the Visionary Who Circled the Globe and Built a Technology Media Empire.”The new biography by Glenn Rifkin describes McGovern's career as a groundbreaking technology publisher and an early investor in IDG Capital. Among the many global tech leaders who pay tribute to McGovern are Bill Gates, the Founder of Microsoft; Bob Metcalfe, the founder of 3Com; Guy Kawasaki, the former chief evangelist at Apple; George Forrester, the founder and CEO of Forrester Research; Hugo Shong, the Global Chairman of IDG Capital; Quan Zhou, the Managing Director of IDG Capital; and Jim Breyer, an IDG Capital Partner, Strategic Advisor and the founder of Breyer Capital.
Neutron Holdings, a San Francisco-based e-scooter and bike-sharing service doing business as Lime, will invest $3 million in a new safety campaign. The company said its campaign would distribute 250,000 helmets around the world, improve maintenance and devise methods to better inform riders about bike and scooter safety. It also plans to host meetings with local government officials to emphasize safety issues. IDG Capital invested in Lime in 2017.
imToken, a China-based ethereum wallet app backed by IDG Capital, has unveiled a hardware solution to link up with ledger devices, enabling direct transactions while simultaneously keeping private keys offline. IDG Capital recently led imToken's $10 million Series A funding round.
IDG Capital co-led a Series B+ Round in Jingling Group, a Chinese social commerce group. Founded in 2017, the Hangzhou-based firm operates a community e-commerce platform and social e-commerce portal. The proceeds from Jingling's latest round will be used to consolidate the company's supply chain, develop its e-commerce channels and improve customers’interactive shopping experience. In July, Jingling also raised a Series B round from IDG Capital and several other major investors.