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Nasdaq-listed travel platform Ctrip has announced it will invest in Denver-based jet startup Boom Supersonic. Boom plans to offer flights soon on aircraft capable of flying 1,451 miles an hour, fast enough to reduce the flight time from San Francisco to Shanghai from 11 hours to six. Defined by Ctrip as an "investment in the future", the partnership will also allocate the Shanghai travel service up to 15 seats on Boom's first supersonic flight. IDG Capital was an early investor in Ctrip.
Millennials are increasingly renting and sharing luxury high-end fashion, IDG Capital's Partner Jeacy Yan told the Global Fashion Innovation and Investment Forum in Beijing. IDG Capital has recently invested in two innovative startups: Y-Closet, which offers luxury clothes to share, and second-hand e-commerce site Plum. Previously, IDG Capital also invested in London-based e-tailer Farfetch and Moncler, based in Milan, two leading global fashion companies.
As China embraces specialty video streaming, Bilibili, a Nasdaq-listed online entertainment platform offering anime-themed content, is taking a leadership role in the market. IDG Capital invested in Bilibili in 2014 and the company is currently valued at $3.11 billion.
The BUild Lab IDG Capital Student Innovation Center at Boston University (BU) held its first annual IDEA Conference this week. The conference is designed to help BU students explore innovation and entrepreneurship. Both IDG Capital and its global chairman Hugo Shong, a BU alumnus, underwrote the construction of the on-campus lab. Officially launched in February, BUild has already hosted over 70 events for student innovators and entrepreneurs.
IDG Capital, an early investor in cross-platform podcasting app Castbox, has also joined the firm's $13.5 million Series B funding round. Based in Beijing, San Francisco and Hong Kong, Castbox uses natural language processing to help 15 million users search podcast content for specific words. The app now offers its members a total inventory of 50 million podcast episodes and is now also developing its own original content.
Anker, a Seattle and Shenzhen-based consumer electronics company, is releasing a new line of speakers and headphones under its Soundcore brand. The new audio devices have received positive reviews. IDG Capital led Anker's financing round in 2016.
Hong Kong-listed Tencent has invested $15 million in Epic Games, a Cary, North Carolina-based video game and software company. Tencent said it also intends to bring the firm's lead game, Fortnite, to China. Tencent has also recently invested in another game company, Unisoft. IDG Capital was an early investor in Tencent. The company went public in 2004.
Nasdaq-listed Chinese luxury e-tailer Secoo recently formed a partnership with China's Caissa Travel to list each other's products on their respective websites. As part of the deal, Secoo will also acquire Beijing Yuri, a separate Caissa Travel services subsidiary, for an undisclosed sum. IDG Capital invested in Secoo's Series A, B and C funding rounds.
IDG Capital this week joined PatPat's $47.8 million Series C funding round. The Mountain View, California-based e-retailer sells Chinese-manufactured baby products worldwide. PatPat says the funding round will be used to enhance PatPat's global branding efforts and also improve its global supply chain. In 2014 IDG Capital led the company's Series A round.
Beijing-based credit service and financial customer management startup 100Credit raised $159 million during a recent Series C funding round. The fintech firm intends to use the investment to recruit talent, upgrade artificial-intelligence finance capabilities and develop new financial risk management products. Founded in 2014, 100Credit currently serves more than 3,500 financial institutions in China. The firm estimates that it processes more than 3 million credit history queries per day. IDG Capital joined 100Credit's Series A round in 2014.
Coinbase, a cryptocurrency wallet and exchange, hired Alesia Haas-formerly of OneWest Bank, Merrill Lynch and General Electric-as its new Chief Financial Officer. Coinbase is currently valued at $1.6 billion. IDG Capital, an angel investor in the firm, also has several other cryptocurrency companies in its portfolio, including Ripple and Circle.
IDG Capital has joined Crunchbase's list of the Top Ten most active global investors during Q1 2018. From January to March, IDG Capital led or joined 14 early-stage funding rounds worldwide and nine late-stage deals.
IDG Capital recently led a Series A funding round for DEEP Informatics, a Hangzhou-based company using artificial intelligence to analyze medical images. The funding round will support R&D efforts and help the company expand globally. DEEP Informatics can analyze over 1 Gigabyte of medical images in under 10 seconds. The firm currently partners with more than 50 3A-tiered hospitals in China and scores of institutions in the U.S.
SenseTime, a Hong Kong-based artificial intelligence company, is now valued at $3 billion. The firm provides facial recognition to more than 400 companies inside China. Customers use SenseTime technology for surveillance, security, facial login, photo sorting and editing, and real-time customer analysis. IDG Capital led SenseTime's Series A funding round and also joined the company's Series B round in 2017.
Hospitals in Shenzhen are now conducting clinical tests using Tencent's artificial intelligence-powered diagnosis system to identify cancers. The Tencent system can sort medical images and help doctors diagnose the probability of cancer with up to 90 percent accuracy. Tencent went public in Hong Kong in 2004. IDG Capital was an early investor.