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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.
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.
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.
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.
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.
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.
Royole Corp., a rollable display manufacturer based in Shenzhen, China and Fremont, California, recently unveiled the world's first foldable smartphone. The company said it anticipates the new product will start shipping in December. Founded by Stanford University graduates in 2012, Royole recently closed a Series E funding round and is now valued at $5 billion. IDG Capital invested in Royole in 2013.
Coinbase, a San Francisco-based cryptocurrency exchange, has raised $300 million in its latest funding round and is now valued at $8 billion. The company said it would use its latest funding to help accelerate global expansion and introduce more crypto products. Coinbase also recently co-launched a U.S-dollar-based stablecoin with Circle, a Boston-based crypto finance firm. IDG Capital was an early investor in Coinbase and led two funding rounds in Circle.
IDG Capital co-led a $127.7 Series B funding round in Terminus, a Chinese Internet of Things (IoT) company providing artificial intelligence (AI)-powered solutions. Terminus will use the latest funding for product development in the IoT sector and talent acquisition. SenseTime, an IDG Capital-backed AI company valued at $4.5 billion, also joined the funding round and will support Terminus' R&D efforts. IDG Capital previously invested in Terminus in 2017.
Zoox, a driverless taxi startup based in Foster City, California, announced that it will design and build its own self-driving automobile from the ground up. The new vehicle will be tailored for autonomous driving and will be used for Zoox's ride-sharing business. Zoox believes the investment will help up compete with other ride-sharing services like Lyft and Uber. IDG Capital joined Zoox's Series A funding round in 2016.
Moncler's China operation reported an 18% increase in revenues during the first nine months of 2018. The Italian high-end fashion firm partly credits its global success to “Moncler Genius,” an ongoing collaboration project with well-known designers to make monthly new item releases possible. IDG Capital was an early investor in Moncler, which first went public in Milan in 2013.
Cryptocurrency leaders Coinbase and Circle have formed a joint venture to boost the adoption of dollar-backed digital coins.The partnership, known as CENTRE Consortium, will establish new cryptocurrency standards and also support efforts to increase the adoption of “stablecoins,” a cryptocurrency backed by the government currencies like the U.S. dollar. IDG Capital was an early investor in San Francisco-based Coinbase and led two early funding rounds in Boston-based Circle.
Fortune China has just published its 2018 “40 Under 40” ranking, including eight Chinese entrepreneurs who have helped launch firms backed by IDG Capital. Also, there are four Chinese businessmen from IDG Capital-backed firms entered the top 10 of the list : Wang Xing, CEO of Meituan, a Hong Kong-listed food delivery giant; Xu Li, CEO of SenseTime, the world's most valuable artificial intelligence startup; Huang Zheng, CEO of Pinduoduo, a Nasdaq-listed social e-commerce platform; and Wu Jihan, CEO of Bitmain, a global leader in bitcoin mining.
Neutron Holdings, the San Fransisco-based e-scooter startup now doing business as Lime, will open a new brick-and-mortar store in Santa Monica, California, to enhance its physical presence in the city. In addition to renting scooters, the pilot project store will also host live events to strengthen its community relationships and customer engagement. IDG Capital was an early investor in Lime.