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HiFiBiO Therapeutics, a clinical-stage biotherapeutics company, has raised $75 million in its Series D funding round. Existing investor IDG Capital also participated in the round. Through its innovative drug intelligent science technology, the company offers a pipeline of sustainable antibody drugs for patients who suffer from cancers, autoimmune disorders and infectious diseases. With the new proceeds, HiFiBiO will expand its two antibody oncology assets into Phase I clinical trials and other pipeline programs through discovery and clinical development. In 2019, IDG Capital led HiFiBiO’s Series C funding round.
Cryptocurrency exchange Coinbase has teamed up with 401(k) provider ForUsAll to offer crypto investments for retirement accounts. Founded in 2012, ForUsAll provides automated 401(k) administration, menus of low-cost mutual funds, and access to human advisers. The partnership will allow workers to invest up to 5% of their 401(k) contributions in bitcoin, ether, litecoin, and others. IDG Capital was an angel investor in Coinbase in 2013. With $1.7 billion in retirement-plan assets, ForUsAll represents a small piece of the $22 trillion retirement-account market but its embrace of crypto comes at a time of heightened mainstream interest in digital currencies.
Coinbase, a NASDAQ-listed cryptocurrency exchange that charges 1.5% for the privilege of buying and selling bitcoin, has announced that it is launching its own “fact-checking” service as the company wants to publish the truth and build a direct relationship with audience. CEO Brian Armstrong wants to bring “radical transparency” to the crypto sphere and says that this means “companies will increasingly need to be comfortable sharing facts which paint them in a negative light as well”. IDG Capital was an angel investor in Coinbase in 2013.
Circle, a cryptocurrency-based financial service startup, has raised $440 million in new funding. Jeremy Allaire, Circle's chief executive and cofounder, said the company is focused on its U.S. dollar-backed USD Coin, a stablecoin that is meant to maintain a fixed price. USDC, a collaboration with Coinbase, is currently one of the most popular stablecoins used for digital payments across the crypto industry. IDG Capital was the lead investor in Circle’s $50 million Series C and $60 million Series D funding rounds and also helped coordinate the Poloniex acquisition.
IDG Capital has joined a Series C funding round in WeRide, a Guangzhou-based autonomous driving company. The new funds have brought the company value to $3.3 billion. WeRide’s robotaxi pilot in Guangzhou began in 2019 and it later became the first autonomous driving company in China to secure an official license for online car-hailing operations. WeRide intends to use this funding round to invest in R&D and commercialization as it works toward the next generation of Level 4 driving, in which a vehicle can drive without human intervention in certain conditions.
Nasdaq-listed iQiyi, an online video platform based in Beijing, said the company may be able to turn a profit in five years. iQiyi, which incorporates artificial intelligence to predict viewership and box office, will turn to "intelligent production" to partly help it cut cost and turn a profit in the future. Backed by IDG Capital, iQiyi has expanded from being a video streaming platform to also generating self-produced video content, including drama series and variety shows. The company, which is still trying to boost its subscribers, is also interested in investing in film and television production companies and expanding overseas.
Chinese electric vehicle maker Nio has decided to expand overseas and chosen Norway for its first foray into international markets. Nio Norway will offer a European version of ES8, Nio’s flagship electric SUV, to Norwegian customers from September this year. The ET7 sedan will follow in 2022. In addition to vehicle sales, the company also detailed plans to open dedicated service centers, vehicle charging stations and its Nio Power Swap battery swapping stations in Norway. Previously, IDG Capital joined NIO's Series B+ funding round. NIO went public on the New York Stock Exchange in 2018.
Waterdrop, a Beijing-based online insurance and healthcare crowdfunding company, has raised $360 million in its New York initial public offering under the 'WDH' ticker. By the end of 2020, the company had cooperated with 62 insurance companies to provide 200 kinds of health insurance and life insurance products to users, with a total of more than 140 million users. Waterdrop has also begun to expand into the field of drug and health management and began to test its healthcare businesses. As an angel investor in Waterdrop, IDG Capital has also joined the company’s multiple funding rounds.
IDG Capital has participated in a fresh funding for Kelun Biotech, a subsidiary of Shenzhen-listed Kelun Pharmaceutical. Founded in 2016, Kelun Biotech is engaged in producing macromolecular drugs and small-molecular drugs, especially for antibody-drug conjugates. Its flagship candidate SKB264, which targets breast and lung cancers, has received clinical trial approval in China and the US. The company will use the proceeds for innovative drug R&D and commercialization. Kelun Biotech was valued at $696 million before the round.
Razer, a Hong Kong-listed gaming hardware manufacturer, has launched a $50 million Razer Green Fund to invest in sustainable startups. The first seed investment was given to the Bambooloo, a brand selling toilet papers made from bamboo pulp and using 90% less water and 70% less carbon to produce than regular toilet paper. Razer, known for making gaming hardware, says it hopes the fund will encourage its fans to use more sustainable products. IDG Capital-Accel China invested $50 million in Razer in 2011.
WakeData, a Shenzhen-based enterprise data services provider, has raised $25 million from investors including IDG Capital, at a post-money valuation of $200 million. Founded in 2018, WakeData provides data management toolkits to help clients like property developer Country Garden and retailer Watsons to digitalize their operations. The company is expected to more than double its revenue to nearly $38 million this year and turning profitable in 2022. Previously, IDG Capital led WakeData's pre-A round of financing and also joined its Series B financing round.
Coinbase, a San Francisco-based cryptocurrency trading platform, has debuted on NASDAQ under the symbol “COIN”, becoming the first major cryptocurrency start-up to go public on a U.S. stock market. The company soared above a $112 billion valuation on the debut day. The massive valuation is a landmark moment for the crypto industry and for Coinbase. Founded in 2012, Coinbase now has 1,700 employees and 56 million registered users. IDG Capital was an angel investor in Coinbase in 2013.
KuCoin, a Singapore-based cryptocurrency exchange, announced the official launch of KuCoin Labs, an incubator and research arm in the KuCoin ecosystem. KuCoin Labs brings together a group of crypto experts who have engaged in market research, analysis, investment and incubation in the crypto industry for years. KuCoin Labs now possesses a portfolio of over 50 projects including Arweave, MultiVAC, CertiK, OneLedger, LUKSO and Ankr, in sectors such as infrastructure, DeFi, and NFT. IDG Capital co-led KuCoin's $20 million Series A round in November 2018.
Chinese smartphone manufacturer Xiaomi has announced the company’s new electronic vehicle (EV) venture and that the first vehicle will be either a sedan or an SUV costing in a consumer-friendly price range. Xiaomi’s entry into the EV market had sparked hopes that the company would produce affordable cars catered to price-conscious consumers. The company will kick off the project with an initial investment of US$1.5 billion, and it expects to spend up to US$10 billion over the next 10 years. IDG Capital was an early investor in Xiaomi, which first went public in Hong Kong in 2018.
Nasdaq-listed iQiyi, China's dominant online video platform based in Beijing, has announced a strategic partnership with two local powerhouses in Malaysia – Primeworks Studio, the content production and distribution arm of media giant Media Prima, as well as Celcom, one of the nation’s largest telecom companies. All of the Malaysian channel's titles will be made available within a dedicated tab on the iQiyi app for local content. iQiyi had grown its user base by more than 15 times by the end of 2020 and the fiture is expected to grow further through these partnerships. IDG Capital joined iQiyi's $1.53 billion financing round in 2017.
IDG Capital has led a $70 million Series B financing round in ZhenGe Biotechnology, a Contract development and manufacturing organization firm based in Shanghai. Established in 2017, ZhenGe has served over 80 clients for clinical-stage production and investigational new drug application projects. The company’s offerings include treatments towards vaccine products, antibody-drug conjugate and fusion protein. ZhenGe will use the proceeds to develop the construction of manufacturing facilities within Shanghai Pilot Free Trade Zone.