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Razer, a $438 million global gaming hardware maker, plans to dispense its locally produced masks in Singapore through a network of vending machines across the city-state. Razor is among companies that have modified or set up new factory lines to meet a surge in demand for medical products, with a monthly production of 10 million. The initial five million masks will be free for citizens and residents aged 16 and over. IDG Capital-Accel China invested $50 million in Razer in 2011. Razer, based in Singapore, went public on the Hong Kong Stock Exchange in 2017.
NIO, a Shanghai-based manufacturer of electric autonomous vehicles, has received $1 billion investment from state-owned companies in Hefei. Besides its current factory operation in Heifei, the company also agreed to establish headquarters in Hefei with R&D, sales, service and supply chain. NIO said this decision enables it to improve operational efficiency and to sustain its growth and competitiveness in the long run. Previously, IDG Capital joined the firm's Series B+ funding round.
Guangzhou-based electric vehicle (EV) startup Xpeng unveiled its P7 sports sedan, which has become the longest-range electric vehicle currently made in China.“Today is a milestone in the 5-year history of Xpeng Motors,”said He Xiaopeng, Chairman & CEO of Xpeng,“The P7's launch solidifies Xpeng Motors' leading position in China's smart EV market.”The company said that the P7 also had the strongest autonomous driving architecture among production vehicles in China. Previously, IDG Capital co-led Xpeng's $348 million Series B round in 2018.
The Delaware Public Employees' Retirement System committed $30 million to IDG China Venture Capital Fund VI, a venture capital fund managed by IDG Capital. The $11 billion pension fund devotes 13.39% of its full investment portfolio to private equity. Previously in 2017, Delaware's $10.4 billion fund, which has offices in the city of Dover, also committed up to $30 million to IDG China Venture Capital Fund V.
Razer, a San Francisco- and Singapore-based manufacturer of gaming peripherals, has launched a new Razer Blade Stealth 2020 model. That model is aimed more at content creation professionals, but both displays cover 100% of the sRGB space and are calibrated from the factory to deliver accurate colors. IDG Capital-Accel China invested $50 million in Razer in 2011. Razer went public on the Hong Kong Stock Exchange in 2017.
Huohua, a Beijing-based online education platform specialized in math and science teaching, has received $30 million investment from Kuaishou, a Beijing-based short video app. As of August 2019, the education startup has attracted over 60,000 students and about 1,800 teachers. Previously, IDG Capital joined Huohua’s Series B+ round, another $15 million funding round in 2018 and its Series D equity financing round in 2019.
Boston-based cryptocurrency fintech firm Circle said the firm had seen growing interest and growth in USDC, a stablecoin Circle issued in partnership with San Francisco-based cryptocurrency exchange Coinbase. New signups have come from diverse sectors, including e-commerce marketplaces, advertising networks, peer-to-peer lending platforms and more. According to CoinMetrics, USDC's market capitalization has jumped 65 to $734 million at press time. IDG Capital was the lead investor in Circle's Series C and Series D funding rounds and was also an angel investor in Coinbase.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, has received $400 million investment from Japanese multinational conglomerate Sony Corporation for 4.98% stake. With over 130 million users, Bilibili targets China's Generation Z market, which comprises people born between 1990 and 2009. Bilibili and Sony say they will pursue collaboration opportunities in China's entertainment sector, including animation and mobile game apps. Prior to Bilibili's listing on Nasdaq, IDG Capital led Bilibili's Series A funding round and also joined its A+ and B rounds.
IDG Capital has donated 10,000 protective masks to Olympique Lyonnais, a French professional football club based in Lyon, for the area's emergency needs. The club has distributed the masks to several beneficiaries in Lyon, including the Rhone Red Cross and the Alynea association. In 2016, IDG Capital took a 20 percent stake in Olympique Lyonnais for $110 million.
IDG Capital has joined a $51 million Series A round in ZhenGe Biotech, a Shanghai-based macromolecular pharmaceutical contract development and manufacturing organization (CDMO). Founded in 2017, Zhenge Biotech has hired more than 110 employees, including seven scientists and engineers educated overseas. The company will use the proceeds to expand its Shanghai R&D center and build a GMP production base in Shanghai, as well as expanding its US lab.
Cryptocurrency exchange Coinbase has passed a milestone of $200 million in total transactions processed through its retailer payment portal Coinbase Commerce. Currently, around 8,000 integrated retailers accept cryptocurrencies alongside other payment streams. Coinbase says it plans to keep building out Commerce’s features in response to merchant demands. IDG Capital was an angel investor in Coinbase in 2013.
Analytics research firm TechArc has named Chinese e-commerce platform Club Factory as the top challenger to Flipkart and Amazon in India. Headquartered in Hangzhou, the e-commerce platform said its monthly active users (MAUs) has surpassed 100 million in India. Club Factory is strengthening its India leadership team and will appoint local leaders for key functions in the coming quarters. Previously, IDG Capital joined the firm's Series A round and led its $100 million Series C funding round.
Klaytn, the crypto unit of South Korea's largest internet conglomerate Kakao Corporation, is now seeking to raise another $90 million and will repeat its initial coin offering (ICO) after the round. Currently, game developer Wemade Entertainment and Chinese travel agency Zanadu are among the 26 companies that will run their applications on the Klatyn platform. The company, which currently has 65 employees, also plans to hire more as the launch gets closer. In 2018, IDG Capital invested in Klaytn.
Razer, a San Francisco- and Singapore-based manufacturer of gaming peripherals, is building a true ecosystem around games, including a virtual credit system and a digital payment network. With more than 1,400 employees, Razer manufactures its products in partnerships with companies in China, Taiwan and Vietnam. Razer's partners include Microsoft, Tencent and Google, with which it is building new cloud gaming ecosystems. IDG Capital-Accel China invested $50 million in Razer, which went public on the Hong Kong Stock Exchange in 2017.
Chinese leading electric vehicle manufacturer NIO said its full-year deliveries of vehicles has reached 20,565 in 2019, compared with 11,348 units delivered in 2018. Based in Shanghai, the company's total revenues also grew to $1.1 billion in 2019. "We are pleased to see our growing user community becoming an essential part of our brand and business growth," said William Li, founder, chairman and CEO of NIO. Previously, IDG Capital joined NIO's Series B+ funding round. NIO went public on the New York Stock Exchange in 2018.
Razer, a Hong Kong-listed gaming hardware manufacturer, is converting some production facilities to temporarily make surgical masks. The company plans to provide healthcare authorities around the globe with as many as a million masks. "This emergency conversion of some of our lines and donation of masks is the first step of many that Razer will take," said CEO Min-Laing Tan. IDG Capital-Accel China invested $50 million in Razer in 2011.