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IDG Capital joined a $200 million Series D funding round for Maimai, China's answer to LinkedIn. The Beijing-based professional networking platform is currently valued at $1 billion. Maimai said it would use the latest investment to expand its career-planning program. IDG Capital previously co-led Maimai's Series B round and participated in the Series C.
Xiaomi, a leading global smartphone maker based in Beijing, now commands 30% market share in India. Thanks to several new products, the firm's Indian business grew 106% year-over-year in the second quarter of 2018. Xiaomi, which is listed on the Hong Kong Exchange, recently opened a new regional headquarters in Bengaluru, a new emerging technology center based in Southern India. IDG Capital was an early investor in Xiaomi.
Artificial intelligence (AI) startup SenseTime is now marketing a touch-up tool that allows mobile users to enhance facial and body features without changing the background. The Hong Kong-based company, now valued at $4.5 billion, also provides systems for facial recognition, driver monitoring systems and a variety of other AI-based interactive products. SenseTime customers now include Qualcomm, Xiaomi, and Honda. In 2017, IDG Capital joined SenseTime's Series B funding round.
Best known for foamed teas–including a popular cheese-topped version, HeyTea is reintroducing tea culture to new generation of Chinese, according to HeyTea founder Nie Yunchen. The Beijing-based tea beverage chain is extremely successful, and this year reported a 100% increase in year-over-year revenue. IDG Capital led HeyTea's Series A funding round in 2017.
IDG Capital has invested in two leading Chinese artificial intelligence start-ups, Rokid and SenseTime. Both companies produce a wide range of AI-based products. SenseTime currently has a total valuation in excess of $4.5 billion and is widely regarded as the world's most valuable AI startup. Rokid, valued at $450 million in 2016, closed a $100 million Series B+ round in January.
Hong Kong-listed Ping An Good Doctor, a Chinese healthcare provider, is establishing a joint venture with Grab, a Singapore-based ride-hailing platform. The partnership will expand Ping An products for artificial intelligence-powered online medical consultation, medicine delivery and appointment bookings across Southeast Asia. IDG Capital backed Ping An Good Doctor in 2016 and 2018.
IDG Capital led a $20 million private placement for Dexon Foundation, a Taiwan-based blockchain platform that helps developers create decentralized applications. Dexon says its block lattice protocol can process one million transactions per second – roughly 500 times faster than the current transaction speeds at Visa and MasterCard.
Chinese co-working startup Kr Space is now the largest co-working space in China, offering a wide range of services to startups, including free financial and legal consultation. "Office-sharing is a very localized business where you have to focus closely on operations,”IDG Capital Partner Jeacy Yan said.“Local companies have a much bigger chance of becoming the winner.”IDG Capital led a venture round in Kr Space in 2017 and also invested in the firm in 2018.
Scooter-sharing startup LimeBike is expanding its discount program for low-income customers. Qualified users in the U.S. can now receive discounts on Lime scooters and bikes. The San Mateo, California-based company first launched its discount program in Los Angeles and Seattle, but it's now available more than 75 cities. IDG Capital invested in Lime in 2017.
Chinese video streaming platform iQiyi is expanding its content supply deal with Viacom's Nickelodeon to include streaming rights for Mandarin and English versions of popular U.S. programs, including“SpongeBob SquarePants”and“Rise of Teenage Mutant Turtles.”Nasdaq-listed iQiyi currently has 126 million daily active users. IDG Capital supported iQiyi during a private funding round in 2017.
IDG Capital has taken a 13.33% stake in iQiyi Sports, a sports streaming platform jointly operated by Nasdaq-listed iQiyi and IDG Capital-backed Super Sports Media. iQiyi Sports will utilize the combined copyrighted resources of both parent company iQiyi and Super Sports Media. An online video platform backed by IDG Capital, iQiyi said it would provide traffic and advertising support for the new sports platform.
Bill Liu, Stanford graduate and former IBM research scientist, returned to China in 2012 and founded Royole Corporation, a Fremont, Calif.- and Shenzhen, China-based manufacturer of advanced flexible displays and sensors. Now valued at $5 billion, Royole recently closed a Series E funding round. The firm also recently opened a Shenzhen campus for mass production of fully flexible displays. IDG Capital led Royole's Series B funding round and participated in a Series C round.
Nasdaq-listed iQiyi, an online video platform based in Beijing, recently acquired Chinese game developer Chengdu Skymoons. Before the acquisition, iQiyi and Chengdu Skymoons jointly collaborated on several mobile games for iQiyi's streaming platform. In 2017, IDG Capital joined iQiyi's private funding round.
IDG Capital has joined an angel round in Kuaipeilian, a Beijing-based education startup that provides online piano practice guidance and support. The latest fund will support Kuaipeilian's R&D initiatives, curriculum development, as well as a variety of industry partnerships.
Co-working space operator Kr Space will open a 50,000-square-foot space in Causeway Bay, Hong Kong's core retail area. In May, Kr Space signed a 10-year contract to occupy an 83,000 square-feet space in Wan Chai, another prominent commercial district in Hong Kong. IDG Capital previously led two of Kr Space's funding rounds.