IDG WeChat qr Code
Nasdaq-listed Baidu has signed an agreement with BMW to develop autonomous driving technology. BMW will join the management board of Apollo, Baidu's open-source auto-driving platform. IDG Capital invested in Baidu in 2000.
Chinese online travel agency Ctrip will provide financial assistance and seven-day paid leave to mid-and senior-level female executives for pregnancy-associated benefits, including freezing of eggs. IDG Capital backed Ctrip in 1999 and 2000, and the company went public on NASDAQ in 2017.
Shanghai-based luxury retailer Secoo has built a strategic partnership with the government of Hainan, a top Chinese resort region and the country's newest free-trade zone, to offer travelers duty-free goods in airports, hotels and online via Secoo's website. IDG Capital previously invested in multiple funding rounds at Secoo, which went public on Nasdaq in 2017. The firm has also recently received a $175 million investment from Chinese e-retailer JD.com and L Catterton Asia, part of French luxury giant LVMH.
Pony.ai has raised $102 million during a follow-on Series A funding round. The Guangzhou, China-and Fremont, Calif.-based auto-driving startup plans to use the investment to further expand its global business, which is now valued at nearly $1 billion. IDG Capital previously joined Pony.ai's record $112 million Series A round.
Xiaomi’s share price surged 13% on the Hong Kong Exchange the day after its debut, gaining $6 billion in market value as more investors piled into the world's fourth largest smartphone maker. The firm's listing was the largest tech-sector IPO since Alibaba went public in 2014. Xiaomi's stock surged in part the second day because the Hang Seng Index indicated that the stock would soon be available to mainland Chinese investors for purchase. IDG Capital was an early investor in Xiaomi.
IDG Capital was among the world's most active lead investors with nine deals globally during the second quarter of this year. The firm was also ranked No. 1 for early-stage investments during Q2 2018 with 18 deals. IDG Capital's most recent investments included VR startup High Fidelity, Ethereum wallet imToken and staffless store Zailouxia.
San Mateo, Calif.-based Lime closed a $335 million financing round led by GV, Alphabet's venture arm. The scooter rental startup, which serves scores of U.S. campuses, as well as many major cities in the U.S. and Europe, is now valued at $1.1 billion. Uber, who is also one of the investors, said it would also include Lime scooters on its ride-hailing app. IDG Capital first invested in Lime in 2017.
Nokia and Tencent have agreed to jointly build a lab focused on 5G mobile technologies. With 1.04 billion users on its WeChat and QQ chatting platforms, Tencent predicts the lab will find ways to help its customers to increase network speed and connectivity. IDG Capital was an early investor in Tencent, which first went public in Hong Kong in 2004.
Live.me, a Los Angles-based live broadcasting platform, recently launched Fluxr, a mobile gaming and esports live-streaming application. The new app will also cooperate with numerous mobile gaming suppliers. Live.me said it also plans to launch its own esports league. Tencent, an IDG-backed Chinese Internet and video gaming giant, is also a Fluxr's partner. IDG Capital first invested in Live.me in 2017.
Baidu is partnering with SB Drive, a SoftBank transportation subsidiary, and Xiamen King Long United Automotive to bring at least ten electric self-driving minibuses to Japan by early next year. Baidu last year launched Apollo, an open auto-driving platform, and is now working with more than 100 global partners in the automotive and technology industries, including Ford and Microsoft. IDG Capital was an early investor in Baidu, which went public on NASDAQ in 2005.
Autonomous driving startup Pony.ai has officially acquired a license to test self-driving vehicles in Beijing. The Fremont, Calif.-based company received a T3 license, the highest level qualification for self-driving cars, from the Chinese government. Last year, Pony.ai acquired similar testing licenses in California and Guangzhou, China. IDG Capital joined Pony.ai's Series A funding round in 2018.
36Kr, China's largest tech news site, founded Kr Space in 2016. Now an independent business, Kr Space currently operates incubators and co-working offices in 11 mainland Chinese cities and also recently expanded into Hong Kong. IDG Capital invested in Kr Space in 2016 and 2017.
Cryptocurrency exchange Coinbase has launched a custodian solution for institutional investors, allowing financial institutions and family offices in the U.S. and Europe to store assets on the firm's digital platform. Ten hedge funds and family offices have already begun using Coinbase's service. The company also plans to sign up 100 institutional partners by the end of the year. IDG Capital invested in Coinbase in 2012. The San Francisco-based firm is now one of the world’s largest crypto exchanges.
Italian apparel brand Moncler has inked a partnership with 14-year-old actress Millie Bobby Brown, the star of the Netflix series Stranger Things and a rising fashion icon. Brown will appear in the brand's upcoming ad campaigns. IDG Capital invested in Moncler in 2011, which later went public in Milan in 2013.
IDG Capital participated in High Fidelity's $35 million Series D funding round after co-leading the company's $22 million venture round in 2016. The San Francisco-based virtual reality firm will use the latest investment to expand its blockchain infrastructure, which supports as many as 1 billion VR users. High Fidelity has also created a native cryptocurrency registry.