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IDG Capital co-led a $20 million Series A funding round in KuCoin, a Singapore-based cryptocurrency exchange. With operations in Hong Kong, Singapore, Thailand and the Philippines, the firm now has more than five million registered users. KuCoin said it plans to use the investment to enhance customer security, improve trading and expand into Vietnam, Turkey, Italy, Russia and many Spanish-speaking countries.“IDG Capital has been investing in crypto-related companies since 2012," IDG Partner Young Guo said.“We want to be at the forefront of this movement to ensure that legitimate projects led by teams with integrity get noticed.”
Baidu's new artificial intelligence (AI) lab named nine internationally renowned scientists to its Baidu Research advisory board. The Chinese search engine conglomerate said its AI board now has representatives from Carnegie Mellon University, the University of Illinois Urbana-Champaign and AT&T Labs. With offices now in Beijing, Seattle and Silicon Valley, Baidu Research operation focuses on cutting-edge AI topics, including natural language processing, computer vision and deep learning. IDG Capital was an early investor in Baidu, which first went public on Nasdaq in 2005.
iQiyi, the Chinese equivalent of Netflix, has acquired the exclusive streaming rights to“The Late Late Show with James Corden”from CBS Studios International. The deal marks the first time that China will stream a U.S. talk show, including current and past episodes available on demand. iQiyi, based in Beijing, now has 126 million active daily users streaming programs online. In 2017, IDG Capital backed iQiyi, which went public on Nasdaq in March of this year.
IDG Capital led a $14 million Series A round in DGene, a Shanghai-based provider of 3D imaging technology. The firm specializes in four-dimensional light field acquisition, rendering and display technology with applications in virtual reality, augmented reality and mixed reality. DGene's co-founders include scholars from University of Delaware and Massachusetts Institute of Technology as well as former principal researcher at Microsoft. The firm previously raised $6.5 million angel investment in 2016.
Lime, the ubiquitous e-scooter and e-bike startup, launched a car-sharing service in Seattle with 50 vehicles. The San Francisco-based firm plans to add 500 cars by year-end. Lime, a part of Neutron Holding, also predicts it will have 1,500 cars on the road in Seattle by early 2019, making it the largest car-sharing program in any U.S. city. Lime currently has urban bike- and scooter-sharing operations in the U.S., Canada, Mexico, Austria, France, Germany, Spain, the Czech Republic, Australia and New Zealand. IDG Capital invested in Lime in 2017.
Neutron Holdings, the electric scooter and bike-sharing company known as Lime, has launched e-scooter operations in Sydney, Australia. The move is the latest expansion by the San Francisco-based firm. Lime also recently rolled out operations in New Zealand and has also launched several pilot projects in Melbourne, Australia. It also now has a sizeable presence in more than 100 cities around the world. IDG Capital invested in Lime in 2017.
British luxury apparel brand Burberry is collaborating with Farfetch, an e-commerce fashion platform, to expand its customer base in China. According to Burberry, the partnership will also help boost the 162-year-old brand's outreach to a young, tech-savvy audience in second- and third-tier Chinese cities. In 2016, IDG Capital invested in Farfetch, which is based in London and is now listed on the New York Stock Exchange.
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.