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Coinbase, a San Francisco-based cryptocurrency exchange, has raised $300 million in its latest funding round and is now valued at $8 billion. The company said it would use its latest funding to help accelerate global expansion and introduce more crypto products. Coinbase also recently co-launched a U.S-dollar-based stablecoin with Circle, a Boston-based crypto finance firm. IDG Capital was an early investor in Coinbase and led two funding rounds in Circle.
IDG Capital co-led a $127.7 Series B funding round in Terminus, a Chinese Internet of Things (IoT) company providing artificial intelligence (AI)-powered solutions. Terminus will use the latest funding for product development in the IoT sector and talent acquisition. SenseTime, an IDG Capital-backed AI company valued at $4.5 billion, also joined the funding round and will support Terminus' R&D efforts. IDG Capital previously invested in Terminus in 2017.
Zoox, a driverless taxi startup based in Foster City, California, announced that it will design and build its own self-driving automobile from the ground up. The new vehicle will be tailored for autonomous driving and will be used for Zoox's ride-sharing business. Zoox believes the investment will help up compete with other ride-sharing services like Lyft and Uber. IDG Capital joined Zoox's Series A funding round in 2016.
Moncler's China operation reported an 18% increase in revenues during the first nine months of 2018. The Italian high-end fashion firm partly credits its global success to “Moncler Genius,” an ongoing collaboration project with well-known designers to make monthly new item releases possible. IDG Capital was an early investor in Moncler, which first went public in Milan in 2013.
Fortune China has just published its 2018 “40 Under 40” ranking, including eight Chinese entrepreneurs who have helped launch firms backed by IDG Capital. Also, there are four Chinese businessmen from IDG Capital-backed firms entered the top 10 of the list : Wang Xing, CEO of Meituan, a Hong Kong-listed food delivery giant; Xu Li, CEO of SenseTime, the world's most valuable artificial intelligence startup; Huang Zheng, CEO of Pinduoduo, a Nasdaq-listed social e-commerce platform; and Wu Jihan, CEO of Bitmain, a global leader in bitcoin mining.
Cryptocurrency leaders Coinbase and Circle have formed a joint venture to boost the adoption of dollar-backed digital coins.The partnership, known as CENTRE Consortium, will establish new cryptocurrency standards and also support efforts to increase the adoption of “stablecoins,” a cryptocurrency backed by the government currencies like the U.S. dollar. IDG Capital was an early investor in San Francisco-based Coinbase and led two early funding rounds in Boston-based Circle.
Neutron Holdings, the San Fransisco-based e-scooter startup now doing business as Lime, will open a new brick-and-mortar store in Santa Monica, California, to enhance its physical presence in the city. In addition to renting scooters, the pilot project store will also host live events to strengthen its community relationships and customer engagement. IDG Capital was an early investor in Lime.
Niu Technologies, a Beijing-based electric scooter manufacturer, raised $63 million during its initial public offering on Nasdaq. Founded in 2014, Niu is the largest lithium-ion battery-powered scooter firm in China and a leader in Europe. As of June 2018, the company had sold more than 431,500 smart e-scooters worldwide. IDG Capital invested in Niu Technologies earlier this year.
Rollable display manufacturer Royole Corporation has raised a new Series E funding round, helpig to boost the Chinese firm's valuation to $5 billion. Founded in 2012, the company also recently opened a 1.1-million-square-feet campus in Shenzhen to meet meet new production needs. IDG Capital invested in Royole Corporation in 2015.
Italian luxury apparel manufacturer Moncler will support the United Nations in providing outer clothes and survival kits to children and families who live in harsh winter conditions worldwide. Launched in January, the “Warmly Moncler for UNICEF" project now supports more than 27,000 families in 192 countries. IDG Capital was an early investor in Moncler, which went public in Milan in 2013.
Chehaoduo, a Chinese online platform selling new and used cars, raised $162 million in its Series C+ funding round and boosted the firm’s valuation to $6.6 billion. The Beijing-based company will use the latest funding round to develop at least 100 brick-and-mortar stores for its used car platform and 300 stores for its new car retail service. IDG Capital joined Chehaoduo's Series C round earlier this year.
Baidu, China's largest search engine, became the first Chinese member of“The Partnership on AI,”a U.S.-led technology consortium for safeguarding the development of artificial intelligence. The global partnership also includes Google, Amazon, Facebook and Microsoft. IDG Capital was an early investor in Baidu, which had 2017 revenues of $13.03 billion and first went public on Nasdaq in 2005.
Chinese electric automaker NIO delivered 3,268 SUVs in the third quarter of this year, beating its own target by 9%. The Shanghai-based firm, which raised $1 billion on the New York Stock Exchange in September, now has operations in San Jose, San Francisco, Munich, London and eight other locations around the world. IDG Capital invested in NIO in 2017.
IDG Capital led a $43 million Series B funding round in Letus Legend, a Chinese supermarket chain specializing in fresh produce. The Hefei, China-based grocer is currently valued at $433 million. Letus Legend will use the latest funding to launch home delivery services, organize pre-sale events and expand throughout China. Founded in 2014, the company currently has 100 locations in Anhui Province, for which Hefei is the capital.
Neutron Holdings, doing business as Lime, has pledged to make its entire fleet of shareable electric bikes and scooters carbon-free. The San Francisco-based firm said it will purchase renewable energy credits. Lime also plans to fund climate-friendly projects to help minimize pollution. In addition to the U.S., Lime now operates in Europe and Mexico. Only 15 months old, Lime currently operates in more than 100 cities and has registered more than 13 million rides to date. IDG Capital joined Lime's Series A funding round in 2017.