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IDG Capital has joined a $12.36 million Series B financing round in Fenbeitong Technology, a corporate expense management startup. Based in Beijing, Fenbeitong helps Chinese enterprises reimburse employees for expenses incurred in business travel, car purchases and other business expenses. The company currently serves more than one million employees across over 1,000 enterprises, including Chinese food delivery giant Ele.me, ride-hailing platform Didi Chuxing, China Southern Airlines and Spring Airlines. Previously, IDG Capital led Fenbeitong's $4.36 million Series A round and also co-led a $5.82 million Series A+ round.
Jim Breyer, IDG Capital's Co-Chairman, believes that the U.S. and China now each have different strengths in the global artificial intelligence (AI) market.“There are areas in China where some of the facial-recognition AI companies are the most advanced in the world,”Breyer told Forbes.“But there are other technologies in the U.S., such as IoT (the Internet of Things) and machine learning, where AI is more advanced. But it is a race.”In addition to his work as a Co-Chair at IDG Capital, Breyer is also the Founder and CEO of Breyer Capital in Menlo Park, Calif., which was an early investor in Facebook.