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IDG Capital has led a $4 million Series A round of financing in HyperSKU, a Hong Kong-based B2B solution provider for eCommerce businesses. Founded in 2018, HyperSKU provides backend infrastructure sourcing and fulfillment, a critical factor for online sellers. The startup has grown rapidly due to the logistics demands of eCommerce sellers on Amazon, Facebook, and Shopify.
IDG Capital has led a Pre-A round in Shenzhen-based artificial intelligence company SmartMore. Founded in 2019, SmartMore provides AI, 5G and other technology solutions in the field of intelligent manufacturing and ultra-high-definition video. The startup currently has two core offerings - SMore InSight, an intelligent manufacturing solution that solves complex defect inspection problems, and SMore Media, an AI processor for 8K ultra-high-definition video enhancement. Smartmore said the new capital will be used in R&D, recruitment and market expansion.
IDG Capital has led $7 million Series A investment in Beijing-based baby care service provider Haoyun Mama. Founded in 2014, Haoyun Mama trains baby caretakers with its in-house developed standardized courses and also connects the trained caretakers to families with newborns. Since its launch, the company has trained more than 200,000 caretakers. Although affected by the COVID-19 pandemic, the firm still managed to sign up more than 30,000 families since January.
Beijing-based API developer Agora has gone public on Nasdaq, debuting at $20 per share, ahead of its $16 to $18 proposed price range and closed up 153% in its Nasdaq debut. Founded in 2014, Agora is an API-powered company that allows customers to embed real-time video and voice abilities in their applications. In 2015, IDG Capital joined Agora's Series B round.
E-commerce giant Amazon has announced its acquisition of Zoox, a driverless taxi startup based in California, for the purposes of providing a full-stack solution for ride-hailing. Zoox aims to build a fit-for-purpose self-driving passenger vehicle from the ground up, along with the software and artificial intelligence needed for autonomous driving. Amazon said Zoox will continue to exist as a standalone business after the acquisition. Previously, IDG Capital joined Zoox's Series A funding round in 2016.
21Vianet, a Nasdaq-listed Chinese data center service provider, has received $150 million investment from private equity firm Blackstone, making Blackstone one of the largest institutional shareholders in 21Vianet. Founded in 2006, 21Vianet provides hosting and related services, including cloud and business VPN. The company said Blackstone's investment will further strengthen its balance sheet and help reinforce its position in China's hyper-growth data center market. Previously, IDG Capital led 21Vianet's Series A and Series B rounds.
IDG Capital co-led a $155 million Series A round in Biren Technology, a Shanghai-based intelligent chip maker. The investment has set a new record for A-round financing in China's intelligent chip industry in recent years. Founded in 2019, Biren develops chips and cloud computing technology in the fields of GPU, DSA (domain specific accelerator) and computer architecture. The new capital will be used to accelerate technological product development and market expansion.
Lime, a San Francisco-based electric scooter and bike-sharing provider, has closed the acquisition of Uber's micromobility subsidiary Jump in Europe. Lime will leverage all Jump assets, from design to IP and branding, and plans to redeploy Jump scooters and bikes first in London, Paris, Rome and Barcelona. Lime, which currently operates in more than 150 cities worldwide, is valued at $2.4 billion. IDG Capital joined Lime's Series A funding round in 2017.
Electric vehicle (EV) startup Xpeng has revealed its self-built wholly-owned factory in Zhaoqing, Guangdong Province. Xpeng is now the only new smart EV maker in China that has both self-owned and contracted plants. Spanning a planned area of 2 million square metres, the factory has five cutting-edge workshops including stamping, welding, painting, final assembly, and battery pack production. IDG Capital co-led Xpeng's $348 million Series B round in 2018.
IDG Capital co-led a $283 million Series B round in Eswin Computing Technology, a Beijing-based chip maker that supplies semiconductor solutions. Previously, IDG Capital also joined the firm's Series A round. Founded in 2016, Eswin develops integrated chips and solutions focused on displays and videos, AI data processing and wireless connection. The company said the new capital will help spur its domestic chip production in China, which today relies heavily on U.S. and U.K. firms.
OPay, a Nigerian-based mobile payments app, now has 5 million users and processes over 60% of mobile money transactions in Nigeria. Despite the decline of ORide impacted by Covid-19, Opay's payments grew over 400% in April compared to last year. In March, Opay entered the ecommerce space by releasing a B2C ecommerce marketplace OMall and a B2B trading service OTrade. Previously, IDG Capital led a $50 million investment in OPay, which was founded by Norwegian browser company Opera Ltd. in which IDG Capital was also an early investor.
Chinese smartphone manufacturer Xiaomi will launch a crowdfunding health care platform, Xiaomi Huzhu, in response to China's fast-growing online mutual aid industry. In China, subscribers to online mutual aid platforms are expected to reach 450 million by 2025. At Xiaomi Huzhu, qualified patients can claim up to $70,000 for critical illnesses, including 82 major diseases and 10 serious ailments specific to children. IDG Capital was an early investor in Xiaomi, which first went public in Hong Kong in 2018.
Secoo, a Nasdaq-listed luxury retailer, has received $100 million investment from Qudian, a New York-listed Chinese online micro-credit provider, in exchange for 28.9% stake. The duo plan to cooperate and fuel opportunities for expansion in the Chinese online luxury e-commerce market, which has reached $7.5 billion in 2019 and is expected to increase over 50% year-over-year in 2020. IDG Capital previously invested in Secoo's Series A, B and C funding rounds.
Bilibili, China's answer to Netflix, will launch a satellite this month in an effort to attract more young viewers to its programs of general science and astronomy education. A collaboration with Chang Guang Satellite Technology, the satellite will collect images and videos of the earth and other celestial bodies for posting on the new online channel. Prior to Bilibili's listing on Nasdaq, IDG Capital led Bilibili's Series A funding round and also joined its A+ and B rounds.
News Break, an AI-powered news aggregation app created in 2015 by Mountain View, Calif.-based Particle Media, surged to be the third-most downloaded U.S. iOS app in mid-March amid the COVID-19 pandemic. The firm also recently hired Harry Shum, former president of Microsoft AI and Research Group, to further grow the business. Previously, IDG Capital led News Break's Series A round in 2016 and also joined its Series B round in 2017.
In a move to expand Amazon's reach in autonomous-vehicle technology, Amazon is in advanced talks to buy Zoox, an autonomous vehicle startup backed by IDG Capital. Based in Foster City, California, Zoox develops the hardware and software needed to create electric-powered, robot taxis that would be summoned by smartphone app starting this year. To date, Zoox has raised over $790 million during three funding rounds. IDG Capital joined Zoox's Series A funding round in 2016.