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NIO, a global manufacturer of smart, electric autonomous vehicles, closed up 76% during its second day of trading on the New York Stock Exchange, after a $1 billion initial public offering last week. Forbes Magazine also recently named NIO founder William Li to its 2018 Billionaires list. Based in Shanghai, NIO, which incudes IDG Capital among its backers, also operates offices, including R&D facilities, in San Jose, London and Munich and eight other major cities around the world.
IDG Capital co-led a $17.5 million Series B funding round in AllDream, a Shanghai-based online computer science education platform targeting teenagers. The firm’s website currently counts more than 100,000 families in 50 cities as members. Renewal rates for the AllDream website exceed 90%, and many of the firm’s apps and gaming products are now available in the Apple App Store.
YCloset, a women's clothing online sharing platform based in Beijing, recently received a second undisclosed investment from Chinese e-commerce giant Alibaba. YCloset said it plans to use the latest funding to expand, upgrade algorithms and improve warehouse operations. IDG Capital joined YCloset's $20 million Series B round in 2017.
LinkedIn named three IDG Capital-backed companies – Coinbase, Ripple, and Zoox – to its 2018 list of the Top 50 U.S. Startups. LinkedIn selected the three firms using a variety of criteria, including strong sales performance, employee growth, active LinkedIn user engagement and an ability to attract seasoned professionals from top-tier companies. IDG Capital was an early investor in Coinbase and Ripple, both San Francisco-based cryptocurrency exchanges. In 2016, IDG Capital also joined a Series A funding round for Zoox, a self-driving automobile manufacturer based in Foster City, California.
iQiyi Sports, the online sports streaming arm of parent-company iQiyi, has raised $124 million from several Chinese-based venture firms, including one backed by former NBA Houston Rockets star Yao Ming. Last month, IDG Capital invested $58.5 million in Beijing-based iQiyi Sports, which was co-founded by iQiyi, China's equivalent to Netflix, and Super Sports Media, which broadcasts and distributes live football broadcasts. IDG Capital likewise backed iQiyi and Super Sports.
Baidu Cloud, Chinese search engine Baidu's cloud services business, is partnering with Intel on a variety of artificial intelligence applications, including financial services, shipping and video processing. IDG Capital was an early investor in Baidu, which first went public on Nasdaq in 2005. The Beijing-based firm now claims 42,000 employees and a market capitalization of approximately $75 billion.
Best known for portable chargers, consumer electronics giant Anker unveiled a raft of new products at the IFA expo in Berlin earlier this month, ranging from robotic vacuum cleaners to Bluetooth speakers. IDG Capital invested in Anker in 2016. The Shenzhen-based firm also operates subsidiaries in California, Germany, the United Kingdom and Japan.
A recent survey suggests that the U.S. Bitcoin market could be getting a boost from students, who are now twice as likely as non-students to own cryptocurrency. Coinbase, a San Francisco-based digital exchange, and Qriously, a London-based data and research platform, conducted the survey. IDG Capital was an early investor in Coinbase, which now has a market capitalization of more than $100 billion.
Jim Breyer, a Partner and Senior Strategic Advisor at IDG Capital, predicts that 18 of the world's top 20 technology companies will be U.S. or Chinese within ten years, and at perhaps several of those firms will worth more than $2 trillion. “The United States companies,” Breyer said, “simply have better have data, and if we're thinking about breakthroughs, in improving for instance patient outcome for cancer worldwide, U.S companies currently have a very significant lead versus the Chinese companies.” Chinese artificial intelligence (AI) firms, however, are the world leaders in face recognition and visual computing technology, he added. Breyer, who has partnered with IDG Capital for a decade, was also an early investor in Facebook. In addition to his role at IDG Capital, Breyer is also the CEO of Breyer Capital, a venture capital and private equity firm based in Menlo Park, California.
iQyi, the Chinese equivalent of Netflix, has attracted 13 billion views for its 70-episode streaming series, “The Story of Yanxi Palace.” In August, “Yanxi Palace” also attracted 530 million viewers in a single day, smashing the world's one-day viewership record. Beijing-based iQiyi, now listed on Nasdaq, relied heavily on data analysis to help build the series into a summer blockbuster. The series, featuring several Chinese movie and television stars, is set in the court of Emperor Qianlong (1711-1799). IDG Capital joined iQiyi's private funding round in 2017.
IDG Capital joined a Series B funding round for Plum, a Beijing-based e-commerce platform for buying and selling fashion products. Plum said it would use the funds to improve and expand its product offerings and also explore offline sales channels. In 2017, IDG Capital led Plum's Series A funding round.
IDG Capital joined a $200 million Series D funding round for Maimai, China's answer to LinkedIn. The Beijing-based professional networking platform is currently valued at $1 billion. Maimai said it would use the latest investment to expand its career-planning program. IDG Capital previously co-led Maimai's Series B round and participated in the Series C.
Xiaomi, a leading global smartphone maker based in Beijing, now commands 30% market share in India. Thanks to several new products, the firm's Indian business grew 106% year-over-year in the second quarter of 2018. Xiaomi, which is listed on the Hong Kong Exchange, recently opened a new regional headquarters in Bengaluru, a new emerging technology center based in Southern India. IDG Capital was an early investor in Xiaomi.
Artificial intelligence (AI) startup SenseTime is now marketing a touch-up tool that allows mobile users to enhance facial and body features without changing the background. The Hong Kong-based company, now valued at $4.5 billion, also provides systems for facial recognition, driver monitoring systems and a variety of other AI-based interactive products. SenseTime customers now include Qualcomm, Xiaomi, and Honda. In 2017, IDG Capital joined SenseTime's Series B funding round.
Best known for foamed teas–including a popular cheese-topped version, HeyTea is reintroducing tea culture to new generation of Chinese, according to HeyTea founder Nie Yunchen. The Beijing-based tea beverage chain is extremely successful, and this year reported a 100% increase in year-over-year revenue. IDG Capital led HeyTea's Series A funding round in 2017.
IDG Capital has invested in two leading Chinese artificial intelligence start-ups, Rokid and SenseTime. Both companies produce a wide range of AI-based products. SenseTime currently has a total valuation in excess of $4.5 billion and is widely regarded as the world's most valuable AI startup. Rokid, valued at $450 million in 2016, closed a $100 million Series B+ round in January.