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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.
Hong Kong-listed Ping An Good Doctor, a Chinese healthcare provider, is establishing a joint venture with Grab, a Singapore-based ride-hailing platform. The partnership will expand Ping An products for artificial intelligence-powered online medical consultation, medicine delivery and appointment bookings across Southeast Asia. IDG Capital backed Ping An Good Doctor in 2016 and 2018.
Chinese co-working startup Kr Space is now the largest co-working space in China, offering a wide range of services to startups, including free financial and legal consultation. "Office-sharing is a very localized business where you have to focus closely on operations,”IDG Capital Partner Jeacy Yan said.“Local companies have a much bigger chance of becoming the winner.”IDG Capital led a venture round in Kr Space in 2017 and also invested in the firm in 2018.
Scooter-sharing startup LimeBike is expanding its discount program for low-income customers. Qualified users in the U.S. can now receive discounts on Lime scooters and bikes. The San Mateo, California-based company first launched its discount program in Los Angeles and Seattle, but it's now available more than 75 cities. IDG Capital invested in Lime in 2017.
Chinese video streaming platform iQiyi is expanding its content supply deal with Viacom's Nickelodeon to include streaming rights for Mandarin and English versions of popular U.S. programs, including“SpongeBob SquarePants”and“Rise of Teenage Mutant Turtles.”Nasdaq-listed iQiyi currently has 126 million daily active users. IDG Capital supported iQiyi during a private funding round in 2017.
IDG Capital has taken a 13.33% stake in iQiyi Sports, a sports streaming platform jointly operated by Nasdaq-listed iQiyi and IDG Capital-backed Super Sports Media. iQiyi Sports will utilize the combined copyrighted resources of both parent company iQiyi and Super Sports Media. An online video platform backed by IDG Capital, iQiyi said it would provide traffic and advertising support for the new sports platform.
Nasdaq-listed iQiyi, an online video platform based in Beijing, recently acquired Chinese game developer Chengdu Skymoons. Before the acquisition, iQiyi and Chengdu Skymoons jointly collaborated on several mobile games for iQiyi's streaming platform. In 2017, IDG Capital joined iQiyi's private funding round.
IDG Capital has joined an angel round in Kuaipeilian, a Beijing-based education startup that provides online piano practice guidance and support. The latest fund will support Kuaipeilian's R&D initiatives, curriculum development, as well as a variety of industry partnerships.
Co-working space operator Kr Space will open a 50,000-square-foot space in Causeway Bay, Hong Kong's core retail area. In May, Kr Space signed a 10-year contract to occupy an 83,000 square-feet space in Wan Chai, another prominent commercial district in Hong Kong. IDG Capital previously led two of Kr Space's funding rounds.
Electric vehicle startup Xpeng Motors recently completed an $857 million funding round and is now valued at $3.7 billion. Prior to a Series B+ round, Xpeng also raised another $348 million in a Series B round in which IDG Capital participated. Xpeng unveiled its first model this year at the Consumer Electronics Show in Las Vegas.
IDG Capital has joined a Series A+ funding round in Qeebike, an electronic bike startup based in Hangzhou, China. Qeebike will use the funding to enhance its R&D capabilities and also expand the number of charging stations in its network. Founded in 2016, the firm is now profitable. Qeebike owns and operates more than 10,000 electronic bikes in multiple cities throughout China. Earlier this year, IDG Capital co-led the company's Series A.
IDG Capital participated in Xiangwushuo's $65 million Series B+ funding round. The Beijing-based second-hand goods exchange platform currently has 20 million users on its app and 1 million daily active users. The company is now exploring how to use artificial intelligence and deep learning technologies to better identify goods and match them with users.
IDG Capital-backed Anker, a Shenzhen-based consumer electronics manufacturer, is expanding its product offerings. Best known for portable chargers, the company now also develops a wide range of products for the audio, portable security camera, projector, robotic vacuum cleaner and smart car markets. In addition to manufacturing and sales operations Shenzhen, Anker now has offices in Seattle, Tokyo, Dubai and Jakarta.
IDG Capital has co-led Meiwo's Series A funding round. Meiwo, a Hangzhou, China-based home decoration company, applies an Internet-powered approach to its business model, providing an emerging middle class, ages 27 to 35, with quality designs and a dedicated home decor service. Meiwo currently numbers 3,000 families in its customer base. On average, each Meiwo retail store completes 265 design projects per store per month.
IDG Capital joined an $18 million Series A+ funding round in Tikin Media, a Beijing-based advertising company that uses projectors to showcase advertisements in elevators. The company will use the investment to expand market share, deploying 100,000 screens in elevators nationally over the coming year. Tikin now operates 30,000 elevator installations in 50 cities around the world, including many in buildings owned by Fortune 500 companies.