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Baidu plans to launch a new Beijing-based institute for quantum computing, an emerging computer science field designed to enhance large-scale data processing, while at the same time, solving complicated computing problems and upgrading network security. The new Baidu Quantum Computing Institute will help the company compete with IBM, Google, Microsoft and Alibaba, all of which are now also investing in quantum computing. IDG Capital was an early investor in Baidu, China’s leading search engine, which first went public on NASDAQ in 2005.
Moncler will establish a "design hub" to encourage leading luxury fashion designers to offer new products to its customers on a monthly basis. Moncler's approach is designed to meet the purchasing needs of social-media-driven millennials. IDG Capital backed Moncler in 2011. The company went public in 2013.
IDG Capital is leading a $100 million Series C funding round in Club Factory, a cross-border e-commerce platform selling Chinese produce in Southeast Asia, India and the Middle East. Club Factory will use the funding to improve logistics and customer service. IDG Capital was Club Factory’s angel investor and joined the company’s Series A in March 2016.
Unlike other online providers of luxury goods, Farfetch draws its fashion inventory exclusively from more than 800 brick-and-mortar retailers, according to José Neves, founder and CEO. Brand partners include Gucci and Chanel. The London-based firm also partners with regional e-retailers like JD.com in China and Chalhoub Group in the United Arab Emirates. IDG Capital, Eurazeo and Temasek led Farfetch’s Series F funding round in 2016.
Forbes China has named IDG Capital Partner Jeacy Yan to its annual list of China’s top 25 women venture capitalists. The Forbes China’s ranking is modeled on the “Midas List” of successful VC investors published by the U.S. edition of Forbes. At IDG Capital, Yan focuses on consumer goods and services, retail and e-commerce. Her portfolio companies include Farfetch, Moncler, EVISU and Gentle Monster.
Brian Gu, JPMoran’s veteran investment banker and chairman of its Asia-Pacific investment banking operation, is joining Chinese electric car startup Xpeng Motors to lead its global expansion drive. At JPMorgan Asia, Gu spearheaded several major fundraising efforts, including Alibaba’s record-setting $25 billion IPO in 2014. IDG Capital, Alibaba and Foxconn led Xpeng’s $348 million Series B round in January.
IDG Capital recently joined a $818 million Series C funding round for Chehaoduo, one of China’s largest car trading platforms. Other investors included Tencent, Sequoia, ICBC International and DST Capital. Chehaoduo currently has an estimated 68% of the online used-car auction market in China. In addition a used-car auction website, Chehaoduo also operates a new-car trading platform.
SenseTime, a leading Chinese startup specializing in artificial intelligence, has formed an alliance with the Massachusetts Institute of Technology (MIT) to promote research and development for facial recognition technology. Founded in 2014, SenseTime is currently valued at around $3 billion. The company’s customers include UnionPay, Sina Weibo, Xiaomi, Huawei and Honda. IDG Capital joined SenseTime’s $410 million Series B funding round in 2017.
IDG Capital recently participated in a $4.8 million Series A funding round for Fourier Intelligence, a Shanghai company providing physical rehabilitation via robotic exoskeletons. Fourier launched a lower-body exoskeleton robot last year and will use the new financing to help further develop and commercialize other medical robotic products.
IDG Capital recently led the Series A funding round for Kuandeng Technology, a Beijing-based company focusing on high-accuracy mapping services for automatic driving. The company says it will use the latest investment round to further improve the technical efficiency of its product offerings. Most members of Kuandeng’s technology team previously worked for other leading global technology companies, including Alphabet, Baidu, Alibaba and Tencent.
Circle, a cryptocurrency-based financial service startup, has acquired Poloniex, one of the world’s most active cryptocurrency exchanges. The acquisition is expected to makes Circle one of the most influential companies in the global cryptocurrency industry. IDG Capital was the lead investor in Circle’s $50 million Series C and $60 million Series D funding rounds and also helped coordinate the Poloniex acquisition. To date, the New York State Department of Financial Services has granted BitLicenses to only three companies — Circle, Coinbase and Ripple, all IDG Capital-backed.
Forbes Magazine recently named Farfetch one of the top five global companies exemplifying the future of luxury online. Providing online retail and in-store technology services to luxury shoppers, London-based Farfetch has built partnerships with many leading global brands, including Gucci, Dolce & Gabbana, Givenchy and Chloé. The company recently formed a partnership with Chanel to help bring technology-enhanced luxury shopping services to its customers. IDG Capital co-led a $110 million Series F funding round of Farfetch with Eurazeo and Temasek in 2016.
Pony.ai took its driverless car out for a first ride on Chinese city streets last month — 1.7 miles in the city of Guangzhou. The company also recently inked a partnership with Guangzhou Automobile Group, a Fortune 500 company and China’s second-largest auto manufacturer. IDG Capital was part of Pony.ai’s $112 million Series A funding round in January. The self-driving car company is based in Fremont, California, and also operates offices and development teams in Guangzhou and Beijing, China.
Meitu is expanding its global offering with BeautyPlus, a photo-editing app designed especially for users outside of China. More than 300 million customers now use this new Meitu app worldwide. In 2015, IDG Capital joined Meitu’s initial $190 million funding round. The company went public in Hong Kong in 2016.
Crunchbase has named self-driving car startup Pony.ai a global “fast climber.” IDG Capital was a seed round investor in Pony.ai and also joined the company’s initial $112 million Series A funding round in January. Pony.ai operates in both China and Silicon Valley.
Forbes Magazine last week singled out two IDG Capital-invested companies in its weekly Chinese news roundup. Forbes reports that Toutai, an artificial intelligence news platform, recently acquired Faceu, a popular selfie app that IDG Capital backed in 2014. Also, NIO – likewise backed by IDG Capital – is now testing an SUV model in Silicon Valley. It also recently recruited board members from several leading U.S. technology companies, including Cisco, Tesla, and Apple.