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Beijing-based credit service and financial customer management startup 100Credit raised $159 million during a recent Series C funding round. The fintech firm intends to use the investment to recruit talent, upgrade artificial-intelligence finance capabilities and develop new financial risk management products. Founded in 2014, 100Credit currently serves more than 3,500 financial institutions in China. The firm estimates that it processes more than 3 million credit history queries per day. IDG Capital joined 100Credit's Series A round in 2014.
Coinbase, a cryptocurrency wallet and exchange, hired Alesia Haas-formerly of OneWest Bank, Merrill Lynch and General Electric-as its new Chief Financial Officer. Coinbase is currently valued at $1.6 billion. IDG Capital, an angel investor in the firm, also has several other cryptocurrency companies in its portfolio, including Ripple and Circle.
IDG Capital has joined Crunchbase's list of the Top Ten most active global investors during Q1 2018. From January to March, IDG Capital led or joined 14 early-stage funding rounds worldwide and nine late-stage deals.
IDG Capital recently led a Series A funding round for DEEP Informatics, a Hangzhou-based company using artificial intelligence to analyze medical images. The funding round will support R&D efforts and help the company expand globally. DEEP Informatics can analyze over 1 Gigabyte of medical images in under 10 seconds. The firm currently partners with more than 50 3A-tiered hospitals in China and scores of institutions in the U.S.
SenseTime, a Hong Kong-based artificial intelligence company, is now valued at $3 billion. The firm provides facial recognition to more than 400 companies inside China. Customers use SenseTime technology for surveillance, security, facial login, photo sorting and editing, and real-time customer analysis. IDG Capital led SenseTime's Series A funding round and also joined the company's Series B round in 2017.
Hospitals in Shenzhen are now conducting clinical tests using Tencent's artificial intelligence-powered diagnosis system to identify cancers. The Tencent system can sort medical images and help doctors diagnose the probability of cancer with up to 90 percent accuracy. Tencent went public in Hong Kong in 2004. IDG Capital was an early investor.
Coinbase, based in San Francisco, recently acquired earn.com, a blockchain-based startup offering paid email services. A global leader in cryptocurrency and blockchain, Coinbase has also appointed earn.com's Chief Executive Officer Balaji Srinivasan as Chief Technology Officer. IDG Capital was an angel investor in Coinbase, which was founded in 2011.
IDG-backed Coinbase has acquired Cipher Browser, a decentralized app browser and wallet for the Ethereum blockchain. Coinbase said it would use the acquisition to help improve a similar product, Toshi. Cipher Browser founder Peter Kim will lead the joint engineering team for the new Cipher-Toshi product line. Coinbase, with over 10 million users, has processed more than $50 billion in cryptocurrency trades.
Online video streaming service iQiyi and anime-themed online entertainment platform Bilibili are both now listed on Nasdaq. IQiyi raised $2.25 billion from its IPO, making it the second largest listing on Nasdaq by a Chinese company in over a decade. IDG Capital joined iQiyi’s $1.53 billion financing round in 2017 and led Bilibili’s Series A funding round in 2014.
Meitu, a Hong Kong-listed photo enhancement app with more than 455 million users, plans to turn itself into a photo-social networking platform, with plans to expand into games and online literature. Also, the company recently launched an artificial intelligence-based skin detection module for its e-commerce platform MeituBeauty, which can recommend cosmetic products for users based on skin scans. IDG Capital joined Meitu’s $350 million Series C funding round in 2014.
Santander Bank recently launched a foreign exchange service powered by blockchain firm Ripple. The new service will operate in Spain, the U.K., Brazil and Poland. Ripple previously formed a partnership with American Express to enable blockchain-powered cross-border payments. IDG Capital led a $28 million Series A funding round for Ripple in 2015. Based in Menlo Park, California, Ripple currently partners with more than 100 financial institutions worldwide.
Hong Kong-listed gaming hardware manufacturer Razer had launched a series of digital game distribution platforms in the U.S., the U.K., Germany, France and Singapore. The new digital platforms can provide users with both local online content and local customer support. IDG Capital joined Razer’s Series B funding round in 2011.
Tencent has inked a partnership with Hollywood-based Tang Media and Chinese investment firm China Everbright to distribute between 10 and 20 U.S. films in China and also produce original content in Hollywood for Chinese audiences. The agreement will help the multimedia giant better serve China’s booming $7.9 billion movie market. IDG Capital was an early investor in Tencent which went public in Hong Kong in 2004.
Boston-based cryptocurrency startup Circle became profitable in 2017 and plans to double its staff to 400 employees worldwide. The company, which generated $250 million in revenue in its most recent quarter ending in February, plans to build a crypto-based global market infrastructure to help consumers more easily access blockchain and cryptocurrency products. IDG Capital led Circle’s Series C and D funding rounds and facilitated Circle’s recent acquisition of cryptocurrency exchange Poloniex.
NIO, a Shanghai-based electric vehicle company with offices in San Jose, London and Munich, recently won first-place for its vehicle charging system at the 2018 Red Dot Design Award competition in Singapore. NIO unveiled its first electric vehicle in 2017 and plans to start mass-producing the car this year. The company is backed by IDG Capital.
Chinese artificial intelligence company SenseTime, the world’s most valuable AI start-up, recently raised $600 million from Alibaba, Temasek and other investors. Its latest funding round will help underwrite initiatives in auto-driving and augmented reality. The investment also doubles the company’s estimated valuation. SenseTime, which became profitable in 2017, now provides facial recognition technology to more than 400 clients, including Qualcomm, Nvidia, and IDG-backed smartphone maker Xiaomi. IDG Capital led SenseTime’s Series A funding round and joined the company’s Series B round.