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IDG-backed Coinbase, a cryptocurrency exchange, recently acquired Paradex, a peer-to-peer token trading platform. Since its launch in 2012, the San Francisco-based firm has traded more than $150 million in assets for 20 million customers. CNBC recently ranked Coinbase 10th on its "Disruptor 50" list.
Kr Space, China's leading co-working space operator, will expand its operations into Hong Kong. IDG Capital has previously participated in three Kr Space venture rounds.
SenseTime, an Artificial intelligence (AI) company, recently teamed up with Alibaba to open a non-profit AI lab in Hong Kong. The lab is designed to expand the boundaries for AI R&D and also strengthen Hong Kong's position as a global innovation hub. IDG Capital invested in three different funding rounds at SenseTime in 2014, 2016 and 2017.
Hugo Shong, IDG Capital's Global Chairman and a Boston University Trustee, joined BU president Robert A. Brown last week to present Zhang Yimou with an honorary Doctorate. In addition to many famous award-winning films, Zhang also directed an eight-minute performance about 2022 Beijing Winter Olympics, shown during the closing ceremony of the 2018 Pyeongchang Winter Olympics in Seoul. Fengshangshiji Culture Media, an IDG Capital-backed stage design and lighting company, produced the performance. IDG Capital also backed Zhang Yimou's "Impression Series", a popular outdoor series of musicals, which Zhang now co-produces in seven major Chinese tourist destinations.
Zoox, a driverless car startup, is now valued at more than $1 billion. The Menlo Park-based firm plans to launch a taxi-like service and other products in 2020. Starting in 2016, IDG Capital was an early investor in Zoox.
IDG Capital is co-leading a Series A funding round for Jiatui, a Shenzhen-based company that produces artificial intelligence-empowered products for corporate clients. The firm will use the proceeds from the latest funding round to focus on products, which help manage sales and facilitate business-to-business communication. Jiatui now has 20,000 clients and operations in more than 110 Chinese cities.
With 20 million users and over $20 billion in virtual currencies, Coinbase recently acquired crypto startups Earn.com, Cipher Browser and Paradex, and is now an undisputed leader in the global cryptocurrency industry. IDG Capital was an early investor in the San Francisco-based firm.
Circle has launched USD Coin, a new cryptocurrency designed to mitigate price volatility. Bitmain, China's biggest Bitcoin miner, co-invented the product with Circle and also recently led a $110 million investment in the Boston-based firm. IDG Capital joined the Bitmain-led investment and is an investor in both Bitmain and Circle.
IDG Capital and Hike Capital are co-leading a $15 million funding round in Huohua Siwei, an online platform designed to enhance the critical thinking capabilities of Chinese children, ages three-to ten. The Beijing-based training platform currently employs more 70 teaching and software design staff. Huohua Siwei will use the fund for R&D efforts, plus the construction of several educational centers.
Oil giant BP recently signed a Memorandum of Understanding with NIO Capital, the investment arm of NIO, a Shanghai-and San Jose-based electric vehicle manufacturer. Under the terms of the agreement, the two firms will jointly explore global business opportunities involving electric vehicles and batteries, new energy infrastructure and smart-car systems. IDG Capital recently joined NIO's Series B+ funding round.
Hong Kong-listed Tencent has signed a Memorandum of Understanding with the United Kingdom's Department of International Trade to cooperate on a wide range of digital, cultural and creative projects. Tencent's anime movie business, Penguin Pictures, will also collaborate with the British Broadcasting System (BBC), the national public service broadcaster, for joint production, commercial licensing and film distribution. IDG Capital was an early investor in Tencent.
Nasdaq-listed iQiyi, which signed up over 60 million streaming service subscribers, has formed a partnership with FilmNation Entertainment, a New York and Los Angeles-based film production and distribution firm. The agreement gives iQiyi, based in Beijing, exclusive access to FilmNation content for three years. iQiyi has also previously partnered with Fox, Disney, Sony, and Netflix. IDG Capital joined iQiyi's financing round in 2017.
Chinese venture capital firms inked 209 deals in April with a total value of $15.59 billion, and IDG Capital leader was among the lead investors with five deals valued at $119 million. Recent IDG Capital investments include Informatics, an AI-powered digital pathology company; Castbox, a San Francisco-based global podcast app; PatPat, a cross-border infant product e-tailer; Youxi, which owns and operates Chinese movie-themed hotels; and Easylinkin, which designs Low Powered Wide Area Network (LPWAN) products for wireless communication.
In a wide-ranging interview, Jim Breyer, an early investor in Facebook, discusses why he's now focused on artificial intelligence (AI) in both the U.S. and China. Since first joining forces with IDG Capital in 2005, Breyer, who manages Breyer Capital, and IDG Capital have jointly co-invested in more than 200 Chinese companies.
Ping An Good Doctor, China's leading online healthcare service platform, has raised $1.12 billion in an initial public offering on the Hong Kong Exchange. With 193 million users, the Shenzhen-based company provides medical consultations, health checkups and other healthcare products. IDG Capital joined Good Doctor's 2016 financing round.
Video gaming company Razer recently formed a partnership with Singaporean mobile network operator Singapore Telecommunications (SINGTEL) to begin deploying a digital payment system in Southeast Asia. IDG Capital was an early investor in Razer. The company went public in Hong Kong in 2017.