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Razer, a San Francisco- and Singapore-based manufacturer of gaming peripherals, is building a true ecosystem around games, including a virtual credit system and a digital payment network. With more than 1,400 employees, Razer manufactures its products in partnerships with companies in China, Taiwan and Vietnam. Razer's partners include Microsoft, Tencent and Google, with which it is building new cloud gaming ecosystems. IDG Capital-Accel China invested $50 million in Razer, which went public on the Hong Kong Stock Exchange in 2017.
Chinese leading electric vehicle manufacturer NIO said its full-year deliveries of vehicles has reached 20,565 in 2019, compared with 11,348 units delivered in 2018. Based in Shanghai, the company's total revenues also grew to $1.1 billion in 2019. "We are pleased to see our growing user community becoming an essential part of our brand and business growth," said William Li, founder, chairman and CEO of NIO. Previously, IDG Capital joined NIO's Series B+ funding round. NIO went public on the New York Stock Exchange in 2018.
Razer, a Hong Kong-listed gaming hardware manufacturer, is converting some production facilities to temporarily make surgical masks. The company plans to provide healthcare authorities around the globe with as many as a million masks. "This emergency conversion of some of our lines and donation of masks is the first step of many that Razer will take," said CEO Min-Laing Tan. IDG Capital-Accel China invested $50 million in Razer in 2011.
Chinese electric vehicle (EV) startup Xpeng has secured permits for its new P7 electric sports sedan to test drive on American roads. The P7 electric sedan is Xpeng's second production model and has the longest driving range among electric vehicles sold in China. The road tests in the US will provide a“supplement”to the company's research in China. IDG Capital co-led Xpeng's $348 million Series B round in 2018.
Firework, a Redwood City, Calif.-based short-form video-sharing platform competing with TikTok, has signed a global strategic partnership with Chinese electronics giant Xiaomi. Firework's catalogue of 30-second short videos will be available to Mi Video users. The partnership will also extend Firework's Reveal technology, which allows videos to have a 360-degree horizontal and vertical point of view, to Mi Video. Previously, IDG Capital led a $30 million funding in Firework and was also an early investor in Xiaomi.
IDG Capital joined a $36million Series B+ financing round in Fenbeitong, a Beijing-based business expenses management start-up. Founded in 2015, Fenbeitong develops a corporate wallet app that allows users to manage, pay and receive reimbursement for business expenses. The company said it would use the new fund for product optimization and workforce expansion with additional research and development staff. Previously, IDG Capital led Fenbeitong's $4.36 million Series A round, co-led a $5.82 million Series A+ round and also joined its Series B financing round.
Bilibili, an IDG Capital-backed Chinese video-sharing platform, has become a new battleground for tech companies to reach young people in China. Founded in 2009, Shanghai-based Bilibili is the biggest video, animation and gaming entertainment platform for China’s fast-growing Generation Z market segment, which comprises people born between 1990 and 2009. Chinese tech companies, including Alibaba, Tencent and JD.com, have created official accounts on Bilibili. Prior to Bilibili’s listing on Nasdaq, IDG Capital led Bilibili's Series A funding round and also joined its A+ and B rounds.
Circle, a Blockchain-based cryptocurrency fintech firm, intends to sell crowdfunding platform SeedInvest and focus on developing its stablecoin products. The company will roll out new APIs and Circle business accounts that allow corporate clients to conduct business in USDC, a token designed to hold value against the U.S. dollar. Previously, IDG Capital was the lead investor in Circle's $50 million Series C and $60 million Series D funding rounds.
Meituan Dianping, China's leading on-demand service platform, has led an $87 million Series B round in Wangjiahuan, a Shenzhen-based agricultural products distributor. Founded in 1995, Wangjiahuan operates over 130 million square meters of agricultural production bases, serving more than 200 food brands and nearly 20,000 large-scale institutional clients nationwide. IDG Capital was an early investor in Meituan, which went public on the Hong Kong Stock Exchange in 2018.
Huazhu Group, a Nasdaq-listed hotel operator, is merging its Elan brand with Shanghai-based hotel chain HHotel. The multi-brand hotel group says this move will enable small- and medium-sized monomer hotels impacted by the ongoing COVID-19 outbreak. Previously, IDG first invested in Huazhu in 2017 and the two companies then jointly invested in HHotel. As of December 2019, Huazhu operated 5,618 hotels all over China.
HoloMatic, a Beijing-based autonomous driving firm backed by IDG Capital, has joined CB Insights' annual ranking of the 100 most promising AI startups in the world. The list is made from nearly 5,000 startups, based on patent activity, business relations, investor profile, market potential, team strength and other factors. Founded in 2017, HoloMatic provides full-stack solutions, including wire control, multi-sensor fusion and core algorithm designs. IDG Capital led HoloMatic's angel round in 2017 and also joined its Series A round in 2018.
Chinese online education platform Yuanfudao led a seed round in Bengaluru-based Pigeon Education, which owns online learning platform Oda Class. Founded in 2019, Oda Class offers live coaching for students from grades 6-10 with a dual teacher system, where lectures are delivered by a master teacher while chat-based interaction is provided by a tutor teacher. Oda Class said it has on-boarded a million users in 50 days of its launch and plans to reach 10 million users by December. Previously, IDG Capital joined Yuanfudao's multiple financing rounds.
Pony.ai, an autonomous driving startup based in China and Silicon Valley, has received $400 million from Toyota Motor Corporation. Founded in 2016, Pony.ai said the new fund will enable the startup to make the commercialization of autonomous-driving vehicles faster. The investment also pushes Pony.ai's valuation to more than $3 billion. Previously, IDG Capital was a seed investor in Pony.ai and also joined a $112 million Series A funding round in 2018.
KuCoin, a Singapore-based cryptocurrency exchange backed by IDG Capital, has now launched its Instant Exchange service that allows users to exchange some of the top crypto assets within seconds. Launched in 2017, KuCoin has grown into one of the most popular crypto exchanges to its 5 million users spread across 207 countries. IDG Capital co-led KuCoin's $20 million Series A round in November 2018.
Opera, a web browsing company based in Oslo, Norway, has released a new web browser that aims to help users get their chaotic mess of open tabs back under control. A new feature called “Workspaces”allows users to organize tabs based on different contexts, including work, free time activities, personal projects and more. Opera said it is reaching now more than 68 million monthly users. The company went public on Nasdaq in 2018, raising $115 million. IDG Capital joined Opera's pre-IPO financing round.
IDG Capital led a $50 million Series B funding round in Guoquan Shihui, a convenience store chain that provides hot pot and barbecue ingredients in China. Over the past three years, Guoquan has opened more than 1,700 offline stores in China, covering 8 provinces and 3 municipalities. The financing will be used to optimize product supply chains, expand core market areas, run online businesses, and strengthen company teams.