Shanghai-based technology, media, telecom (TMT) focused venture capital Panda Capital announced that it has completed raising RMB700 million (US$105 million), making this its second RMB fund.
Sinovation Ventures, a Chinese venture capital firm founded by former Google China head Kai-Fu Lee, today announced the close of its new US$500 million Fund IV to invest in early and growth stage Chinese and U.S. technology companies.
Sinovation Ventures, a Chinese VC firm co-founded by Kai-Fu Lee, former head of Google China, has received an investment tranche of US$50 million from Spanish bank Banco Bilbao Vizcaya Argentaria, S.A., or BBVA, for its new US$500 million fund targeting artificial intelligence start-ups.
Chinese venture capital firm Qiming Venture Partners has announced the closing of three new funds totaling US$1.39 billion.
When talking about his business, Misa Zhu, founder of Chinese artificial intelligence start-up Rokid, frequently uses two words not often associated with tech: gorgeous and patient.
China’s largest retailer Alibaba Group Holding and artificial intelligence-powered facial recognition firm Face++ have led a RMB349 million (US$55.6 million) round in Chinese video technology firm Video++, also known as Jilian Technology.
China Money Network’s DealShot provides detailed information on venture capital and private equity deals in China on a daily basis. Here you can find out where Chinese investors have been investing their money in at around 5pm each workday.
Chinese Premier Li Keqiang’s took to the stage at the annual gathering of Chinese People’s Political Consultative Conference (CPPCC) members and laid out a vision of the Chinese economy based on artificial intelligence. Corporate China also joint in the AI chorus.
Chinese tech giant Tencent Holdings Ltd has opened up its artificial intelligence images platform to the public, essentially offering basic image and facial recognition capabilities for free. The move raises the question if start-ups focused on providing facial recognition services would still be commercially viable.
China recorded US$40 billion in venture capital investment deals in 2017, a 14.3% increase from US$35 billion in 2016, buoyed by a flurry of massive investment in artificial intelligence and automobile technologies in the fourth quarter, according to a report by KPMG.
Singapore’s Temasek Holdings has led a new funding round in Rokid, a Chinese robotics start-up. Investors including Credit Suisse Group, CDIB Capital International, and existing investor IDG Capital also participated in the round, Rokid announced on its Wechat official account. The company did not disclose the amount it raised, but Chinese media reports put the number at US$100 million. Rokid did not immediately respond to China Money Network’s inquiry to confirm the figure. The new round values the company at …
For China venture capitalists, 2017 was a big deal year. While overall VC activity kept the robust pace of a record 2016, the year of 2017 witnessed a large number of record-setting mega deals that defined the growth trajectory of China’s tech sector and made headlines worldwide.
Yao Song, founder of upstart Chinese artificial intelligence (AI) start-up DeePhi Tech, has a nickname: "Boss Yao". The 25-year-old Tsinghua University graduate has been on a winning streak so far. After securing a victory at a national physics competition championship, Yao was admitted into China’s top university to study electrical engineering without having to take the university entrance exam. While at Tsinghua, he chaired a prominent student science association and organized innovation competitions on campus.
Alibaba Group Holding Ltd. has reportedly invested RMB1.5 billion (US$227 million) in SenseTime, a Beijing-based Chinese artificial intelligence company specializing in facial and image recognition technology and its application.
Shunwei Capital, Oriza Holdings and Puhua Capital have led a RMB500 million (US$75 million) series B round in CloudWalk Technology Co., Ltd., an artificial intelligence facial recognition firm whose technology is widely applied in the financial, public security and aviation sectors. Yuexiu Financial Holdings Group, Shenzhen Qianhai Xingwang Investment Co. and a fund co-invested by Galaxy Holding and Zhangjiang Group participated in the new funding round. Cloudwalk also received RMB2 billion (US$301 million) from the government of Guangzhou to set up …
Chinese facial recognition start-up Face++ has announced that Andrew Chi-Chih Yao, the first Chinese recipient of the Turing Award, will join the firm’s newly established academic committee as principal advisor.
Chinese facial recognition firm Face++ has raised US$460 million in a series C round led by China State-Owned Assets Venture Investment Fund, with Ant Financial and Foxconn Technology Group participating, setting a new VC financing record for AI companies globally.
China and the United States are both artificial intelligence superpowers. But China may soon be the clear leader, at least in terms of AI patents filed. The U.S. currently has more, with 35,508 AI patents, versus 34,345 for China. But as Chinese companies and scientists are filing AI patents at a faster pace, the nation is likely to hold more AI patents than the U.S. by year end, according to a report by Sequoia Capital China and Zhen Fund.
Zhifei Li, founder of Chinese artificial intelligence firm Mobvoi, once joked in a Wechat post that the best business model for a Chinese AI company was to become an Internet celebrity via smart marketing and then pivot to become an e-commerce firm. But, he added self-deprecatingly, "because I’m not handsome enough and my Mandarin is terrible, I choose to sell premium hardware powered by our own proprietary AI technology."
To say that Meng Xing, V.P. and entrepreneur-in-residence at Chinese venture firm Shunwei Capital, has been busy would be a gross understatement. Over the past ten years, the 31-year-old venture capitalist and entrepreneur has founded two artificial intelligence (AI) start-ups, selling one, an image recognition AI company, to Amazon and the other to a listed Chinese company. In between, he worked as an investment banker at J.P. Morgan Hong Kong and casino giant Caesars Entertainment, on top of getting an …
Think of China as the world’s factory no more. The Middle Kingdom has been rising in technological sophistication at light speed in recent years, fueled by top-down policy encouragement and venture capital funding. Ten years from now the world’s second biggest economy – though China should already be the world’s biggest economy long before that – could well be the leading power in the next exciting tech frontier: artificial intelligence (AI), projects Dr. Kai-Fu Lee, founder of Sinovation Ventures and …
Baidu Inc. has hired Liu Wei, formerly a partner at Legend Holdings’ venture arm Legend Star, as the chief executive officer of its early stage investment unit Baidu Ventures. Launched in October 2016, Baidu Ventures aims to back artificial intelligence, virtual reality and augmented reality projects.
Fosun Group’s venture investment arm, Kinzon Capital, has teamed up with Matrix Partners China to lead a series A funding round of over RMB100 million (US$14 million) in Shenxing Tech, a Beijing-based face recognition and artificial intelligence start-up.
Beijing-based face recognition technology firm Face++ has raised at least US$100 million from Foxconn Technology Group, CCB International Holdings Ltd. and existing investors, according to media reports.
Foxconn, also known as Hon Hai Precision Industry Co., Ltd., has invested US$20 million in Chinese image recognition start-up Megvii Technology, according to a disclosure filing.
China-focused venture firm Qiming Venture Partners has reached final closing of its fourth RMB fund, securing RMB1.5 billion (US$222 million) in total and bringing the firm’s aggregate asset-under-management to US$2.7 billion.
SHANGHAI, Feb. 2, 2016 /PRNewswire/ — Qiming Venture Partners ("Qiming"), a leading venture capital firm in China, today, announced the successful closing of Fund V, its fifth US Dollar venture capital fund with $648 million in commitments. This fund continues Qiming’s strategy of funding innovations through outstanding Chinese entrepreneurs in the Information Technology, Internet and Consumer ("Intersumer"), Healthcare, and Cleantech sectors. Qiming’s assets under management now is $2.5 billion after its debut in 2006.
Qiming’s portfolio includes over 160 investments distributed among its targeted sectors. Qiming Venture Partners invests in early-stage and expansion-stage deals, with over 50% of its investments in early stage companies.
Qiming takes great pride in its investment team. Managing Partners Duane Kuang, JP Gan, Gary Rieschel, Nisa Leung, and William Hu are all recognized leaders in their respective areas and within the venture capital community. They are proud to be joined by Partners Yong Zhang, Grace Lee, Janet Yu, Helen Wong, Jing Wu and Kuantai Yeh as the leadership team for Qiming. In addition, with this fund closing, Peter Yin, Stella Zhou, Shiyu Wang, and Jay Yin join the senior investment team as Principals. This team’s stability is a clear differentiator in China among both entrepreneurs and limited partners.
There are currently over 50 staff within the firm, and all the senior team members have the combination of investing and operating experience coveted by today’s Chinese entrepreneurs.
Some of Qiming’s investments include:
- Xiaomi, one of the fastest growing companies in history and a leading smartphone and application developer in China
- Dianping, a leading dining and lifestyle information site and mobile application provider in China
- iTutorGroup, a premier online education platform with four award-winning service product businesses, including VIPABC, TutorABC, VIPABCJr and TutorABCJr
- Mogujie, a leading female social e-commerce community in China
- Meitu, a leading photo editing and self-photographing application developer and smart phone provider in China
- Bilibili, the most popular video sharing website and community for animation, comic and game fans in China
- Tigermed, Asia’s leading clinical research organization
- Gan & Lee, a leading insulin company in China
- Zai Lab, a leading biotech company in China developing innovative medicines, focusing on large unmet medical needs in China
- We Doctor Group, former named "Guahao.com", a China’s leading mobile-healthcare service provider
- HyperStrong, an integrated solution provider for battery management & energy storage system in China
- Face++, a world leader in face recognition and machine learning technology and applications
- UBTech, a leading player in consumer robotics and artificial intelligence
"Congratulations to Qiming on the successful closing of the fifth US dollar Fund!" said Zhang Tao, the Founder of Dianping.com and the Chairman of China Internet Plus Holdings Ltd. (merged entity of Meituan and Dianping). "We have enjoyed working with Qiming over the years, and we really appreciate Qiming’s support and strategic insight," Zhang added.
Jim Millar, Managing Director at Princeton University Investment Company, described Qiming as follows: "Qiming has built a strong reputation as a leading venture capital firm in China and is notable for its partnership-oriented culture, both within the firm and with entrepreneurs. We are proud to have partnered with Qiming from the very beginning as its anchor investor."
Ed Grefenstette, President and CIO of The Dietrich Foundation, said, "Today’s venture market in China presents more opportunities and challenges than ever. Qiming enjoys that rare combination of extraordinary talent, experience and discipline. That’s why we believe they’ll continue their remarkable success."
Most of the LPs in Qiming V are returning LPs from prior Qiming funds, including Princeton University, MIT, Robert Wood Johnson Foundation, Duke University, Commonfund, Hall Capital Partners, Mayo Foundation and the Dietrich Foundation among others.
About Qiming Venture Partners
Founded in 2006, Qiming is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou and Hong Kong. Qiming currently manages five US Dollar funds and three RMB funds with US$2.5 billion assets under management.
Qiming strives to be the investor of choice for top entrepreneurs in China. Since our debut, we have backed over 160 young, fast-growing and innovative companies across China in the internet and consumer ("Intersumer"), healthcare, information technology and clean technology sectors. Over 30 of them are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange, and Shenzhen Stock Exchange or achieved exit through M&A. Many of our portfolio companies are today’s most influential brands in their respective sectors, including Xiaomi, Dianping, iTutorGroup, Mogujie, Meitu, Bilibili, Tigermed, Gan & Lee, Zai Lab, We Doctor Group, HyperStrong, Face++ and UBTech. Qiming consistently ranks among the top venture firms in terms of returns to its investors.
Qiming drives innovation and growth of business enterprises and promotes overall industry advancement and social development. With access to our partners’ experience and global network as well as our excellent industry background, we spare no efforts in helping our entrepreneurs and their companies succeed!
For further information, please contact:
Tel: (86 21) 61016522
Fax: (86 21) 6101 6512
Email: [email protected]
Beijing-based face recognition technology firm Face++ has completed US$25 million series B+ round of financing led by undisclosed investors, according to Chinese media reports. Founded in 2012, Face++, operated by Megvii Inc and Beijing Kuangshi Technology Co., Ltd., provides free application programming interface (API) and software development kit (SDK) of face detection, recognition and analysis. It received angel investment from Legend Star, a Chinese incubator program launched by Legend Holdings. In 2013, Face++ raised several million U.S. dollar series A …
Beijing-based face recognition technology platform Face++ has received US$22 million series B financing from Qiming Venture Partners and Innovation Works, according to the official Weibo account of Kai-Fu Lee, founder of Innovation Works. The latest financing round reportedly valued the company at US$100 million.