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.
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 …
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]
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.
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