Chinese venture capital activity saw a jump in the number of announced deals but total deal value dropped significantly last month from April because of the lack of mega deals. In May, 284 VC deals were announced worth an aggregate US$6.38 billion, compared to 209 deals worth US$15.59 billion in April, according to China Money Network’s China VC Tracker released today. China VC Tracker is produced based on proprietary data collected by China Money Network.
In this episode of China Money Podcast, listen to all the news headlines in the week of April 30-May 4, 2018, including Chinese robot maker Ubtech scoring a US$820 million around, and Baidu’s financial services arm securing a US$1.9 billion round. Be sure to subscribe to China Money Podcast for free in the iTunes store, or subscribe to our weekly newsletter. Follow us on Twitter @chinamoneypod, follow us on our LinkedIn page. Please scan the QR code below to follow …
Chinese social media giant Tencent Holdings Ltd. has led a US$820 million series C round in Chinese humanoid robot maker Ubtech Robotics, valuing the firm at US$5 billion.
Chinese mobile Internet company Cheetah Mobile Inc. (NYSE: CMCM) has unveiled a series of artificial intelligence-powered smart devices and robotics products in a glitzy event held last night in Beijing’s National Aquatics Center.
Chinese Internet giant Tencent has announced the establishment of a robotics laboratory named "Robotics X”, to support the company’s push into AI and robotics. The new lab, to be based in Shenzhen, will reinforce Tencent’s R&D in the artificial intelligence realm in conjunction with its existing AI Lab, launched in April 2016. At the same time, the company announced that it had reached a strategic cooperation agreement with Nature Research, a subsidiary of academic publisher Springer Nature, to promote research …
Similar to the Beijing Olympics opening ceremony in 2008 when thousands of performers waved their drumsticks in synchronization, the 2018 New Year’s Eve gala televised a few days ago featured autonomous driving cars, flying drones and boats dancing together to form symbolic images of a rising China.
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.
Chinese humanoid robot maker Ubtech Robotics is raising a US$400 million series C round led by tech giant Tencent Holdings Ltd. with participation from investors whose identities are unknown at this moment. The Shenzhen-headquartered company has been raising this round at least from six months ago, and the final numbers may still change, according to people familiar with the matter.
Shenzhen, once a hotbed of technology innovation and home to seven Fortune Global 500 companies, is losing out in the race to becoming China’s Silicon Valley.
中文版请点击这里 The artificial intelligence (AI) revolution has begun. PwC estimates that thirty-eight percent of jobs in the U.S. are at high risk of being replaced by robots and AI within 15 years. Prominent Chinese AI investor Dr. Kai-Fu Lee predicts half the jobs in the world could be replaced by AI in ten years time.
James Zhou, founder of China’s biggest robot maker Ubtech Robotics, was fascinated by the Transformers show as a young boy in Shanghai during the 1980s. A few decades later, he’s turned his childhood passion into Ubtech, a US$5 billion technology powerhouse based in Shenzhen.
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 …
China-focused alternative investment firm CDH Investments has closed its China mid-market fund at the hard cap of US$800 million in total commitments, according to media reports.
CDH Investments-backed Ubtech, a Shenzhen-based "intelligent humanoid robots" developer has launched a new product called Lynx, which was developed in partnership with Amazon and enabled by the U.S. e-commerce giant’s voice assistant Alexa.
The closing months of 2016 have been kind to Qiming Venture Partners. The US$2.7 billion-under-management Chinese venture capital firm saw three of its portfolio companies list in public markets during the past month: in Shanghai, Taiwan and Hong Kong.
CDH Investments has led a US$100 million investment in Ubtech, a Shenzhen-based intelligent humanoid robots maker, according to Chinese media reports.
Shenzhen-based robot developer Ubtech and drone maker DJI, both backed by venture investors, were featured on the Chinese New Year’s gala, highlighting the government’s push toward innovation and entrepreneurship.
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]