Gary Rieschel, Qiming
Hans Tung, GGV
Veronica Wu, Hone
Shuonan Chen, Agile VC
Lee Chang, Baidu
Nick Adams, AME
Chris Evdemon, Sinovation
Gareth Keane, Qualcomm
New York City
September 9, 2017
Use Discount Code: SVDragon
China-Britain AI Summit
Sept. 22, 2017
Discount Code: CBBF1997
with DCM partner
|Two Decades In The Making
It was 12 years ago that Jack Ma and Jerry Yang got together at a Pebble Beach conference, and the dating became serious, with Yahoo taking a 40% stake in Alibaba for what at that time was an astonishing $1 billion. Or so recalled Yahoo's co-founder last week in a stage chat with DCM co-founder and partner David Chao at a Pebble Beach summit, held by the venture firm celebrating its 20th anniversary.
Certainly a lot has changed in the China-US venture scene over these past two decades. Yang himself now works with and invests in technology entrepreneurs through AME Cloud Ventures and serves on the board of five companies, no longer including Yahoo but spanning to China angled companies Alibaba, Lenovo and Didi.
DCM has been at the forefront of a shift by Sand Hill Road anchored venture firms to think and increasingly act globally. The firm has more than $3 billion under management, has invested in more than 300 companies and sports a differentiated cross-Pacific expertise and offices in Menlo Park, Beijing and Tokyo.
That Japan connection was clearly on display as Jeff Housenbold, managing director of Japan's Softbank Group, held court as he described the investing philosophy behind Softbank's gigantic $100 billion Vision Fund. With that size fund, investments that are less than $100 million just don't get done. It's more about what's your $5 billion idea, your 20-year plan that get Softbank founder Masa Son revved up.
A theme that resonated throughout the summit was where is the next Alibaba?
Read Forbes: Pebble Beach Summit
Chinese startup Strikingly, a website builder optimized for mobile, took in $6 million in Series A investment from CAS Holding, TEEC and prior investors Infinity Venture Partners and Innovation Works (renamed Sinovation Ventures). Strikingly, based in San Francisco, was the first China originated startup to be accepted by YCombinator in 2012. Founder David Chen, who dropped out of the University of Chicago to co-launch Strikingly, is using the funds to speed up user growth and expand products such as the Mobile Editor 1.0 that the startup just introduced for full editing of websites from mobile devices. Chen was nominated and profiled by Silicon Dragon's Rebecca Fannin for the Forbes Asia 30U30 2016.
Softbank and Didi along with a strategic outlay by Toyota have funded Grab, Uber
's key Southeast Asian rival, as part of a Series G (!) deal targeting $2.5 billion.
has led a $30 million first round investment in Abcfintech
, a Beijing-based startup with AI-driven analysis products for the financial industry to improve investment decisions. Others joining were Source Code Capital, SIG Asia Investment and Welight Capital
Blue Lake Capital
, GGV Capital, Yunqi Partners and Zhen Fund Smart have put $15 million in vending machine operator Citybox in Shanghai.
$24 million investment in
, a Chinese operator of three crowdfunding platforms
- a la Kickstarter Shuidichou and two healthcare related funding sites. Participating in the
Series A funding were Sinovation Ventures, Banyan Capital, IDG Capital, Meituan-Dianping and Tongcheng Foundation.
Hillhouse Capital Group
and Goldman Sachs have injected $90 million in Series D financing of Arrail Dental, a private dental service provider across China's leading cities.
has joined a $40 million, third round funding of Chinese clinic operator
, with additional support from Tiantu Capital, China International Capital Co., Qianhai Fund of Funds,and Shuimu Fund.
and Jack Ma-backed Yunfeng Capital have strategically poured $140 million in Qiniuyun, an enterprise cloud services company in Shanghai that could complement Alibaba's cloud computing unit.
has led a $170 million investment in Vini Cosmetics as early backer Bay Capital exits and clocks a 15 times returns. Meanwile, Sequoia India has bought a stake in Faces Cosmetic.
becomes Hong Kong
unicorn, as it goes beyond the B2B market and merges with 58 Suyun, a logistics on-demand platform focused on consumers of mainland Chinese online classifieds giant 58 Home.
Former WPP China CEO Bessie Lee is launching a $30 million venture capital fund to bridge U.S. innovation and the China market. The new fund from Withinlink, a China-based startup incubator and early stage venture fund she founded in 2015, follows a RMB fund closed this past March that focused on domestic China technology startups.
Qingsong Fund, a China VC firm formed by Alvin Liu, a co-founder of Tencent Holdings, has closed its third fund with $129 million in capital from 30 limited partners. The firm hones in on investments spanning education to artificial intelligence and is now managing $200 million altogether.
A score for China's ZK International Group, which traded up 69% in its Sept. 1 debut on Nasdaq. ZK manufactures and engineers stainless steel piping for transport of clean water and gas, and is focusing on infrastructure projects in western China.
China has cracked down on cryptocurrencies by a clamp on what it has deemed illegal fund raising, through token-based digital currencies or ICOs (initial coin offerings).
In a bold experiment to change China's retail landscape, Alibaba has invested $8 billion in physical stores over the past 2 years
NFL and Tencent announced a three-year partnership to make Tencent Sports the exclusive live digital streaming medial partner of the NFL in China
Standard Chartered just became the first foreign bank to partner with WeChat Pay
for business goes for a soft launch in India with BookMyShow.
which has been expanding in Southeast Asia,
is jumping into Thailand, offering its Xiaomi 6 and R
edmi Note 4 phones to start the roll-out.
s big data from its vehicle sharing service is being used to cut China
s traffic jams and urban congestion.
18 OMG Things You Didn't Know About Burning Man
August 27 - Sept. 4, 2017
Salt Rock City, Nevada