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February 13, 2020
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US-China Split Starves Startups
Issues over national security threats and competition with China for future technology leadership are stopping the flow of China investment in US tech companies. Cross-border U.S.-China collaboration that has long fueled next-generation innovations is being stifled.
San Jose-based virtual reality start-up
uSens was ramping up quickly until late last year when issues over the U.S.-China tech cold war intervened. The fast-charging computer vision company hit a dead end when it couldn't raise funding from its previous Chinese investors including
IDG Capital and
Fosun Kinzon Capital that had pumped $27 million in the startup.
has shut down its U.S. office, laid off everyone except one salesperson, and moved remaining staff to China. Read Rebecca Fannin's article at
starved for capital
New Funds Launch In The US From China VC Veterans
Several new state-side only funds are being launched from partners at Chinese funds that have retreated from the US. For instance, two partners from
are each launching their own funds now that the Chinese venture firm has stopped investing in the U.S.
is going out with his firm, named
. Additionally, partners at
, which was set up with capital from Chinese private equity and venture firm
, are preparing to raise a new fund. Last but not least,
is embarking on a new fund,
Agate Capital Partners
Impact of Coronavirus on China deal-making
Worries about the impact of a decoupling with China and the U.S. were already prevalent. Now the coronavirus is taking its toll as cross-border travel is shut down and deal flow has halted for venture firms and startups. The effect will last for months. Longer term, it seems clearer than ever than Silicon Valley will keep its image of tech central globally but with less China influence.
Will disruption again lead to new opportunities?
Another edtech startup in India, InterviewBit, has raised $20 million in a first round from Tiger Global and Sequoia Capital India.
China Mapleleaf Educational Systems has made a cash offer to buy Kingsley EduGroup in Malaysia in a bid led by Ballas Capital.
Zetwerk brings in $2.4 million in venture debt from InnoVen Capital.
Existing investors Sequoia India, Accel, and Kae Capital also participated in the financing.
Ribbit Capital is raising $420 million for its latest fund to invest in more fintech startups.
The Indian government is preparing to start a seed fund to support early stage startups.
China has exported many things successfully except for its superapps to India. Economic Times.
Smart move by Alipay to apply its data knowhow to launch this "real-time virus tracking data" platform.
Talk about timing! Thanks to the current coronavirus (#WuFlu) closedown, Hong Kong is transitioning further into e-commerce (especially home delivery), and HSBC chooses this moment to charge small businesses to use their payment platform, "PayMe". And they don't even make it competitive to credit card fees. (Digital marketing pro Napoleon Biggs)
Coronavirus will hurt global growth. China's place in the global economy has grown dramatically since the U.S. triggered earlier recessions. The U.S. still matters a lot in the global economy, but much less than it used to. China, on the other hand, matters much more. Just how much will be measured as the story of coronavirus plays out in the weeks and months ahead." (FT paid)
San Francisco Circle Dinner:
Rethinking China Strategies
gathered its circle of connections in San Francisco at a recent dinner hosted by
to ponder the latest issues with US-China tech and trade and discuss how business strategies are being impacted. See more photos at SF Circle Dinner