December, Everything Within Reach | 5Y News Monthly
The big news from last month.
5Y News Monthly
"5Y News Monthly" is a regular column from 5Y Capital. At the start of each month, we look back at news from the past month about 5Y Capital itself and our portfolio companies, sharing it with friends who follow us. We hope it helps you get to know us better.
01 Portfolio Company Highlights
Major news about funding rounds, IPOs, strategic partnerships, breakthroughs, and new product launches from 5Y Capital portfolio companies.
02 5Y Capital Updates
News about 5Y Capital honors, investor interviews, and thought leadership.
Note: Companies are listed in alphabetical order by pinyin.
01
Portfolio Company Highlights
Abogen Bioscience Completes $300 Million Series C+ Round
On November 29, 2021, Suzhou Abogen Biosciences announced the completion of a $300 million Series C+ round. The round was co-led by SoftBank Vision Fund and existing shareholder 5Y Capital, with participation from Chimera Abu Dhabi, Fuhai Growth Fund, Jinyi Capital, New Frontier Group, IMO Ventures, and Mirae Asset Group. This follows Abogen's $720 million Series C round in August 2021. Read more
Desty Closes New Funding Round
Desty, an Indonesia-based social commerce solutions provider, announced the completion of a $5 million Pre-A+ round led by East Ventures (Growth), with Jungle Ventures and existing shareholders participating. Desty will use the proceeds to accelerate product development and business expansion, with plans to launch innovative products in the coming months. 5Y Capital previously led Desty's $3.2 million Pre-A round. Read more
Horizon Robotics and WeMove Tech Form Strategic Partnership
On November 8, Horizon Robotics and automotive intelligence company WeMove Tech formally signed a strategic partnership agreement. The two companies will collaborate on high-level autonomous driving and in-vehicle intelligent interaction, exploring innovative R&D for core smart vehicle technologies and accelerating the deployment of full-scenario intelligent driving to help OEMs deliver safer, more convenient driving experiences. Read more
Huya and ESL Announce Exclusive Partnership
On November 18, Huya Live and ESL jointly announced a two-year exclusive Chinese-language live streaming rights agreement covering ESL series tournaments including CS:GO, Dota 2, and StarCraft II. The deal drew industry attention as ESL's first multi-year live streaming rights agreement in the China market. As a leader in live streaming, Huya has consistently focused on gaming and esports, actively building out multi-category esports tournaments and integrating technological innovation with live streaming operations to deliver more compelling esports content. Read more
Fireline Security Closes Two Consecutive Rounds
Cloud security community Fireline Security announced two consecutive funding rounds from Matrix Partners China and 5Y Capital, totaling several million dollars. Following this financing, Fireline will continue building out its platform and launching additional cloud security products, while expanding its customer base to develop new security product models with more industry-leading clients. Read more
StartDT (Qidian Cloud) Completes Over 200 Million RMB Series C1
On November 19, at StartDT Day in Hangzhou, StartDT announced the completion of a Series C1 round exceeding 200 million RMB, led by Taikang Life Insurance (executed by Taikang Asset), with existing shareholders ByteDance, DT Capital, and Xiyun Capital participating. Yuanyi Capital served as exclusive financial advisor. The proceeds will fund R&D for autonomous and controllable technologies, talent acquisition, product and service scaling, deeper market coverage, and ecosystem building to co-create cloud-based data intelligence commerce with customers and partners. 5Y Capital previously led StartDT's Pre-A and Series A rounds. Read more
Moore Threads Completes 2 Billion RMB Series A
On November 25, Moore Threads announced the completion of a 2 billion RMB Series A round co-led by Shanghai Guosheng Capital, 5Y Capital, and Bohai Zhongsheng Fund (affiliated with BOC International), with nine prominent institutions including CCB International, Qianhai Mother Fund, China Merchants Securities, and Hubei High-Quality Development Industry Fund participating. Proceeds will focus on mass production of its first GPU chip, R&D of GPU SOC-related IP, and expansion of the domestic GPU ecosystem. Read more
moody Completes Over 1 Billion RMB Series C
moody, the top-selling colored contact lens brand online, announced through its parent company Weimu (Shanghai) Technology that it completed a Series C round exceeding 1 billion RMB in November. The round was co-led by 5Y Capital and KKR, with existing shareholders participating. Proceeds will fund product R&D and upgrades through expanded research teams and R&D centers, strengthening moody's core competitiveness and leadership in China's colored lens industry, while accelerating international expansion. Read more
SenseTime Passes Hong Kong Stock Exchange IPO Hearing
According to HKEX filings, SenseTime recently passed its IPO hearing. As a leading domestic AI company, SenseTime possesses full-stack AI capabilities spanning perceptual intelligence, decision intelligence, intelligent content generation, and intelligent content enhancement, with key R&D capabilities in AI chips, AI sensors, and AI computing infrastructure. Its business covers four segments: smart business, smart city, smart life, and smart auto. SenseTime has also built SenseCore, a novel AI infrastructure that integrates computing power, algorithms, and platforms to dramatically reduce the cost of AI production factors, enabling efficient, low-cost, scalable AI innovation and deployment, closing the commercial value loop, addressing long-tail applications, and advancing AI into industrial-scale development. Read more
UMU Closes Series C3 Round of Several Hundred Million RMB
UMU announced the completion of a Series C3 round of several hundred million RMB, led by China Renaissance New Economy Fund with 5Y Capital participating, and China Renaissance serving as exclusive financial advisor. Over the past year, UMU has completed six funding rounds, attracting investment from Gaocheng Capital, Hillhouse, 5Y Capital, and China Renaissance New Economy Fund. With this capital support, UMU has assembled an exceptional global team, achieved major product and technology breakthroughs, and seen rapid core business growth. Read more
Pony.ai Approved for Commercial Robotaxi Pilots in Beijing
On November 25, Pony.ai received the first batch of "Autonomous Driving Mobility Service Commercial Pilot Permits" from Beijing's Intelligent Connected Vehicle Policy Pilot Zone, authorizing it to provide commercial autonomous driving mobility services (Robotaxi) to the public. This marks Pony.ai's formal transition from routine technology testing to commercial model validation for its passenger vehicle business. It is the first time a first-tier Chinese city has explicitly permitted Robotaxi commercial pilots through policy, allowing autonomous driving companies to charge for their mobility services. Read more
Xpeng Motors and Qualcomm Form Strategic Partnership
In November, Qualcomm Technologies and Xpeng Motors announced a strategic partnership and signed a memorandum of understanding (MOU) at the 19th Guangzhou International Automobile Exhibition, deepening their collaboration in intelligent cockpit technology. The two companies will jointly promote adoption of the Snapdragon Automotive Digital Cockpit Platform across Xpeng's full vehicle lineup, and continue investing to advance future-generation Snapdragon Automotive Digital Cockpit Platforms in subsequent Xpeng models, together delivering smarter, more efficient, safer, and more comfortable mobility experiences. Read more
GS Biotech Closes Tens of Millions of RMB Angel Round
In November, GS Biotech (Hangzhou) Technology, a bio-based materials innovation company built on the 5-hydroxymethylfurfural (HMF) platform compound, announced the completion of a tens of millions of RMB angel round. The round was co-led by 5Y Capital and Matrix Partners China, with Yayi Capital participating. Proceeds will fund further R&D of HMF and its downstream derivatives, production base construction, and end-market application promotion. Read more
The Information's Global 50 Startups List Features Three 5Y Portfolio Companies
Silicon Valley-based tech publication The Information released its 2020 list of the 50 Most Promising Startups, selecting the most promising emerging companies globally across six categories: artificial intelligence, consumer, media, B2B, fintech, and China. Three 5Y portfolio companies — NeoX, XYZ Robotics, and Yahaha — made the list, ranking first, second, and seventh in the China category respectively.
5Y Capital Updates
Qin Liu of 5Y Capital Ranked #2 on Jiemian's "2021 China's Top Venture Capitalists"
On November 29, 2021, Jiemian released its fifth annual "China's Top Venture Capitalists" ranking, with 5Y Capital founding partner Qin Liu placing second — his fourth consecutive year in the top three. Jiemian begins preparing the list each August, distributes research surveys starting in September, and publishes the ranking in November. The list evaluates active venture capitalists based on their new investments and exits over the past three years, as well as their involvement and contribution to those investments, selecting 50 top venture capitalists annually to provide entrepreneurs, fund-of-funds, and LPs with an accurate picture of the venture capital industry. Read more
5Y Capital Wins Multiple Awards from China Venture Capital Research Institute and 21st Century Innovation Capital Research Institute
On November 9, the 2021 China Venture Capital Industry Annual Ranking · Golden Investment Awards were announced, with five categories: early-stage, VC, PE, LP, and industry rankings, comprehensively recognizing investment institutions and investors who achieved major breakthroughs and outstanding contributions in China's venture capital industry. 5Y Capital was named to "2021 China's Most Influential VC Investment Institutions TOP 50" and "2021 China's Best Internet/Mobile Internet Sector Investment Institutions TOP 20." 5Y Capital founding partner Qin Liu was named to "2021 China's Most Influential VC Investors TOP 50."
In November, 21st Century published its 2020-2021 technology and manufacturing investment competitiveness research cases and rankings. 5Y Capital was named to "2020-2021 Technology and Manufacturing Investment Competitiveness — Venture and Private Equity Investment Institutions TOP 40." Read more
5Y Capital (formerly Morningside Venture Capital) currently manages approximately 32 billion RMB across USD and RMB dual-currency funds. 5Y Capital seeks out, supports, and inspires lone entrepreneurs, providing support from spirit to all operational matters. We believe that if the world begins to believe in the "crazy" you that others see, the world will become a different place.
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