Funding, Store Openings, Production Launches, and New Products: Ten Companies Leveling Up, Plus Eight Making the List | FreeS Fund Chalkboard · November
FreeS Fund Continues to Double Down on Deep Tech and Consumer Upgrading
FreeS Fund Blackboard — November Issue. We want to share the latest updates with friends who have long followed and accompanied FreeS Fund:
- FreeS Fund continued its follow-on investment in Qingqing Jiajiao's Series D round.
- FreeS Fund invested in Embodied Intelligence, expanding its smart manufacturing footprint.
- FreeS Fund held its 2017 annual USD fund investor meeting.
- FreeS Fund received multiple awards, including "Top 10 New Retail Investment Institutions" and "Top 50 China Venture Capital Funds 2017."
We also have good news from the FreeS family:
- Deep Tech: Parallel robot manufacturer Yifei Automation announced the completion of its Series B round and launched a new product; QingTao Energy's Phase II project was completed and put into production; 加特兰微电子 (Gatlante Microelectronics) released the first domestically self-developed CMOS millimeter-wave radar chip; Yifei Intelligent Control participated in building North China's first professional drone test flight base.
- Consumer: Instant image service platform VPhoto announced four additional funding rounds completed over the past year; campus music influencer platform Buyao Music announced the completion of its Series A round; Huasheng Haoche reached a RMB 1 billion new retail finance partnership with Minsheng Leasing; Particle Fever opened its first physical store.
- Awards: 洋葱数学 (Onion Math) won the "Best Educational Tool Innovation Award" from the China National Institute of Education Sciences; IceKredit was selected as a national top-10 finalist in the China Innovation and Entrepreneurship Competition; Xinliangji, Guancha, and Huasheng Haoche were named to the "2017 Most Promising New Retail Top 50 Dark Horse List"; Jieshuibao, Modao, and VPhoto were selected for the "2017 China Enterprise Service Innovation Growth Top 50."
As a young fund, FreeS Fund will continue to stay grounded and forge ahead, while diligently exploring the unknown — looking forward to constantly encountering innovation and the extraordinary.
FreeS Fund News
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FreeS Fund Continues Follow-On Investment in Qingqing Jiajiao's Series D Round
Qingqing Jiajiao, a K-12 in-home and online tutoring brand, recently announced the completion of a $55 million Series D round. The round was led by ClearVue Partners and TAL Education Group, with existing shareholders including Trustbridge Partners, Sequoia Capital, IDG Capital, and FreeS Fund continuing their follow-on investments. The proceeds will be used primarily for teaching and curriculum systems, technology R&D, and deeper expansion into online courses.
Liu Changke, founder and CEO of Qingqing Jiajiao, stated that the company will continue to build and improve its teaching service chain at the infrastructure level, and develop personalized all-subject tutoring services based on its user data-driven system. (See coverage: [36Kr] "Qingqing Jiajiao" Secures Series D Funding, Operating Both Online and Offline with a Heavy-Asset Model)
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FreeS Fund Invests in Embodied Intelligence, Expanding Smart Manufacturing Footprint
On November 9, US-based robotics developer Embodied Intelligence announced the completion of a $7 million funding round. The round was led by Amplify Partners, with participation from Lux Capital, SV Angels, FreeS Fund, 11.2 Capital, and A.Capital. The proceeds will be used to develop Embodied Intelligence's first robotics application.
Embodied Intelligence was co-founded by researchers from UC Berkeley. The team is currently developing AI software that allows robots to learn tasks performed by users through VR headsets, and says existing robots will be compatible with this "robot brain," replacing task-specific coded scripts. (See coverage: Goodbye to Opaque Code: How to Get a Robot That Works Without Programming | X Lab)
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FreeS Fund Holds 2017 Annual USD Fund Investor Meeting
On November 24, FreeS Fund's 2017 annual USD fund investor meeting was held in Beijing, with several professional investment institutions and fund managers in attendance.
Li Feng, founding partner of FreeS Fund, stated at the meeting that over its two years of existence, FreeS Fund has grown into a fund management company focused on early and growth-stage investments, while also possessing late-stage large-project investment and management capabilities. FreeS Fund's key investment areas include deep tech and consumer upgrading.
Going forward, FreeS Fund's USD fund will continue to adhere to an investment logic centered on cross-border technology early-stage projects, focusing on teams or founders who are primarily Chinese, with technology R&D starting in the US and significant market application prospects in China, and will deploy more cutting-edge technology achievements to land in China.
The meeting happened to fall on Thanksgiving Day, and FreeS Fund took this opportunity to thank its investors and portfolio companies for their trust and support over the past two years.
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FreeS Fund Award News
▍FreeS Fund Named to "Top 50 China Venture Capital Funds 2017"
On November 5, the "2017 China Private Equity Summit" was held in Beijing, co-hosted by People's Venture Capital, Zhitouhui, 36Kr Jingdata, China FOF Research Center, and Lingtouhui China Investor Center. The summit released the "2017 China Private Equity Ranking — Golden Bridge Awards." The organizing committee stated that the rankings were based on scoring and statistics from 68 leading Chinese FOFs, 8 industry associations (alliances), 6 financial advisory firms, and 12 mainstream media outlets closely related to the investment industry, with reference to 36Kr Jingdata. FreeS Fund was named to the "Top 50 China Venture Capital Funds 2017," with its venture investment capabilities recognized by industry insiders.
▍FreeS Fund Named "Top 10 New Retail Investment Institutions" and "Top 10 Enterprise Service Investment Institutions"
On November 28, the "Empowering All Things, Leading the Future — 2017 CEO Summit & Lieyunwang Venture Capital Awards Ceremony" was held in Beijing. FreeS Fund was named "Top 10 New Retail Investment Institutions" and "Top 10 Enterprise Service Investment Institutions." Lieyunwang stated that "FreeS Fund values every need of its portfolio companies, encourages more innovative and cross-departmental attempts, mobilizes all possible capital, technology, and resources, invests in outstanding startups, and helps them grow into great enterprises with long-term social and commercial value."
▍FreeS Fund Named to "2017 China Top Venture Capital Institutions Top 50"
On November 28, Jiemian and ByteDance jointly launched the "China Top Venture Capital Institutions" ranking for the first time, aiming to identify those top venture capital institutions that are best at seizing opportunities amid China's economic changes, have the most profound judgment and leadership in innovative industries, and are most helpful and influential to entrepreneurs. FreeS Fund and 49 other top venture capital institutions made the list. At the same time, Li Feng, founding partner of FreeS Fund, was named to Jiemian's "2017 China Top Venture Capitalists TOP 50."
▍FreeS Fund Named "2017 Top Ten Consumer Chain Investment Institutions"
On November 23, the "10th China High-Growth Chain Industry Summit & 2017 China High-Growth Chain Brand Awards Ceremony" opened in Beijing. The "2017 Top Ten Consumer Chain Investment Institutions" and other awards were presented at the conference, with FreeS Fund receiving the honor.
FreeS Fund Perspectives
▍Li Feng: "Knowledge Payment in One Hand, Education in the Other" Will Spark Deeper Transformation
On November 22, the "2017 Sina Golden Kirin Forum Tech & Education Sub-Forum" was held in Beijing, co-hosted by Sina Technology and Sina Education, with the theme "Tech Empowerment · Future Education." In his keynote speech, Li Feng, founding partner of FreeS Fund, proposed that mobile internet has brought revolutionary improvements to distribution efficiency. After content becomes extremely abundant and fragmented, users' demand for content efficiency will gradually increase, leading them to pursue more systematic and structured content. (See coverage: [Sina Technology] Li Feng: Knowledge Payment in One Hand, Education in the Other Will Spark Deeper Transformation)
▍Li Feng: Brands with Emotional Attributes Will Grow Stronger in the Consumer Upgrading Cycle
At the consumer upgrading · gourmet lifestyle summit themed "The Arrival of New Diners," Li Feng, founding partner of FreeS Fund, stated that consumer goods ultimately compete on product quality and supply chain capabilities. In the consumer upgrading cycle, brands with spiritual attributes and cultural elements embedded in their products will grow faster and achieve greater scale. (See coverage: "The Arrival of New Diners" Li Feng Keynote Speech)
FreeS Family Updates
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Deep Tech | Yifei Automation Completes Series B Round and Launches New Product
Yifei Automation, a leading domestic parallel robot manufacturer, recently announced the completion of its Series B round, led by Blueprint Venture Capital, with participation from China Equity Group, YiYi Capital, Haomai Capital, and existing shareholders Keke Capital and Ivy Capital. Yifei Automation had previously completed its Series A round in July 2017, jointly invested by FreeS Fund, Monad Ventures, Runzhe Capital, Haode Capital, and TusStar.
Additionally, on November 6, 2017, at the 7th China International Robot Summit Forum, Yifei Automation officially launched its new product — the "Cheetah" parallel robot. This product was co-designed and developed by the Yifei team in collaboration with Professor Liu Xinjun's team at Tsinghua University, representing a new configuration of modular parallel robot. (See coverage: [亿欧] Yifei Automation Completes Tens of Millions of RMB in Series B Funding; "Cheetah" Strikes — Yifei Automation Adds Another Decisive Chip)
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Deep Tech | QingTao Energy Phase II Project Completed and Put into Production
On October 27, the completion and production launch ceremony for QingTao Energy's Phase II project was held in Xuyi, themed "Staying True to Our Original Aspiration, Embarking on the QingTao 2.0 New Era." After three years of development, QingTao Energy has completed an industrial layout integrating materials, equipment, and new technology development, initially establishing the QingTao brand's industry position. In 2017, QingTao's sales revenue is expected to exceed RMB 150 million. With the official production launch of the Phase II project, QingTao will also begin a strategic upgrade from technology-driven growth to a three-engine drive of innovation, service, and value sharing. Riding the rapid growth of the new energy vehicle industry, QingTao aims to build a lithium battery materials and equipment industry cluster centered on the market.
Furthermore, QingTao Energy recently passed the "National High-Tech Enterprise" certification, and its "Jiangsu Province Energy Composite Materials Engineering Technology Research Center" was officially recognized as a 2017 "Jiangsu Province Engineering Technology Research Center." (See coverage: Sprinting for Top Three in the Industry! QingTao Energy Phase II Project Officially Launches!)
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Deep Tech | Gatlante Microelectronics Releases First Domestically Self-Developed CMOS Millimeter-Wave Radar Chip
On the opening day of "IC China 2017," Gatlante Microelectronics, a local designer of core chips for automotive active safety systems, made its debut — firing the first shot for domestic localization in a field completely monopolized by European and American manufacturers. The 77GHz CMOS radar chip released by Gatlante Microelectronics is the first 77GHz transceiver chip in the entire Asia-Pacific region suitable for automotive radar, and also the world's first 77GHz radar transceiver chip to adopt CMOS process and achieve mass production. (See coverage: Gatlante Releases First Domestically Self-Developed CMOS Millimeter-Wave Radar Chip)
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Deep Tech | Yifei Intelligent Control Participates in Building North China's First Professional Drone Test Flight Base
On November 20, the first professional drone test flight base in North China, jointly built by Yifei Intelligent Control, Tianjin TEDA Technology Development Group Co., Ltd., and CITIC Offshore Helicopter Co., Ltd., was officially established in Binhai. The test flight base uses Tanggu Airport as its primary takeoff, landing, and support facility, with airspace covering nearly 100 square kilometers — an area far exceeding that of 10,000 standard soccer fields. It not only fills the gap for drone test flights in North China, but will also write a new chapter for test flights in the Beijing-Tianjin-Hebei region and surrounding areas. (See coverage: Yifei Partners with TEDA Technology and Tanggu Airport to Build North China's First Professional Drone Test Flight Base)
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Consumer | VPhoto Completes Nearly RMB 100 Million in Funding
On November 21, instant image sharing service platform VPhoto announced that it had completed four additional funding rounds over the past year, with cumulative funding reaching nearly RMB 100 million. The four rounds were led by FreeS Fund, Green Pine Capital Partners, Oriental Fortune Capital, and Tianhe Culture Industry Fund and Panshi Capital. The proceeds will be used for product upgrades, expanding brand influence, and gradually making inroads into the C-end market for wedding and travel scenarios.
Additionally, VPhoto announced that it will partner with the Shanghai Soong Ching Ling Foundation to establish China's first image public welfare fund, advocating "doing public welfare with lenses."
VPhoto officially launched in September 2015, building a cloud technology-driven instant photography platform that achieves "live broadcasting" of professional images through the integration of "internet + industry." Its founder and CEO Cao Yumin previously served as Asia-Pacific R&D Finance Director at a Fortune 500 foreign enterprise, and co-founder and CTO Chen Wenhui is one of China's earliest cloud computing entrepreneurs. In May 2016, VPhoto completed a RMB 10 million angel round led by FreeS Fund, with participation from Heima Fund and Mimi Capital. (See coverage: [36Kr] VPhoto Completes Nearly RMB 100 Million in Funding, Conversations with Li Feng, Dong Zhanbin, and Huang Guoqiang: The Instant Image Market Has Billion-Scale Potential)
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Consumer | Buyao Music Completes Series A Round
On October 26, campus music influencer platform Buyao Music announced that it had recently raised RMB 30 million in its Series A round. The round was invested primarily by Weibo, Mobai Capital, and Mars Culture, and the proceeds will be used mainly for online promotion and offline event production.
Founded in March 2016, Buyao Music started out with campus music short videos. To date, its short video content has accumulated over 2.5 billion views, with monthly views on the Weibo platform reaching 130 million, and it has signed over 500 campus music influencers and more than ten campus singer-songwriters. In July 2016, Buyao Music raised RMB 3 million in its angel round from Oriental Fortune Capital and Seven Star Ladybug. In January 2017, it raised RMB 10 million in its Pre-A round led by GP Capital and FreeS Fund, with participation from Weibo and Oriental Fortune Capital. In March 2017, it received a strategic investment from Taihe Music Group. (See coverage: [36Kr] Starting from Music Short Videos, "Buyao Music" Aims to Become China's Largest Campus Entertainment Content Supplier)
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Consumer | Huasheng Haoche Reaches RMB 1 Billion New Retail Finance Partnership with Minsheng Leasing
Recently, new car retail platform Huasheng Haoche announced another capital boost, reaching a partnership with Minsheng Financial Leasing Co., Ltd. — one of the first financial leasing enterprises with banking background in China. The two parties signed a RMB 1 billion vehicle retail financial leasing business cooperation agreement, joining forces in new car consumption and owner finance to rapidly expand scale, increase market share, and jointly promote the role of automobiles in boosting real economic development, automotive industry upgrading, and consumer welfare improvement. (See coverage: Huasheng Haoche Reaches RMB 1 Billion New Retail Finance Partnership with Minsheng Leasing)
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Consumer | Particle Fever Opens First Physical Store
On November 25, emerging sportswear brand Particle Fever officially opened "The World's First PF Store" at Shanghai Pudong Kerry Centre. According to founder and CEO Ren Jiujin, Particle Fever has expanded to 292 SKUs, updated weekly, with its product line extending to sports underwear, apparel, and accessories. Additionally, Particle Fever's physical store at Beijing Wangfu Central Shopping Centre will open soon. (See coverage: [好奇心日报] Sportswear Brand Particle Fever Opens First Physical Store, Next Stop Beijing)
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FreeS Family Award News
Onion Math Wins Annual "Best Educational Tool Innovation Award"
From November 25 to 27, the Fourth China Future School Conference was held in Beijing. The conference aims to showcase and recognize outstanding educational technology products that represent the future of education, preparing for China's future education. Due to its outstanding achievements and innovative results in 2017, Onion Math stood out from hundreds of major online education institutions to win the annual "Best Educational Tool Innovation Award." (See coverage: Onion Math Wins Annual Grand Prize)
IceKredit Selected as National Top-10 Finalist in China Innovation and Entrepreneurship Competition
On October 30, the "2017 6th China Innovation and Entrepreneurship Competition Internet and Mobile Internet Industry Finals," guided by the Ministry of Science and Technology, Ministry of Finance, Ministry of Education, Cyberspace Administration of China, and All-China Federation of Industry and Commerce, was held in Tongxiang, Zhejiang. FreeS Fund portfolio company IceKredit stood out from 28,147 registered enterprises to reach the national top ten. (See coverage: IceKredit Reaches National Top Ten in China Innovation and Entrepreneurship Competition)
Xinliangji, Guancha, and Huasheng Haoche Named to "2017 Most Promising New Retail Top 50 Dark Horse List"
Starting October 14, Yecao New Consumption, in partnership with 26 leading consumer investment institutions, launched the "Most Promising New Retail Top 50 Dark Horse" list selection. As of November 27, 212 high-quality new retail enterprises had registered online, including more than 50 post-Series B leading enterprises and nearly 100 star projects, with over one million votes cast, covering virtually the entire consumer venture capital circle. FreeS Fund portfolio companies Xinliangji, Guancha, and Huasheng Haoche made the list. (See coverage: Three Projects Named to Most Promising New Retail Top 50 Dark Horse List)
Jieshuibao, Modao, and VPhoto Selected for "2017 China Enterprise Service Innovation Growth Top 50"
On November 30, the China Enterprise Service Summit hosted by Cyzone kicked off at the Beijing National Convention Center. The summit released the "2017 China Enterprise Service Innovation Growth Top 50 List," covering the full spectrum of enterprise services including cloud services, big data, marketing services, mobile office, and HR & finance & legal services. The list was curated by Cyzone in conjunction with renowned domestic investment institutions based on four dimensions: innovation capability, management team, growth potential, and development capability. (See coverage: Three Projects Selected for 2017 China Enterprise Service Innovation Growth Top 50)
Holiday Around the Corner — We Want to Share 6 Joys with You | FreeS Blackboard · September
