Youth Takes Center Stage: 18 Career Advances and 20 Awards to Share | FreeS Fund Blackboard · April

峰瑞资本·May 5, 2019

May is May — and with it, infinite possibilities.

On the first workday of May, we're releasing the April edition of the FreeS Fund newsletter. We hope to share our latest updates with friends who have long followed and accompanied us:

Onion Math completed its 300 million RMB Series D round, with Series A investor FreeS Fund continuing to participate.
FreeS Fund followed on in Shima Chuxing's Series A round.
FreeS Fund was named to the "2018 ChinaVenture Rankings" Top 50 Best Foreign VC Firms in China and Top 100 Best VC Firms in China. FreeS Fund's early investment in 360 Finance was selected as one of the "2018 ChinaVenture Rankings" Top 10 Best Exit Cases in China's Internet Industry.
At the 2019 China Fund Partners Future Summit hosted by 36Kr, FreeS Fund won "China Top 10 Dark Horse Funds" and "Most LP-Followed Dark Horse Investment Firm in AI/Hard Tech." FreeS Fund founding partner Li Feng was named to "Top 10 Most LP-Followed Dark Horse Fund Investors in China."

We're also sharing good news from the FreeS Fund family:

Deep Tech: DataPipeline completed its Series A+ round and partnered with Smart Map; Lightelligence unveiled the world's first photonic chip prototype; NextVPU launched the Angel Eye smart reader; SoundAI helped Xiaomi and China Unicom develop new products; Mcfly Technology established its Wuhan branch and Donggang, Liaoning test base; Qingtao Development announced progress on three major projects; Shangyue reached a partnership with Great Wall Motor; Kunshan Meimiao signed a new wastewater treatment project.
Consumer: Yuki Anime completed its Series B round; 2:10 Animation's promotional video for the Onmyoji mobile game went live; VPhoto held a charity gala in Shanghai.
Awards: Yifei Intelligent Control chairman Qi Juntong received the "China Youth May Fourth Medal"; Aqronos won at the China New Energy Intelligent Vehicle Finals; Club Factory's Lou Yun made the Forbes 30 Under 30 list; Qingqing Tutoring and Onion Math were named to the "2019 Top 50 Most Influential Education Companies," with Onion Math CEO Yang Linfeng selected as "2019 Youth Power Business Figure of the Year"; Chicecream and Saturnbird Coffee were rated best in their categories; Qingtao Development received BMW's "2019 BMW Open Innovation Program Selected Company" designation; Kunshan Meimiao obtained "High-Tech Enterprise" certification; Xinyi Information Technology's NB-IoT single-chip XY1100 won an innovation product award; IceKredit was recognized by the Pudong New Area government; Mcfly Technology was named to "China's Top 50 Data Intelligence Innovative Enterprises" and won at the "China Gaofen Cup" Beautiful Countryside Competition for innovative applications.

In 2019, FreeS Fund will continue to stay grounded, press forward, focus on long-term value, and do what's right rather than what's easy.

FreeS Fund News

1

Onion Math Completes 300 Million RMB Series D Round, Series A Investor FreeS Fund Continues to Participate

On April 25, 2019, K-12 online math education brand "Onion Math" announced it had completed its Series D round in February, raising 300 million RMB total. Primavera Venture Partners led the round, with new and existing investors including Kunlun Tech and FreeS Fund participating. Lighthouse Capital served as exclusive financial advisor for this round. The company has now raised over 600 million RMB total, with investors including Primavera Venture Partners, Kunlun Tech, FreeS Fund, Legend Capital, Tencent, StarVC, Qingsong Fund, Maorong Capital, and the Chenxing Foundation.

Onion Math co-founder and CEO Yang Linfeng said the new funding will go toward expanding R&D for online course instruction and AI technology applications, comprehensively advancing AI-powered personalized education for all. (Full coverage: [FreeS Fund] Onion Math Completes 300 Million RMB Series D Round, FreeS Fund Continues to Participate | FreeS Fund Financing News)

2

FreeS Fund Follows On in Shima Chuxing Series A Round

Recently, Shima Chuxing — the industry's first new energy vehicle (NEV) industry internet platform — announced that following its $20 million Series A round jointly invested by FreeS Fund and Korea's KTB Investment Group, it has secured additional tens of millions of RMB in debt financing from SPD Silicon Valley Bank.

The capital leveraged by this debt financing will be combined with the Series A funds to fuel Shima Chuxing's full-industry-chain layout in NEV circulation, including strengthening upstream supply chain systems, upgrading mid- and back-office operational efficiency and technology systems, and team expansion and building. (Full coverage: [FreeS Fund] Digging Deep into Tier 3-6 Markets, Shima Chuxing Announces $20 Million Series A Round | FreeS Fund Financing News)

3

FreeS Fund Award News

▍FreeS Fund Wins Three Awards at "ChinaVenture 2018 Annual Rankings"

On April 17, 2019, at the 13th China Investment Annual Summit hosted by ChinaVenture Group, ChinaVenture unveiled its "2018 Annual Rankings," with FreeS Fund receiving three honors:

"ChinaVenture 2018 Top 50 Best Foreign VC Firms in China," ranked 26th;
"ChinaVenture 2018 Top 100 Best VC Firms in China," ranked 54th;
Additionally, in "ChinaVenture 2018 Top 10 Best Exit Cases in China's Internet Industry," FreeS Fund's early investment in 360 Finance was selected.

(Full coverage: [FreeS Fund] FreeS Fund Wins Three Awards at [ChinaVenture 2018 Annual Rankings] | FreeS Fund Award News)

▍FreeS Fund Wins Three Awards from 36Kr

On April 25, 2019, at the 2019 China Fund Partners Future Summit hosted by 36Kr, FreeS Fund won three awards:

"China Top 10 Dark Horse Funds";
"Most LP-Followed Dark Horse Investment Firm in AI/Hard Tech";
"Top 10 Most LP-Followed Dark Horse Fund Investors in China," with FreeS Fund founding partner Li Feng selected.

As a new business media outlet with years of deep coverage of China's venture capital industry, 36Kr interviewed 3,700 investment institutions and 50 top fund-of-funds in China, analyzed 3,000 financing projects and nearly 5,000 financing events, combined data research and fund-of-funds interviews, and published this authoritative ranking for China's venture capital and private equity industry. (Full coverage: [FreeS Fund] FreeS Fund Wins 36Kr's "China Top 10 Dark Horse Funds," Hard Tech Investment Also Recognized by LPs | FreeS Fund Award News)

FreeS Fund Perspectives

▍Li Feng: The Consumer Retail Process Can Be Broken into Three Stages — "Know, Obtain, Execute"

The consumer retail process can be broken into three stages: know, obtain, and execute. "Know" covers media, content, and information industries related to consumption. "Obtain" covers channels and brands, involving logistics and fulfillment. "Execute" refers to production and manufacturing, involving inventory and other issues.

After the emergence of the internet and mobile internet, content formats and access points have changed. The "know" stage has changed particularly fast. Weibo, as a major "know" platform, emerged, and many consumers began "knowing" about consumption content from influencers and opinion leaders. When this traffic combined with the "obtain" stage as a channel, influencer e-commerce appeared. Then came WeChat. As a major "know" platform, WeChat not only created e-commerce based on the WeChat platform but also sparked the social commerce trend. When consumers "know" but cannot "obtain," it indicates a mismatch between demand and supply — and that's when opportunities arise for new consumer retail companies. (Full coverage: [Li Xiang Knowledge Briefing] Li Feng ③: New Framework "Know-Obtain-Execute")

▍Li Feng: The New Business Opportunity in Lower-Tier Cities Lies in Incremental Users' Consumption Upgrade Demand

In principle, I'm quite optimistic about the consumption upgrade demand among incremental users in lower-tier cities. Residents of third- and fourth-tier cities didn't suddenly get rich overnight and become able to afford cherries this year. Rather, starting in 2019, they've been able to consistently buy cherries in bulk at relatively reasonable prices thanks to various business models — and this trend is now spreading across the broader consumer sector. With the rise of social e-commerce platforms like Pinduoduo, consumers in下沉 markets are maturing, which represents a massive opportunity for both incremental consumption and consumption upgrades. (Full coverage: [Pencil News] Li Feng, FreeS Fund: The New Business Opportunity in Lower-Tier Cities Lies in Incremental Users' Consumption Upgrade Demand | Big Shots, Small Gatherings Episode 1)

▍Shen Jiong: Opening Up Pharmaceutical Market Competition Is Positive in the Long Run

Anyone who invests in pharmaceuticals knows that China's pharmaceutical market used to be semi-closed. Now that the market is opening up, there will definitely be short-term shocks, but in the long run, it's undoubtedly positive. When China joined the WTO, the industry was filled with pessimism — things like "China's auto industry will face annihilation." But twenty years later, what do we see? China's domestic industry has grown stronger and stronger, and it's actually become an existential threat to some Western industries.

The same logic applies to pharmaceuticals. If we trust in market forces and open up the market, with sufficient competition, resources, capital, and talent will naturally flow to the right companies. Pharmaceutical companies have policy-driven characteristics. We used to have the Pacific Ocean as our moat, but that moat is gone now. Competitors entering the market will inevitably make us stronger in the long run. (Full coverage: [ChinaVenture] How to Find Good Drugs and Invest in Good Medicine?)

▍Huang Hai: Online-Offline Integration Is Crucial for the Home Furnishings Industry

Over the next decade, the home furnishings industry will enter a period of explosive growth. First, the bad news: it's difficult for pure-play internet e-commerce giants to emerge in this space. An online-only approach can't give consumers the experience and sensory engagement they need. And I believe experience and perception matter enormously in home furnishings, because furniture always needs to be combined with context — it's always about presenting a home environment. Only then can you increase consumers' goodwill toward sellers, making them more willing to become repeat customers. It's like how everyone visits IKEA a few times a year. There's nothing you can only buy at IKEA, so why do we go? Because the shopping experience itself is pleasing to the eye.

Home furnishings are a core category for new retail. Start by切入ing from the internet, accumulate sales and operational capabilities, then use融资 to move toward offline new retail. Having the ability to integrate online and offline is extremely important for the home furnishings industry. (Full coverage: [China.com] After the E-Commerce Boom in Apparel, the Home Furnishings Category Enters Its Growth Period!)

▍Huang Hai: The Luckin-Starbucks Competition Cultivated the Market and Lowered the Barrier to Coffee

The competition between Luckin Coffee and Starbucks cultivated the market and lowered the barrier to coffee. Our portfolio company Saturnbird Coffee chose to sell primarily online because China's internet commerce efficiency is remarkably high — world-leading, in fact — and China's internet consumption space is quite large. Saturnbird can absolutely achieve its ideal growth trajectory online. For some startups, going online is a good choice if you want to grow without burning cash. Luckin's emergence precisely confirms that the Chinese market is developing and maturing. Whether it's Starbucks, Luckin, or Saturnbird, they're all currently cultivating China's coffee market — just with different approaches and methods. (Full coverage: [NetEase Technology] China's Coffee Market Enters the Mid-Game)

FreeS Fund Portfolio Updates

Deep Tech | DataPipeline Closes Series A+ Round and Partners with Smartmap

DataPipeline, which focuses on providing one-stop real-time data and application integration platforms and solutions, recently announced the completion of a Series A+ round worth tens of millions of RMB. The round was led by Baidu Venture, with Matrix Partners China and Qingliu Capital participating. Shortly after its founding, DataPipeline received millions in angel funding from FreeS Fund, and in 2018 closed a 21 million RMB Series A led by Matrix Partners China, with FreeS Fund and others participating. (Full coverage: [FreeS Fund] Serving Starbucks and Longfor, DataPipeline Closes Series A+ Round Worth Tens of Millions | FreeS Funding News)

Recently, DataPipeline also announced a partnership with Smartmap, a leading domestic digital operations service provider for physical retail, based on professional data integration and application foundations. Going forward, DataPipeline will continue to enhance its product and service capabilities, working with Smartmap to help physical retail achieve efficient integration of in-mall and out-of-mall, online and offline digital operations, accelerating the digital transformation of physical retail. (Full coverage: [DataPipeline] Smartmap Partners with DataPipeline to Make Physical Retail Smarter)

Deep Tech | Lightelligence Unveils World's First Photonic Chip Prototype

Lightelligence, a photonic AI chip company founded by an MIT team, recently announced a major milestone — the successful development of the world's first photonic chip prototype board. For the year-and-a-half-old company, this chip prototype validates the groundbreaking idea that some team members published in Nature Photonics in 2017: using photons instead of electrons for AI computation. (Full coverage: [Xianjinet] MIT Startup Lightelligence Unveils World's First Photonic Chip Prototype Board)

Deep Tech | NextVPU Launches Angeleye Smart Reader

This AI-powered reader, called the Angeleye Smart Reader, is U盘-sized with a stylish design. It attaches to any pair of glasses via a magnetic mount. It features a built-in 13-megapixel HD camera and a low-power, high-performance processor, integrating world-leading technologies including text recognition, gesture tracking, and speech synthesis. The reader captures images through its high-resolution camera, then uses various image processing techniques and neural network-based text recognition to ultimately convert text into voice output for the user. (Full coverage: [NextVPU] Angeleye Smart Reader Launches Strong: NextVPU Creates Another AI Hit Product)

Deep Tech | SoundAI Technology Powers New Products for Xiaomi and China Unicom

On April 23, 2019, Xiaomi held its 2019 Spring TV Product Launch in Beijing, where the new Mi Mural TV was unveiled. The TV's main unit is equipped with SoundAI Technology's far-field intelligent interaction system SoundAI Azero, a major upgrade to Xiaomi's TV audio system that enables channel switching, volume adjustment, popular searches, and other operations through voice commands, providing users with a new audiovisual entertainment experience. (Full coverage: [SoundAI Technology] SoundAI Technology Powers Mi Mural TV: How Far-Field Voice Interaction Enhances the Home Theater Experience)

That same day, the 2019 Shanghai 5G Innovation Development Summit and China Unicom Global Industry Chain Partners Conference was held at the Shanghai World Expo Center. At the conference, China Unicom released a series of self-branded smart terminal products, including the Xiaoyi Elf, a smart speaker with screen co-developed by Jiongwei Intelligence and China Unicom Huasheng as a deeply customized smart touchpoint solution. The Xiaoyi Elf features SoundAI Technology's far-field intelligent interaction system SoundAI Azero and is designed as a smart IoT solution for new retail scenarios. (Full coverage: [SoundAI Technology] SoundAI Technology Partners with Jiongwei Intelligence to Help China Unicom Build Its First Self-Branded Smart Speaker with Screen)

Deep Tech | MaiFei Technology Establishes Wuhan Branch Center and Liaoning Donggang Test Base

On April 1, 2019, MaiFei Technology's R&D center officially opened its Wuhan branch at Kr Space · Jiedaokou Science and Innovation Building Community. The Wuhan R&D center is now staffed with agricultural analysts and remote sensing experts, primarily responsible for experimental work and algorithm research in Central China. Research focuses include radiometric calibration of UAV hyperspectral sensors, pest and disease monitoring algorithms, and farmland pest and disease surveys and classification. (Full coverage: [MaiFei Technology] Good News: MaiFei R&D Center Wuhan Branch Established)

On April 6, MaiFei established an agricultural experimental base at the Demonstration and Breeding Farm in Donggang City, Liaoning Province. The base covers a total area of 29.48 mu, with rice varieties selected from the Yellow Sea rice region known for superior quality and taste: Yanjing 218, Yanfeng 47, and Koshihikari. (Full coverage: [MaiFei Technology] Spotlight on MaiFei | Liaoning Donggang Experimental Base Established)

Deep Tech | QingTao Development Announces Progress on Three Major Projects

On April 19, QingTao formed a joint venture with Goodbaby. The new company, Suzhou Goodbaby QingTao Technology Services, will leverage QingTao's technical strengths in solid-state batteries and intelligent electromechanical development alongside Goodbaby's brand recognition and market channels. The partnership will focus on new energy technology development and applications for children's products, customized high-end children's electronics, and natural nanomaterial-based infant and toddler products.

Also in April, QingTao's wholly-owned subsidiary Jiangsu QingHe Materials Technology completed a major project signing for the high-value utilization of attapulgite new materials. QingHe Materials Technology has developed three series of high-value attapulgite applications across seven product categories, including environmental purification materials, health and cleaning materials, and thermal insulation and flame-retardant materials — all with broad application prospects in the new energy vehicle sector.

Additionally, QingTao subsidiary Jiangsu Xinxinhui Automation signed a high-end equipment project. The initiative will primarily produce lithium battery automation equipment and personalized custom manufacturing equipment. (Full coverage: [QingTao Development] The Most Beautiful April Days, New Chapters in QingTao Smart Manufacturing)

Deep Tech | Shangyue Partners with Great Wall Motor

On April 1, Great Wall Motor — ranked among China's top 500 private enterprises — formally signed with Shangyue for the construction of its enterprise procurement e-commerce platform. Through intelligent procurement middleware and efficient SaaS applications, Shangyue is assisting Great Wall Motor in upgrading its enterprise procurement from informatization to digitalization. (Full coverage: [Shangyue] Shangyue Partners with Great Wall Motor to Build a Benchmark for Digital Procurement in Automotive Manufacturing)

Deep Tech | Kunshan Meimiao Signs New Wastewater Project

Kunshan Meimiao recently signed a new high-salinity, high-phosphorus wastewater treatment project. As industrial water consumption and discharge from chemical and other industries continue to rise, pollution from high-concentration organic wastewater has become increasingly severe. Such wastewater typically has COD levels above 2,000 mg/L, and sometimes reaches tens or even hundreds of thousands of mg/L, with high coloration and odors that adversely affect surrounding environments.

The chemical wastewater Meimiao encountered in this project was characterized by high salinity and high phosphorus. After extensive discussions with the client regarding the combined treatment of these two waste streams, and taking into account various environmental factors and on-site conditions, Meimiao ultimately determined a comprehensive treatment process combining "distillation + BDD super-oxidation." (Full coverage: [Kunshan Meimiao] Spring in March, Our Company Signs New High-Salinity, High-Phosphorus Wastewater Project)

Consumer | Yuki Anime Completes Series B Funding

Yuki Anime recently completed a Series B funding round of tens of millions of RMB, led by Oriental Fortune Capital, with participation from Shangzhinuo Capital, Innoangel Investment, 2:10 Animation, and Wang Peng, CEO of Dongmantang. As an integrated derivatives company spanning design, production, sales, and fan community operations, Yuki Anime leverages its robust supply chain system and industry-leading distribution channel capabilities to partner with pan-entertainment IP content across animation, film and television, artists, and esports — enabling "IP + Product" synergies. This funding round will primarily support senior talent acquisition, channel expansion, new distribution pathway development, and systematic management infrastructure. (Full coverage: [Prophet Gaming News] Funding Exclusive | Completing Series B, Yuki Anime Leverages Channel Advantages for Animation Brand Co-development)

Consumer | 2:10 Animation-Produced Onmyoji Mobile Game Promotional Video Released

On April 24, 2019, NetEase Games released the full 10-minute CG animated promotional video for the new Onmyoji shikigami Shiranui, produced by 2:10 Animation. The exquisite character design and high-caliber visual effects sparked enthusiastic discussion among players.

The narrative centers on the tragic legend of the songstress Shiranui. The protagonist, Ali, was confined to an attic from childhood; after enduring life's misfortunes and pressures, she survived to become a world-renowned songstress, ultimately transforming into the yokai Shiranui in her rebellion against evil forces for the sake of freedom and love. (Full coverage: [Tencent Games] Behind-the-Scenes of Onmyoji's Latest SSR "Shiranui" CG Animation Promotional Video)

Consumer | VPhoto Hosts Charity Gala in Shanghai

On April 22, instant image sharing platform VPhoto hosted its Global New Imaging Ecology Summit and Charity Gala in Shanghai. The event drew distinguished guests from leading brands, imaging, investment, and entertainment circles, including SOHO China Chairman Pan Shiyi, Pulitzer Prize winner Liu Xiancheng, Huawen Venture Capital Chairman Jiang Shan, renowned photographers Wang Qingsong and Liu Song, and Asia Pacific Advertising Festival Chairman Jimmy Lam.

At the summit, VPhoto signed strategic partnerships with entertainment investment firm Huawen Venture Capital, Paris Art School, and fashion interactive media platform Haibao Fashion Network to jointly build industry ecosystem infrastructure. (Full coverage: [China News Service] Can Instant Image Platforms Connect Entertainment Scenes Worldwide?)

FreeS Fund Portfolio Company Awards

▍ Qijun Tong, Chairman of EFY Intelligence Control, Receives "China Youth May Fourth Medal"

Following review by the 23rd "China Youth May Fourth Medal" evaluation committee, the Central Committee of the Communist Youth League and the All-China Youth Federation have decided to award the 23rd "China Youth May Fourth Medal" to 30 individuals including Wang Zhongmei, master welder at China Railway Jiujiang Bridge Engineering Company, and the "Lunar Palace 1" team along with 12 other youth collectives with the "China Youth May Fourth Medal Collective." Among the recipients, Qijun Tong, Chairman of EFY Intelligence Control and professor at Tianjin University, was honored with the "China Youth May Fourth Medal." (Full coverage: [EFY Intelligence Control] Company Chairman and Tianjin University Professor Qijun Tong Receives "China Youth May Fourth Medal")

▍ Aqronos Wins Award in China New Energy Intelligent Vehicle Finals

On April 27, the 2018 National Finals of the China Innovation and Entrepreneurship Competition for New Energy Intelligent Vehicles and Transportation Industry Ecology were successfully held in Jiangning District, Nanjing. Aqronos Technology won second prize in the global finals. (Full coverage: [China EV 100] Annual Dual Innovation Stars in Mobility Announced — New Energy Intelligent Vehicle and Transportation Industry Ecology Competition Nanjing Station Concludes Successfully)

▍ Lou Yun of Club Factory Named to Forbes 30 Under 30 List

Club Factory is a rapidly growing cross-border e-commerce platform with standout performance in India. In Forbes' recently released "30 Under 30 Asia 2019" series, Club Factory founder Lou Yun was named to two lists:

"30 Under 30 Asia Retail & Ecommerce"
"30 Under 30 Asia Big Money"

(Full coverage: [Forbes] The 2019 30 under 30 reinventing the way we shop)

▍ Onion Math and Qingqing Tutor Named to "2019 Top 50 Most Influential Education Companies"; Onion Math CEO Lin Feng Yang Selected as "2019 Youth Power" Business Figure of the Year

On April 26, the "2019 Education Industry Future Summit" hosted by Chuangye Heima was held in Beijing. Both Onion Math and Qingqing Tutor were named to the "2019 Top 50 Most Influential Education Companies." (Full coverage: [Matchbox Release] 2019 Top 50 Most Influential Education Companies Announced — They Are the Future of the Industry!)

On April 21, at the Southern People Weekly "2019 Youth Power" tribute ceremony, Onion Math CEO Linfeng Yang received the "2019 Youth Power" Business Figure of the Year award, becoming the only young entrepreneur selected. (Full coverage: [Onion Math] Onion Math Praised by Celebrities! CEO Linfeng Yang Named 2019 Youth Power Business Figure of the Year)

▍Chicecream and Saturnbird Coffee Named Best in Category

On April 24, at the 2019 Hello Foods Prize hosted by the FBIF Food and Beverage Innovation Forum, Chicecream and Saturnbird Coffee won Best Dairy Product and Best Coffee, respectively. (Full coverage: [FBIF Food and Beverage Innovation] The Next Hit Is 0.01 Meters Away: 2019 China Food and Beverage "Hello Foods Prize" — 17 Awards Announced)

▍Qingtao Development Named a "2019 BMW Open Innovation Selected Company"

On April 19, the 2019 BMW Open Innovation program kicked off in Shanghai. Qingtao New Energy, a leading solid-state battery company, was invited to attend and — alongside SenseTime, Cambricon, and seven other companies — received BMW's "2019 BMW Open Innovation Selected Company" designation. (Full coverage: [Qingtao Development] The Most Beautiful April Day: Qingtao Manufacturing's Innovation Chapter)

▍Kunshan Meimiao Environmental Protection Receives "High-Tech Enterprise" Certificate

On April 8, in accordance with the national Administrative Measures for the Recognition of High-Tech Enterprises and Guidelines for the Administration of High-Tech Enterprise Recognition, Kunshan Meimiao Environmental Protection Technology Co., Ltd. received a "High-Tech Enterprise" certificate jointly issued by the Jiangsu Provincial Department of Science and Technology, the Jiangsu Provincial Department of Finance, and the Jiangsu Provincial Tax Service of the State Taxation Administration. The company was recognized for its professional R&D team, independent innovation capabilities, and strong technical competence, officially joining the ranks of national high-tech enterprises. (Full coverage: [Kunshan Meimiao] Good News: Meimiao Passes High-Tech Enterprise Certification!)

▍Xinyi Information Technology's NB-IoT Single-Chip XY1100 Wins Innovation Product Award

On April 9, the 7th China Information Technology Expo (CITE 2019) opened in Shenzhen. Xinyi Information Technology (Shanghai) Co., Ltd.'s NB-IoT single-chip XY1100 won the China Information Technology Expo Innovation Product Award. Independently developed by the Xinyi team, the chip is the world's only NB-IoT chip with integrated CMOS PA, achieving ultra-low power consumption: deep sleep power consumption is less than 1 microamp, and receiver power consumption is approximately 20 milliamps — both roughly one-third of mainstream commercial products. (Full coverage: [Xinyi Information Technology] CMOS PA Inside | Xinyi Information Technology's NB-IoT Single-Chip XY1100 Wins China Information Technology Expo Innovation Product Award!)

▍IceKredit Honored by Pudong New Area Government

On April 2, the 2018 Pudong New Area Economic Contribution Outstanding Enterprises Commendation Conference was held in Shanghai. At the conference, IceKredit was honored by the Pudong New Area People's Government and named to the Top 20 in Innovation and Entrepreneurship. (Full coverage: [IceKredit] AI Empowering Finance: IceKredit Recognized for Outstanding Contribution)

▍Maike Technology Named to "China's Top 50 Data Intelligence Innovative Enterprises," Wins "China Gaofen Cup" Beautiful Countryside Competition Innovation Application Award

On April 23, the 2019 iResearch China Data Intelligence Summit was held in Beijing. Maike Technology was named to the "2019 iResearch · China's Top 50 Data Intelligence Innovative Enterprises" for its innovative business model and exceptional technology. (Full coverage: [Maike Technology] Maike Named to "2019 iResearch · China's Top 50 Data Intelligence Innovative Enterprises")

Additionally, the "China Gaofen Cup" Beautiful Countryside Competition award ceremony was held in Changsha the same day. Maike Technology received third prize in the "Gaofen Satellite Paddy Field Defense Battle" category. (Full coverage: [Maike Technology] Maike Wins "China Gaofen Cup" Beautiful Countryside Competition Innovation Application Award)

FreeS Fund Perspectives

▍Qi Juntong of EFY-UAV: Swarm Intelligence Control Technology Can Reduce the Cost of Drone Scale-Up

The cutting-edge technology in commercial drones right now is swarm intelligence control. Hundreds or even thousands of drones — the entire flight process is managed by a single ground computer. The technical requirements are extremely demanding. First, the time dimension must be highly precise; current synchronization accuracy for time-based positioning needs to reach 0.04 seconds. Second is positioning: current accuracy is within tens of centimeters. The core of swarm control technology is getting every aircraft to the right position at the right time and place. Behind this lies a stack of control algorithms, control logic, communications technology — many technologies layered together — which ultimately produces the formation changes we see in the sky.

I hope this technology can help drive down comprehensive costs as drones gradually multiply and scale up, through automatic control. For example, if there are 20 packages, how do several drones allocate tasks and routes, avoid collisions while flying, and complete the entire mission automatically? This shifts from individual autonomy to collective autonomy, making operations more efficient. (Full coverage: [CCTV News] Focus Interview | What Is the Youth of "May Fourth Medal" Winners Like?)

▍Cai Zhenxiao of Maihai Environmental Protection: The Ultimate Goal of Technology Research Is to Become Products People Need

In China's campaign-style environmental governance push, the core problem is the inability to achieve technological breakthroughs — low-cost, high-efficiency technology remains lacking. This is a challenge for China's environmental sector and an opportunity for us. The most fundamental thing for a startup is to survive, and the fastest way is product commercialization.

The ultimate goal of technology research is to become products that people need. I'm very much looking forward to the process of micro-granular adsorption filtration (uGAF) water treatment technology evolving into products, and even more eager to see products achieve maximum value — this is why I decided to start a company. (Full coverage: [JIEI Innovation Lab] Startup Camp | Cai Zhenxiao: Returning Home, I Want to Do Deep Phosphorus Removal in Wastewater Well)

▍Chen Xiaoliang of SoundAI: Smart Speakers Are the Most Successful AI Product Globally

I think the so-called "winter" of 2018 was actually an overinterpretation driven by market panic after the real economy encountered some difficulties. The current global AI trend is quite clear — both capital markets and the real economy have positive expectations.

AI has now reached the stage where technology drives products. But because AI's early accumulation of talent and technology was relatively limited, there are currently fewer truly good projects, so capital market activity hasn't been particularly dramatic either. Looking at market performance over the past two years, smart speakers are the most successful AI product globally — they're the smart device users are actually willing to pay for and experience. The rapid volume growth of smart speakers in global and Chinese markets validates SoundAI's choice at the time. (Full coverage: [Future Turing] AI 100 People | Chen Xiaoliang: Natural Human-Machine Interaction Will Probably Take Several More Decades)

▍Gong Huaze of Maike Technology: A Company's Primary Goal Is to Focus on Demand

A company's primary goal isn't revenue, traffic, or scale — it's focusing on demand, finding what users truly need. Throughout 2017, Maike Technology alternated between technology R&D and customer operations, further clarifying its market.

The biggest bottleneck for agricultural finance is the lack of production data, yet finance itself is a critical factor of agricultural production. Going forward, Maike Technology's strategy will shift in two major ways. On one hand, the company will enter overseas smart agriculture markets and begin its international expansion. On the other hand, domestically, the team will continue to deepen its presence in self-operated provinces and increase business density. (See report: [Pencil News] Chinese Academy of Sciences Researcher Raises Over 100 Million Yuan: Precision Pesticide Application Cuts Usage by 50%, Annual Revenue Nears 30 Million)

▍Qingtao Development's Feng Yuchuan and He Hongcai: The Application Prospects of Solid-State Batteries in Vehicles, and the Conditions for Mass Production

For liquid batteries, Tesla currently uses the highest energy density power cells globally. In early 2018, Tesla announced that its jointly developed 21700 cell with Panasonic reached 300Wh/kg, while typical domestic manufacturers' cells hover around 230Wh/kg. Meeting the national target of 300Wh/kg by 2020 will be very challenging for liquid batteries, but relatively easier for solid-state batteries. (By Feng Yuchuan, Chairman of Qingtao Development)

The development of solid electrolyte materials with high ionic conductivity, the high impedance and stability issues at solid-solid contact interfaces, and the development of specialized equipment for solid-state batteries — only when solutions are found for all these challenges can solid-state batteries achieve mass production. Many startups may have solutions for just one or two of these points, and ultimately fail to industrialize solid-state batteries. (By He Hongcai, Dean of Qingtao New Energy Materials Research Institute) (See report: [The Second Half of Mobility] The Global Solid-State Battery Race: Searching for the Next CATL)

▍Saturnbird Founder Wu Jun: The "Beveragification" of Coffee Is One Major Trend

Saturnbird has been profitable all along. Now it's time to accelerate and achieve scale as quickly as possible. Traditional coffee culture is being deconstructed, and consumer demand for coffee has clearly diversified. These new demands require new brands meeting them in new ways. From a market perspective, new approaches and models for coffee will proliferate, the layers will become richer, the scenarios more complete, and prices will trend downward overall. The "beveragification" of coffee is one major trend, and these factors will bring more diversification and faster growth to China's coffee market. (See report: [NetEase Tech] The New Mid-Game Battle for Chinese Coffee)

▍Onion Math's Yang Linfeng: What Changes and What Doesn't in AI Education

AI has been hot in education in recent years, with many projects that look very cool. But there are also many misconceptions and misapplications. Many projects start from AI and look for application scenarios in education, rather than starting from actual educational problems and finding where AI can add value. For example, using AI to grade homework or generate extremely detailed knowledge maps. To some extent, these count as educational applications of AI, but none solve the bottleneck problems in learning scenarios.

For AI to be effective in education projects, one major precondition is applying AI to the complete learning loop, because the learning process itself is a loop. Many projects talk about "teaching, learning, testing, practicing, evaluating," but we see different segments fragmented across scenarios. Some segments happen online, others offline. Even the teaching agents differ — some rely on "AI teachers," others on human teachers. This kind of fragmented AI+education not only fails to solve education's pain points, but may actually cause very serious problems. Educational equity products that can simultaneously balance teaching quality, learning personalization, and service scalability — that is the future of AI+education. (See report: [Leiphone] 2019: What Changes and What Doesn't in AI Education)

▲ 4 Companies Close New Funding Rounds, 5 Reach New Milestones, Plus Two Gatherings | FreeS Blackboard · March

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