Gaorong Bulletin · October | Gaorong Ventures Closes Fundraising of Over 10 Billion RMB

About Gaorong Post: Gaorong Post is a monthly digest curating noteworthy updates and insights from Gaorong Ventures and its portfolio companies. Each issue shares just 10 items — covering not only major funding news and milestones, but also emerging trends, new innovations, and fresh perspectives. True to Gaorong's vision of "creating" a better life through innovation, we believe every step forward opens up infinite possibilities.

News · Gaorong Ventures closes new funds exceeding RMB 10 billion, continuing to back founders for long-term value creation

Gaorong Ventures announced its annual USD and RMB fundraising results, with total new commitments exceeding RMB 10 billion. Its fifth USD fund closed at $1.15 billion. This brings Gaorong Ventures' total AUM across USD and RMB funds to approximately RMB 28 billion.

Following this fundraise, Gaorong Ventures will continue to focus on new consumption, new technology, enterprise services, and healthcare technology. In new consumption: as China's consumer market gradually becomes the world's largest single market, the firm will continue to identify opportunities in new e-commerce, new retail, new brands, and new consumption infrastructure. In new technology: it will deepen its presence in hard tech sectors including AI, robotics, and semiconductors, capturing commercial opportunities from technological convergence and breakthroughs. Against the backdrop of new infrastructure development, as industries accelerate informatization, digitalization, and intelligentization, Gaorong will keep seeking opportunities in enterprise services and industrial upgrading. The firm also maintains a long-term bullish view on healthcare technology, investing in digital health, pharmaceutical innovation, biotechnology, and medical devices.

New E-Commerce · Pinduoduo receives National Poverty Alleviation Award "Organizational Innovation Award" as representative internet enterprise

On October 17, the 2020 National Poverty Alleviation Award ceremony was held in Beijing. Shanghai Xunmeng Information Technology Co., Ltd. (Pinduoduo) received the "Organizational Innovation Award" as a representative internet enterprise.

Data shows that in 2019, Pinduoduo's agricultural and sideline product GMV reached RMB 136.4 billion, making it China's largest agricultural product e-commerce platform. Leveraging technological innovations such as its "Cloud Farming" system, by the end of 2019 Pinduoduo had directly connected with over 12 million agricultural producers, with cumulative poverty alleviation beneficiaries exceeding 1 million. In recent years, Pinduoduo has been dedicated to exploring innovative e-commerce poverty alleviation models. Since establishing "Duoduo University" in 2018, the platform has conducted online and offline e-commerce training courses, empowering over 100,000 new agricultural entrepreneurs to return to their hometowns. Its pioneering "Duoduo Orchard" poverty alleviation product has surpassed 60 million daily active users, with the platform purchasing and distributing over 2 million pounds of poverty alleviation fruit daily.

Autonomous Driving · Nuro operates on public roads across three US states

In 2020, Nuro's R2 autonomous delivery vehicle began testing fully driverless operations on city streets in California, Texas, and Arizona — no driver, no passengers, no chase vehicle.

The R2 can autonomously deliver various items including prepared food, general merchandise, medicine, and retail products, giving consumers and communities more time, safer roads, and reduced emissions. In February, Nuro became the first autonomous vehicle operator approved by the US federal government to deploy vehicles without side mirrors, steering wheels, or other manual controls. In April, it became the second company (after Google Waymo) to receive California state approval to test fully driverless delivery vehicles on public roads. Previously, Nuro also used the R2 to provide contactless medical supply transportation for California hospitals treating COVID-19 patients, contributing to pandemic response efforts.

Semiconductors · Hangzhou NationalChip Technology closes Series C funding of several hundred million RMB

NationalChip Technology announced a Series C round of several hundred million RMB, led by CITIC Securities Investment with participation from Gaorong Ventures and others.

Founded in 2001, NationalChip has become one of the world's leading set-top box chip suppliers, with its digital set-top box chips deployed globally and cumulative shipments approaching 400 million units. In 2019, NationalChip's set-top box chip shipments exceeded 30 million units, capturing leading market share in multiple segments. The company has also been deeply engaged in AI, becoming a leading domestic AIoT chip provider. In 2017, it launched the industry's first IoT AI chip, the GX8010, integrating its self-developed neural network processor gxNPU to accelerate neural network computations. The GX8008 voice chip, launched alongside the GX8010, was among the earliest AIoT chips to feature a "domestic CPU + domestic NPU" dual domestic processor architecture. In 2020, NationalChip introduced the ultra-low-power AI chip GX8002, with power consumption as low as 70μW — currently the industry's lowest — integrating its second-generation self-developed neural network processor gxNPU V200 and proprietary hardware VAD module.

Currently, NationalChip's AI business spans smart speakers, in-vehicle systems, smart home appliances, and wearables, covering the full "human-vehicle-home" application scenarios.

Live E-Commerce · Mokuaan Technology closes Series C+ round, doubling down on live e-commerce

Influencer e-commerce service platform Mokuaan Technology announced a Series C+ round of several hundred million RMB. Gaorong Ventures, which had invested in Mokuaan's Series C round, continued its investment in this round.

Founded in 2015, Mokuaan has developed an S2B2C business model centered on SaaS services that streamlines the live e-commerce value chain. Influencers can source products through the Mokuaan Star Select merchant app, then sell to end consumers via the Mokuaan Store SaaS embedded within Kuaishou. Mokuaan aims to connect and serve both influencers and suppliers while delivering quality social shopping experiences to consumers.

On the supply chain front, Mokuaan currently lists 500,000 SKUs with 85% category coverage and over 90% coverage of live-streaming bestsellers, focusing on food, beauty, general merchandise, and apparel, with its product database iterating rapidly. The company has also established live-streaming bases in over 20 cities nationwide, providing warehousing and logistics, talent incubation and training, and event planning services.

Fintech · XTransfer closes Series C1 round, strengthening anti-money laundering and information security

XTransfer, a one-stop cross-border financial and risk control service provider for foreign trade enterprises, recently announced its Series C1 round led by Telstra Ventures. Gaorong Ventures, which had invested in XTransfer's angel round, continued to participate in subsequent rounds.

Following this round, XTransfer will further strengthen its data infrastructure and anti-money laundering risk control capabilities, enhance deep customer service capabilities, and comprehensively upgrade its organization by recruiting top global talent.

Founded in May 2017 and headquartered in Shanghai, XTransfer has established offices in Hong Kong, the UK, Canada, the US, Japan, Australia, and Singapore. By partnering with leading multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and developed a data-driven, automated, internet-based, and intelligent anti-money laundering risk control infrastructure centered on small and medium enterprises. Using technology as a bridge connecting global financial institutions with SMEs, XTransfer enables small and medium enterprises to access cross-border financial services on par with large multinational corporations.

Logistics · Thai next-day delivery provider Flash Express closes Series D

Thai integrated logistics service provider Flash Express recently completed its Series D round led by Thailand's national oil and gas conglomerate PTT, a Fortune Global 500 company. Gaorong Ventures had invested in Flash Express's angel round in 2018. Flash Express is Thailand's second-largest private courier company. The new funding will be used for technology upgrades, comprehensive value-added services around e-commerce logistics, and expansion into other Southeast Asian markets.

Founded in 2017, Flash Express models itself after SF Express in offering next-day delivery service, and was the first Thai courier to provide free door-to-door pickup 365 days a year. Its customer base consists primarily of B2C e-commerce merchants and C2C consumers. Flash Express currently operates over 5,000 service points covering all 77 provinces of Thailand, processing over 1 million parcels daily. Through its refined management system and big data analytics, it has standardized and digitized its operations chain, lowering costs while providing customers with more transparent and efficient service.

AIOps · Bizseer closes Series B round, upgrading next-generation intelligent AIOps products

Bizseer announced the completion of a nearly RMB 150 million Series B round, led by HSG. Gaorong Ventures, which had led Bizseer's Series A+ round, continued its investment in this round.

Bizseer is a high-tech enterprise focused on intelligent operations product development, founded in late 2016. It is committed to empowering IT operations through artificial intelligence and building world-leading AIOps products. Bizseer's AIOps products define the industry best practice of "prediction + localization" for intelligent operations, using AI algorithms to help large enterprise data centers automatically, accurately, and rapidly detect anomalies, locate faults, and predict risks from massive, complex IT infrastructure monitoring data — effectively improving system availability and operational efficiency.

Bizseer's core team originates from Tsinghua University's Intelligent Operations Lab, having accumulated substantial cutting-edge research that lays a solid foundation for the commercialization of intelligent operations technology and products. Currently, Bizseer's AIOps products have been deployed at over 30 clients including China Construction Bank, People's Bank of China Clearing Center, Bank of Communications, China Merchants Bank, China Everbright Bank, China Minsheng Bank, China Guangfa Bank, and Everbright Securities, providing robust technical solutions to support enterprise operations decision-making.

Healthcare · Digital health management platform Menxlab closes Series A, accelerating consumer-grade medical product ecosystem

Digital health management platform Menxlab announced a new Series A round. Gaorong Ventures had led Menxlab's angel round and invested in its Pre-A and Series A rounds.

Menxlab is building a digital health management platform focused on personal health management for urban new middle-class consumers aged 25–40, providing comprehensive solutions for consumer-grade medical products. Starting with hair loss prevention, Menxlab centers on scalp health management with a product matrix combining "preventive care + scientific treatment." Its product lines cover personal care, oral medications, nutritional supplements, and auxiliary medical devices.

Since its official launch in May, Menxlab's personal care brand "Time Story" has built user awareness through high-frequency hair care products via omni-channel expansion, adopting a DTC model to engage directly with consumers.

Recognition · Gaorong Ventures honored with "China's Equity Investment Market 20-Year RMB 10 Billion Club" and other awards

In October, Zero2IPO released its 2020 China Equity Investment Annual Rankings, with Gaorong Ventures making the "China's Equity Investment Market 20-Year RMB 10 Billion Club" and receiving "2020 China Top 15 Venture Capital Firms," "2020 China Top 30 Internet/Mobile Internet Investment Firms," and "2020 China Top 30 Cultural Consumption Investment Firms."

The ChinaVenture 2019 Investor Rankings recognized Gaorong Ventures founding partner Chang Chen as "ChinaVenture 2019 Top 3 Best Venture Capital Investor" and "ChinaVenture 2019 Top 10 Best Internet Industry Investor"; founding partner Gao Xiang as "ChinaVenture 2019 Top 10 Best Culture, Sports and Entertainment Industry Investor"; and founding partner Yue Bin on the "ChinaVenture 2019 Top 100 Best Venture Capital Investors" list.

Chang Chen was also named to Fortune (China edition)'s "2020 30 Most Influential Investors in China."