Source Code Capital Portfolio Companies Mech-Mind Robotics, HAI ROBOTICS, and Haochezhu Huzhu Named to The Information's 2020 TI50 List

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Eleven Chinese companies made the list, with three portfolio companies from Source Code Capital among them.

On December 2, 2020, Silicon Valley-based tech media outlet The Information released its inaugural list of the 50 Most Promising Startups of 2020 (The Information's List of the 50 Most Promising Startups, or TI50 for short). Based on revenue performance, business models, and growth prospects, The Information selected 50 high-growth-potential startups across six sectors worldwide. In addition to artificial intelligence, consumer, media, B2B, and fintech, this year's TI50 featured a dedicated "China" section spotlighting emerging high-tech startups from the country. Eleven Chinese companies made the list, with three Source Code Capital portfolio companies — Mech-Mind Robotics, HAI ROBOTICS, and Haochezhu Huzhu — among them.

As one of Silicon Valley's most influential tech publications, The Information consulted widely across the industry and gathered previously undisclosed business and financial information to compile this prestigious ranking. The list was limited to startups that had raised less than $100 million in funding over the past three years or were just getting started, while excluding recognized "unicorns" or companies with book values exceeding $1 billion.

Founded in 2013, The Information has built its reputation on in-depth tech reporting. Alongside its substantial paid subscriber base, its exclusive coverage of internal developments at major companies like Apple, Facebook, and Google has been frequently picked up by prominent outlets including The Wall Street Journal, The New York Times, and Bloomberg. Through its deep, independent journalism, The Information is reshaping how investors and investment institutions discover quality targets.

Mech-Mind Robotics

A leading domestic provider of AI + 3D + intelligent industrial robot solutions, Mech-Mind Robotics focuses on the R&D, production, and sales of 3D vision hardware and software products. In November of this year, Mech-Mind Robotics announced the completion of its Series B+ funding round, jointly participated in by Source Code Capital and HSG.

Why it made the list:

"Mech-Mind Robotics develops cameras and software that use artificial intelligence to help robots identify objects. In China, Mech-Mind Robotics products have already been deployed in the workshops and warehouses of more than 100 automotive manufacturing, electronics component production, and logistics companies. This year, Mech-Mind Robotics' sales are expected to grow more than threefold. As the world's largest industrial robot market, Mech-Mind has vast room for expansion and has already attracted customers in Europe and Japan." — The Information

HAI ROBOTICS

HAI ROBOTICS is the pioneer and leader in carton-based warehouse robotics systems, dedicated to delivering efficient, intelligent, flexible, and customized warehouse automation solutions through robotic technology and AI algorithms, creating value for every factory and logistics warehouse. In September of this year, HAI ROBOTICS announced the completion of its Series B funding round, led by Source Code Capital.

Why it made the list: "China's massive logistics industry is ripe for technological transformation, and venture capitalists have recognized this enormous potential market. Startups committed to technological innovation will accelerate warehouse automation. HAI ROBOTICS' revenue is expected to grow more than tenfold this year, driven by strong market demand for its carton-based warehouse robots. Current clients include Philips, HP, General Electric, DHL, and Chinese e-commerce giants Alibaba and JD.com, with the client roster continuing to expand." — The Information

Haochezhu Huzhu

Haochezhu Huzhu is dedicated to providing affordable mutual vehicle protection products for car owners in China's lower-tier markets. Through model innovation and data-driven approaches, the company has introduced a mutual cost-sharing mechanism based on mobile sensor big data algorithms, helping users save 60-70% on vehicle protection costs.

Why it made the list: "As the world's largest auto market, China has more than 100 million vehicles without collision coverage or other comprehensive insurance. Haochezhu Huzhu offers these car owners a more economical alternative to traditional insurance. Its user base has grown more than tenfold in the past six months, setting it apart from competitors. Operating through WeChat, the mutual aid platform launched last year has attracted over 100,000 users. Unlike traditional insurance companies, Haochezhu Huzhu does not invest the fees collected from car owners; instead, the company generates revenue from service fees. Currently focused on smaller cities where traditional auto insurance purchasing power is limited, Haochezhu Huzhu is growing rapidly." — The Information