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IDG Capital joined a $141 million Series B round for Hainan Golden Technology, a Chinese electronic invoicing (e-invoicing) startup. A subsidiary of China-based multinational conglomerate Tencent Holdings, Hainan Golden provides e-invoicing solutions to local businesses ranging from catering, hospitality, retail to property management. Founded in 2017, the company's leads customers include FedEx, Didi Chuxing, China Unicom, China Telecom and China Mobile. Hainan Golden said it will use the latest funding round to grow its capabilities in blockchain, cloud computing and big data. The company is also developing a platform for toll transactions to increase its share of the growing domestic smart transportation market. IDG Capital also participated in Hainan Golden's Series A round in 2018. As the firm’s name suggests, the company is based in Hainan, China's Southern island province.
Kuandeng, a Beijing-based high-solution mapping solutions provider, has completed a $14.2 million Series A+ round, indicating the mapping sector in China is starting to heat up alongside autonomous vehicle development. Founded in 2017, Kuandeng maintains a fleet of more than 20 vehicles for collecting road information in and around all the major domestic cities. The company obtained mapping permits from the central government this year and is preparing a nation-wide HD map for 100 cities in China. The latest investment will help Kuandeng further develop its Vehicle-to-Everything (V2X) technology, an approach that provides high-bandwidth, low-latency communication between vehicles, road signs and other traffic-related sensors. In 2018, IDG Capital led a $22.6 million Series A round in Kuandeng.