The Venture Codex

Participated · Series B · May 2022

BUD provides a drag-and-drop app for mainstream Gen Z users to design bulbous 3D characters, virtual assets and richly colored interactive spaces without any coding. Since launching in November, users have created over 15 million custom experiences and virtual assets on its marketplace have exchanged hands more than 150 million times. The app is free-to-use and currently ad-free; BUD is not charging commissions or otherwise monetizing the platform yet. It ranks among the top 10 social apps in nearly 40 countries and is the top free social Android app in Thailand and Vietnam. BUD plans to introduce an NFT marketplace so creators can record ownership and resell digital assets on the blockchain. The company has a team of about 130 employees across headquarters in Singapore and offices in Shenzhen and the U.S. BUD is an app that allows users to create customizable 3D experiences and interact with others, featuring cuddly characters reminiscent of Animal Crossing. It rolled out in November and quickly shot to the top 10 social apps on Android in several countries including the U.S., though its U.S. ranking later slipped into the 100s. The company says it has maintained three-digit month-on-month worldwide growth since launch. Founded in 2019 by former Snap engineers Shawn Lin and Risa Feng, BUD has grown to a team of 100 and plans to reach 200 employees by year-end and set up a global headquarters in Singapore. The product emphasizes drag-and-drop tools that enable non-technical users to build 3D worlds, positioning it alongside apps like Zepeto and Roblox. The company says it will use new funding to support product R&D and international user growth.

Participated · Seed · May 2022

Gusto Collective is a BrandTech holding company led by CEO Aaron Lau that combines technology and branding to create immersive customer experiences in AR, the metaverse and NFTs. The company develops AR applications and Web3 products through its operating businesses and partnerships. Notable collaborations include a 5G AR experience with Hong Kong wireless operator CSL, a real-time generative data art project with Phillips Auctioneers, and AR installations for Pixar Fest in Harbour City mall. With this strategic focus, the company is prioritizing geographic expansion into other parts of Asia, development of Web3 services and products, and creation of recurring-revenue offerings. Financially, Gusto Collective completed an $11M Seed Plus round and has raised $23M in cumulative external funding since launching in 2020.

Led · Equity · Apr 2021

Plus develops self-driving truck technology centered on its driver-in autonomous driving solution, PlusDrive. The company is commercializing PlusDrive with truckmakers and fleet partners, including a jointly developed automated truck with FAW and pilots with large fleets such as SF Express. Plus is in the final stages of certifying PlusDrive for commercial operation in China and plans to start mass production of the PlusDrive-powered automated truck this summer. The additional funding will enable Plus to expand global operations and commercial deployment across the U.S., China, Europe, and other parts of Asia. Plus says its technology delivers safety, efficiency, comfort, and sustainability benefits to truck makers and fleets. Financially, Plus announced a new $220 million funding round that is described as an extension of a $200 million round announced last month. Plus builds a full‑stack automated driving system for heavy trucks and works with truck manufacturers, shippers, and fleet operators to deploy that system at scale. The company says mass production of its automated trucks will begin in 2021 and it has more than 10,000 pre-orders. Plus plans to use recent funding to accelerate global commercialization, scale deployments in the U.S. and China, expand into Europe and other parts of Asia, and build a sales and support network to help fleets integrate its system. It also intends to grow its engineering team to continue developing its autonomous driving technology. Plus has completed pilots with major logistics providers, completed a cross‑country commercial freight run with Land O’Lakes, and entered a joint venture with FAW to be an exclusive autonomous trucking technology provider. The company was founded in 2016 and is headquartered in Cupertino, California.

Participated · Series C · Feb 2021

Pony.ai develops autonomous driving systems and partners with automakers to deploy vehicle autonomy. Founded in 2016 and based in the US and China, the company works with Toyota, GAC, SAIC Group, Sany Heavy Industry and FAW Group. Pony.ai has registered with the China Securities Regulatory Commission for a US IPO and plans to issue up to 98.15 million ordinary shares on Nasdaq or the NYSE. Its most recently disclosed financing was a $100M investment from Neom in October 2023; the post‑money valuation from that round was undisclosed. The firm was valued at $8.5 billion after its March 2022 Series D. GAC's recent board approval to invest $27M in Pony.ai (part of a combined $104.8M allocation to Pony.ai and Chenzhi) indicates continued strategic interest from Chinese automakers. Pony.ai is a Chinese autonomous vehicle startup that develops autonomous driving technology. The company operates fully driverless vehicles in Beijing and Guangzhou and holds licenses to operate driverless cars in Beijing, Guangzhou, Shanghai and Shenzhen. Pony.ai plans to establish a regional R&D and manufacturing headquarters as part of a joint venture with Neom. Under the JV, Pony.ai and Neom will develop, manufacture and deploy autonomous vehicles and smart infrastructure in Neom and key markets in the Middle East and North Africa. Pony.ai received $100 million from Neom as part of the deal. The tie-up comes amid increasing cooperation between Saudi Arabia and Chinese companies around technology and scientific innovation. Pony.ai develops autonomous-driving software and a robotaxi network platform to deploy fully driverless robotaxis. The company plans to scale commercial robotaxi operations in China through a partnership with Toyota and a capital infusion. Toyota will supply an unspecified number of EVs and Pony.ai will outfit them with its autonomy stack and network technology. Pony.ai has raised more than $1 billion since its 2016 founding and claimed an $8.5 billion valuation in 2022. The company has faced regulatory and operational setbacks, including a suspended California driverless testing permit, a software recall, executive departures, and litigation over alleged trade‑secret theft. Despite those challenges, Pony.ai and Toyota intend to begin their partnership this year to accelerate production of driverless robotaxis. Pony.ai develops autonomous driving systems for robotaxis and trucking, operating tests and limited passenger pilots in both China and the U.S. The company was founded in 2016 and now has a global team of over 1,000 staff. Pony runs tests in Beijing, Shanghai, Guangzhou and Shenzhen as well as Fremont and Irvine, California, and its robotaxis have been allowed to charge passengers in a pilot zone in suburban Beijing. The firm has faced operational and regulatory setbacks, including a suspended driverless test permit in California and a reorganization that dissolved its U.S. trucking unit. Financially, Pony said it is well‑financed and, after a Series D-1, has close to $1 billion in balance sheet liquidity. Management says proceeds will be used to expand hiring, open new testing and operation sites, advance strategic partnerships and rapidly grow its fleet. Pony.ai develops a full-stack autonomous driving platform (PonyAlpha) that uses lidars, radars, and cameras to detect obstacles up to 200 meters for robo-taxis, trucks, and freight delivery. The company has tested its systems since April 2019 and runs test vehicles in Fremont, California and Beijing and Guangzhou in China. Pony.ai aims to deploy level 4 vehicles in predictable environments—industrial parks, college campuses, and small towns—with a tentative deployment window of several years. It has driven over 1.5 million autonomous kilometers as of year-end 2019 and delivered more than 15,000 packages in California during the COVID-19 crisis. Pony.ai holds an autonomous vehicle testing license in Beijing and a robo-taxi operations permit from the California Public Utilities Commission. It maintains partnerships and pilots with Via and Hyundai (BotRide), Bosch (fleet maintenance), FAW and GAC Group (vehicle development), and On Semiconductor (machine vision).

Led · Series B · Dec 2020

Founded in 2017, VETRESKA is a pet lifestyle brand known for product-driven design and annual flagship SKUs, including soil-free cat grass, a cactus cat climbing frame, a watermelon litter box and a pet bubble box. The company follows a “big single product” strategy, continually refreshing its hit products across multiple specifications and price points to extend product lifecycles. VETRESKA pursues a channel-first approach: it has built a distribution network of more than 60 distributors covering tens of thousands of pet stores, alongside direct online sales on Tmall, Taobao, JD and WeChat. The brand reported that by the end of July it had already exceeded 2019 full-year revenue and expected to double sales by the end of 2020; on Amazon Prime Day it achieved nearly $300,000 in single-day sales. VETRESKA plans to launch a New Zealand–imported private-label cat food, VETRESKA KIBBLES NZ, early next year and to fill gaps in the cat-litter category to create a more complete high-end pet lifestyle offering. The company will increase investment in brand building, content and cross-category collaborations to extend its appeal beyond pet owners toward a broader female lifestyle audience.