• Xpeng Motors

  Participated · Series B · Aug 2018

  XPeng is a Chinese automaker that builds battery-electric vehicles, including its flagship G9 SUV. Its vehicles include connectivity and advanced driver‑assistance system software often compared to Tesla’s FSD. Under a new deal with Volkswagen, XPeng will jointly develop and produce two mid‑sized EVs for the Chinese market that carry DNA from both automakers and are based on the G9. The vehicles will be produced at VW’s Hefei development, innovation and procurement center (100%TechCo). Production is expected to begin in 2026. Volkswagen is investing $700 million and acquiring a 4.99% stake in XPeng as part of the agreement. Xpeng is a five-year-old electric vehicle startup led by former Alibaba executive He Xiaopeng that develops models aimed at China’s tech-savvy middle-class. The company has raised multiple rounds totaling about $1.7 billion to date and announced roughly $500 million in a Series C+ round. The Series C+ follows a $400 million Series C closed last November and references a prior August 2018 fundraising event. Xpeng has faced a legal battle with Tesla over alleged theft of Autopilot source code, a case delayed by the COVID-19 pandemic. Sales headwinds in China from reduced government subsidies and pandemic-driven economic weakness pose near-term challenges. In May the company obtained a production license for a fully-owned car plant near its Guangzhou headquarters, reducing dependence on manufacturing partner Haima Automobile. XPeng Motors develops smart, connected electric passenger vehicles, including the G3 SUV and the forthcoming P7 sedan. The company began deliveries of its first production model, the G3, in December and had shipped 10,000 units by mid‑June, later releasing an enhanced G3 with a 520 km NEDC range. XPeng plans to launch its electric P7 sedan in spring 2020, with deliveries expected to begin in the second quarter of 2020. Financially, XPeng raised a $400 million Series C and said it secured "several billions" of Chinese yuan in unsecured credit lines from institutions including China Merchants Bank, China CITIC Bank and HSBC. The company said it has met most of its business and financing targets despite economic headwinds and policy changes affecting Chinese auto sales. XPeng has said it wants to IPO but provided no specific timetable, and its post‑money valuation for the Series C was not disclosed, though a source said it is better than the 25 billion yuan valuation from August 2018. XPENG Motors develops the G3, a high-tech electric SUV featuring a sporty design, shark-shaped front lip, lightsaber LED lights and integrated diamond-matrix taillights. The G3 is equipped with a 360° roof camera, a space-capsule-like cockpit, 20 smart sensors, full-scenario autonomous parking and Level 2.5 autonomous driving technologies tailored for Asia. G3 was scheduled to start official sales later in 2018 with deliveries beginning by the end of the year. The company plans to build 150 supercharging stations nationwide and open dozens of offline stores in first-tier Chinese cities. XPENG maintains R&D, manufacturing and marketing divisions in Beijing, Shanghai, Zhaoqing (Guangdong) and Silicon Valley. Financially, the company has completed a large Series B+ and reports cumulative financing exceeding RMB 10 billion with a valuation close to RMB 25 billion. XPENG Motors designs and manufactures internet-connected electric vehicles, including a Beta model, a production model (1.0) and the XPENG G3 (2.0) all-electric SUV slated for sale in 2018. The company has secured product qualification from China’s Ministry of Industry and Information Technology (July 2017). Headquartered in Guangzhou, XPENG maintains design, R&D, manufacturing, and marketing operations across Beijing, Zhaoqing and Silicon Valley. It reported nearly 1,000 employees with plans to grow to 3,000 by 2019. XPENG is developing the XPENG Motors Intelligent Internet-connected Science and Technology Park (Zhaoqing Base), a 3,000-mu site with a planned RMB 10 billion investment. Financially, the company has raised over RMB 5 billion to date following its most recent funding.

• Hua Medicine

  Participated · Series D · Mar 2018

  Hua Medicine is a Shanghai-based, clinical-stage drug development company focused on novel therapies for Type 2 diabetes and levodopa-induced dyskinesia in Parkinson’s disease. The company has worldwide rights to two novel assets, the most advanced being dorzagliatin (HMS5552). Dorzagliatin is described as a first-in-class, 4th-generation glucokinase activator that aims to treat impaired blood glucose sensor function. The drug is in two Phase III trials in China: a monotherapy study and a combination therapy study with metformin. Hua announced a combined Series D & Series E financing intended to fully fund completion of those Phase 3 trials and a commercial launch in China. The company was founded by entrepreneurs and international investment firms and positions dorzagliatin as a potential disease-modifying treatment for Type 2 diabetes. Hua Medicine is a clinical-stage, innovative drug development company focused on novel therapies for the treatment of diabetes and central nervous system disorders. Its lead program is HMS5552, a new 4th-generation glucokinase activator (GKA) for type 2 diabetes. The company plans to use the new financing to complete long-term Phase 2 clinical trials and to accelerate Phase 3 development of HMS5552, alongside advancing additional novel assets in its pipeline. Hua is led by CEO Li Chen and is based in Shanghai, China. It expects to finish a multicenter, 12-week Phase 2 trial of HMS5552 in diabetic patients by mid-year, with topline results available by the end of 2016. Hua Medicine is a Shanghai, China–based clinical-stage biotech led by Dr. Li Chen developing novel therapies for Type 2 diabetes and CNS disorders. Its most advanced program is HMS5552 (Sinogliatin), an oral 4th‑generation glucokinase activator (GKA) about to enter Phase 2 trials in China. The company has also internally developed earlier-stage CNS compounds targeting a validated CNS target for indications including Parkinson’s disease–associated dyskinesia and depressive disorder. Hua recently closed a $25M Series B to fund clinical and preclinical programs. Planned uses of proceeds include catalyzing Phase 2 development of HMS5552, advancing GKA therapies in the U.S., developing an IND candidate for a novel CNS asset, and sponsoring long‑term preclinical studies to prepare for future Phase 3 trials.

• ObEN

  Led · Equity · Jan 2018

  ObEN builds a decentralized AI platform that enables users to create Personal AIs (PAIs), intelligent 3D avatars that look, sound, and behave like their owners. Its PAI technology is deployed on the blockchain to provide authentication, registration, and user control. The company is focusing on retail, real estate and hospitality applications, offering PAI concierges, virtual shopping experiences, and localized immersive interactions. ObEN has partnered on projects such as AI Stars with S.M. Entertainment and announced a strategic alliance with K11 to bring PAIs to K11 properties. The company said PAI would be available in early 2018. ObEN was founded in 2014 and is based at Idealab in Pasadena, California; its investors include Tencent, Softbank Ventures Korea and HTC Vive X. ObEN uses AI to create avatars that look and sound like real people, generating “virtual celebrities” from a photo and an audio snippet. The company has shifted from helping VR gamers make more accurate avatars to focusing on celebrity avatars that can interact with fans in AR and VR. ObEN graduated from HTC’s Vive X accelerator and demonstrated a demo integrating WeChat services into VR. With platforms like Apple’s ARKit approaching release, the company aims to serve its avatars on millions of phones and capitalize on the popularity of mask filters and Bitmoji-like figures. Financially, ObEN announced a $5M strategic investment from Tencent, with Li Ruigang and Fengshion Capital participating, bringing total funding to nearly $13M to date. Its technology emphasizes nailing faces rather than full volumetric scans, which the company says makes creating celebrity-focused content easier to produce. ObEN is an artificial intelligence company that creates photo‑real, speech‑enabled 3D avatars by combining a person’s voice and image. Its proprietary AI brings avatars to life, enabling them to learn a user’s mannerisms, behaviors and habits. The company positions these personal AIs for applications across AR, VR and IoT consumer experiences. ObEN says the recent investment will fund market research and outreach and support international expansion efforts. It is an HTC VIVE X portfolio company and is based at Idealab in Pasadena, California. Founded in 2014, ObEN previously closed a $7.7 million Series A in November 2016. ObEN uses AI to recreate a user’s face photo‑realistically in 3D from a selfie and to capture the tone and intonation of a user’s voice from a short recording. Its avatar system is designed for easy integration into games and the company expects demand from verticals like healthcare and education where identifying individuals matters. ObEN launched out of HTC’s Vive X accelerator and plans to ship its first product in Q1 2017. The startup raised $7.7 million in Series A funding and intends to use the proceeds to build its team and scale its product. The company is positioning its technology to address concerns around the “uncanny valley” as it pursues greater photorealism.

No current team members are available.