The Venture Codex

Participated · Series B · Oct 2020

VSPN (Versus Programming Network) is a Chinese esports total-solutions provider that facilitates and broadcasts esports competitions and has expanded into related areas such as esports venues. It serves as the principal tournament organizer and broadcaster for a number of top competitions, partnering with more than 70% of China’s esports tournaments. The company offers end-to-end services across event organization, production and streaming for the esports ecosystem. VSPN plans to use new funding to branch out its overseas esports services and showcase diversified esports products and content. Dino Ying, founder and CEO, said the company is preparing for a new era in esports as the industry matures. The article does not disclose revenue or user metrics beyond its tournament partnerships. Founded in 2016 and headquartered in Shanghai, VSPN was an early pioneer in esports tournament organization and content creation out of Asia. The company operates a large content-production ecosystem and says it is by far the largest esports organization in China, with over 1,000+ employees and coverage of every major tournament. Beyond tournament production, VSPN has expanded into offline venue operations and has begun hosting large-scale events with in-person audiences under COVID-19 prevention measures. VSPN is pursuing a short-form video strategy and plans to work with platforms worldwide, with investor/partner Kuaishou positioned to support content distribution. The company is investing in data and R&D via a research center and is testing new technologies such as AR and VR to create novel esports experiences. Leadership includes founder and CEO Dino Ying and co-founder/president Ethan Teng.

Led · Series B · Sep 2020

Xreal is a hardware startup focused on designing and manufacturing connected smart glasses. The company positions itself as a pioneer in the augmented-reality wearables space and showcased two new models, including an upgraded entry-level pair, at CES in Las Vegas. Management states that competitive pressure in smart eyewear is rising, prompting Xreal to bolster its balance sheet. According to CEO and co-founder Chi Xu, the firm’s post-money valuation now exceeds $1 billion. The fresh capital is expected to fund product launches, expand supply-chain capabilities, and support broader go-to-market efforts. While detailed revenue or user metrics were not disclosed, the company emphasizes strengthening its cash reserves to sustain growth initiatives.

Led · Equity · Apr 2020

Huohua Siwei is a Beijing-based online K12 platform focused on mathematics and science education. The company delivers online educational services for K–12 students in those subjects. The article does not detail specific products, features, or future plans. On Monday the company said it had closed a Series E funding round raising over $400 million. The report provides no operating metrics such as revenue or user counts. No additional financial terms or investor details were disclosed in the article. Huohua Siwei is a Beijing-based online education platform founded in 2017 that offers live and AI-enabled courses. It launched livestream math classes in March 2018, added Chinese classes in August 2019, and introduced English courses in August. Its product portfolio includes Huohua Siwei Ketang, featuring math classes delivered by human teachers via livestreaming, and XiaoHuohua AI Ke, which provides AI-enabled math courses. The company reports 85,000 daily learners across its learning apps and 250,000 total learners. Huohua has raised a total of USD 440 million since founding. The business benefited from increased demand for online learning during the COVID-19 pandemic. Huohua Siwei is a Chinese online K12 mathematics and science education platform offering curriculum-focused instruction. The company delivers math and science education to K12 students via its online platform. In recent months its paying user base has increased significantly. Huohua Siwei has collected $150 million in a Series E1 round of financing. The round was led by New York-based private equity firm KKR & Co. The article does not provide additional financial details or name other investors. Huohua Siwei operates an online education platform focused on developing critical thinking in children aged three to 12, with an emphasis on math and science. The company is Beijing-based and was founded in 2017. As of August 2019 it had over 60,000 students and about 1,800 teachers. The startup is in the middle of a new financing round aiming to raise between USD 100 million and USD 150 million. Beijing Kuaishou Technology recently invested USD 30 million after talks that began in late 2019; the investment was made after the Chinese New Year. Previously, Huohua Siwei secured USD 85 million in August 2019 in a round led by GGV Capital and KKR, with Sequoia Capital China, IDG Capital and LightSpeed China among the investors.

Led · Series F · Aug 2019

Zhihu is China's largest question-and-answer platform, launched in 2011, that hosts text-based Q&A alongside discussion forums, a publishing platform, and expert-only live video sessions. Its user base tends to be educated with relatively high incomes and the site attracts experts and organizations in tech, marketing and professional services. Zhihu Live restricts streaming to verified experts and organizations, differentiating the product from broader consumer apps. The company has been restructuring and embarked on plans to hire a CFO. Zhihu will use new funding for technology and product development and has deep integrations with other internet players—Baidu has agreed to add 100 million Zhihu posts to its main app. The firm has positioned itself to compete on content quality as user expectations shift toward solving real-life and work problems. Zhihu is a Beijing-based question-and-answer knowledge-sharing platform. The service hosts user-generated questions and answers for knowledge exchange. In the reported financing the company raised up to $100 million in a Series D round. The round was funded by Capital Today, Tencent Holdings Ltd, Sogou Inc, Qiming Venture Partners, and Sinovation Ventures. The financing is a late-stage Series D equity round. The article does not provide operating metrics or detail any future plans.