Silicon Dragon Digest: October 23, 2017

SDN 17 amit-grace-vaishaliPEOPLE
Grace Yun Xia has jumped from Tencent, where she scouted for deals in Southeast Asia, to Jungle Ventures, one of Singapore’s larger VCs with a fund of $100 million. At Jungle, she plans to help portfolio companies strategize for a leap into China. See photo, Jungle’s Amit Anand and Vaishali Cooper with Grace (center).TRENDS
Artificial intelligence is this season’s buzzword in venture circles. But the concern from investors in this technology sector is that the hype exceeds the expectations so far.

That imbalance may shrink though in the next five years as the promise of AI comes to fruition, and more venture investors and young company entrepreneurs work together to help it scale in practical ways. Read Forbes: AI Hype?

DEALS
Intel Capital has led a $100 million, Series A round in Beijing-based AI startup Horizons Robotics.

 The $4 billion raised by China’s Meituan-Dianping puts the e-commerce service platform in the stratosphere as the world’s fourth-largest startup by valuation, at a lofty $30 billion. An investor group from Tencent led the deal, with China Everbright, Priceline Group and Sequoia Capital China. Meituan-Dianping is the result of a $15 billion merger in 2015 of the two, both backed by Alibaba.

IPOs
Dragon Victory International, a crowd-funding and incubation service for China entrepreneurs, began trading on Nasdaq this past Friday. Shares rose 128% to $13.67 on the debut.

EXITS
DCM Ventures has completed the sale of its holdings in portfolio company UCloud in a management buyout transaction that valued the company at $400 million. DCM originally invested in a Series A round in the Shanghai-based cloud service provider in 2013. The exit came after a UCloud decision to raise RMB funds in later rounds and publicly list on China’s domestic stock exchanges. The dollar-based Investors were given an option to cash out, which DCM did.

INDIA / SOUTHEAST ASIA
Amazon-backed fintech startup BankBazaar in Chennai has bagged $30 million in Series D funding led by global credit rating firm Experian.

NOTEWORTHY
The latest on-demand service and monetization innovation from China comes from Moke, which is equipping all Didi ride-sharing vehicles with massage seat mats.  Cost: 1RMB per ride, pay with WeChat using a QR code. H/T George Godula

Logo InvestHK 2012FUNDS

The Hong Kong government has allocated $256 million for its Innovation and Technology Venture Fund to foster VC investment and boost the startup ecosystem in Hong Kong, which grew 24% in 2016, with fintech, healthtech, IoT and smart city technologies leading.   VCs interested in becoming an investment partner with ITVF can apply up until January 15, 2018. The selection process for VC firms, both in Hong Kong and overseas, will be handled by an independent committee of business execs, investors and academics.
For more information, contact Lawrence Tang at InvestHK in San Francisco: Lawrence_tang@hketosf.gov.hk