ahlam1399
04-13-2019, 02:50 PM
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A games publisher in China is following the path of its larger peer Tencent to back a wide spectrum of startups (https://www.scmp.com/tech/big-tech/article/2182193/tencent-plugs-holes-and-boosts-profits-163-new-investments) for financial gains. Beijing Kunlun Wanwei, or Kunlun, <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/kunlun) announced in a filing (http://static.cninfo.com.cn/finalpage/2019-04-10/1206006837.PDF)this week that it plans to inject $50 million into autonomous driving startup Pony.ai (https://www.pony.ai/) in exchange for a 3 percent stake.
Pony.ai confirmed the investment with TechCrunch in an email response, adding that the money contributes to its pre-B round of financing. The startup last pocketed $102 million (https://techcrunch.com/2018/07/11/chinas-pony-ai-nabs-102m-at-nearly-1b-valuation-to-take-its-self-driving-platform-up-another-gear/) that valued it at nearly $1 billion. It’s raised $214 million in total fundings to date according to data from CrunchBase.
Shanghai-listed Kunlun has its bets on one of China’s most aggressive smart driving companies. Pony.ai, co-founded by James Peng, formerly a leader in Baidu’s <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/baidu) self-driving division, was only second to Baidu (https://techcrunch.com/2019/04/02/baidu-self-driving-2018/) in total autonomous miles driven in Beijing last year (although by a large margin).
While neither Kunlun nor Pony.ai provided an inkling of possible strategic collaboration between them, next-gen vehicles have become a much sought-after space for hosting entertainment content, and without a doubt that includes video games.
Few outside China’s internet industry know of Kunlun, which has over the years been squeezed by industry leaders Tencent and NetEase <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/netease-com). The 11-year-old company has, however, gradually earned its reputation as a savvy investor. Led by Zhou Yahui, a shrewd investor himself, Kunlun has backed companies that broadened distribution channels for its gaming titles. Other fundings appear more tangential. Here’s a taste of Kunlun’s lucrative portfolio:
Musical.ly: <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/musical-ly) Kunlun laid out $20 million for Musical.ly and cashed out $41.08 million when Bytedance acquired Musical.ly in 2017 (https://techcrunch.com/2017/11/09/chinas-toutiao-is-buying-musical-ly-in-a-deal-worth-800m-1b/), according to a filing (http://static.cninfo.com.cn/finalpage/2017-12-13/1204220633.PDF). Musical.ly is now part of (https://techcrunch.com/2018/08/02/musically-tiktok/) the popular short video app TikTok.
Inke: <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/inke) Back in 2016, Kunlun invested 68 million yuan ($10 million) in live streaming company Inke. By 2017 it had sold all its stakes in the startup and was poised to cash out a total of 824 million yuan ($123 million) after the transaction completed, according to a filing (http://static.cninfo.com.cn/finalpage/2017-09-05/1203931541.PDF). Inke is the currently third-largest live streaming app by monthly active devices in China, says data from iResearch (https://index.iresearch.com.cn/app).
Opera: Kunlun was part of a consortium that acquired the web browser in 2016 when it shelled out $600 million (https://techcrunch.com/2016/07/18/opera-renegotiates-its-1-2b-sale-down-to-600m-for-browser-privacy-apps-chinese-jv/) in investment. Through the consortium, Kunlun now owns a 48 percent stake in Opera, which floated on Nasdaq (https://techcrunch.com/2018/07/27/browser-maker-opera-successfully-begins-trading-on-nasdaq/) in 2018.
Grindr: <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/grindr) Kunlun paid $93 million (https://techcrunch.com/2016/01/11/chinese-gaming-firm-buys-60-of-gay-dating-app-grindr-for-93m/) for a 60 percent stake in Grindr, the popular dating app for gay, bisexual, transgender and queer users, back in 2016 and completed the buyout with $152 million (https://techcrunch.com/2018/01/09/chinas-kunlun-completes-full-buyout-of-grindr/) in fundings in 2018. Kunlun is reportedly looking to sell (https://techcrunch.com/2019/03/27/report-grindrs-chinese-owner-kunlun-is-selling-the-dating-app-after-cfius-raised-personal-data-concerns/) Grindr after the Committee on Foreign Investment in the United States decided its ownership of the dating app may threaten national security.
Qudian: Kunlun owned a 19.2 percent stake (https://www.sec.gov/Archives/edgar/data/1692705/000119312517287443/d282719df1.htm) in Qudian when the micro-lender became one of the first Chinese fintech companies to list on Nasdaq (https://www.reuters.com/article/us-qudian-ipo/chinese-fintech-firm-qudian-impresses-in-u-s-market-debut-idUSKBN1CN275). Kunlun has since been selling its stakes through a gradual exit and Zhou recently told (https://mp.weixin.qq.com/s/HOVfZ9QffcK1zEQsih3rVA) analysts that his firm was expected to make around 2 billion yuan ($300 million) in profit from the Qudian investment.
</p>
Source link (http://feedproxy.google.com/~r/Techcrunch/~3/tU2neEi75rQ/)
More (http://ahlam1399.i234.me:8888/m/2019/04/12/backer-of-musical-ly-grindr-and-opera-to-invest-50m-in-self-driving-startup-pony-ai-techcrunch/)
</p>
A games publisher in China is following the path of its larger peer Tencent to back a wide spectrum of startups (https://www.scmp.com/tech/big-tech/article/2182193/tencent-plugs-holes-and-boosts-profits-163-new-investments) for financial gains. Beijing Kunlun Wanwei, or Kunlun, <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/kunlun) announced in a filing (http://static.cninfo.com.cn/finalpage/2019-04-10/1206006837.PDF)this week that it plans to inject $50 million into autonomous driving startup Pony.ai (https://www.pony.ai/) in exchange for a 3 percent stake.
Pony.ai confirmed the investment with TechCrunch in an email response, adding that the money contributes to its pre-B round of financing. The startup last pocketed $102 million (https://techcrunch.com/2018/07/11/chinas-pony-ai-nabs-102m-at-nearly-1b-valuation-to-take-its-self-driving-platform-up-another-gear/) that valued it at nearly $1 billion. It’s raised $214 million in total fundings to date according to data from CrunchBase.
Shanghai-listed Kunlun has its bets on one of China’s most aggressive smart driving companies. Pony.ai, co-founded by James Peng, formerly a leader in Baidu’s <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/baidu) self-driving division, was only second to Baidu (https://techcrunch.com/2019/04/02/baidu-self-driving-2018/) in total autonomous miles driven in Beijing last year (although by a large margin).
While neither Kunlun nor Pony.ai provided an inkling of possible strategic collaboration between them, next-gen vehicles have become a much sought-after space for hosting entertainment content, and without a doubt that includes video games.
Few outside China’s internet industry know of Kunlun, which has over the years been squeezed by industry leaders Tencent and NetEase <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/netease-com). The 11-year-old company has, however, gradually earned its reputation as a savvy investor. Led by Zhou Yahui, a shrewd investor himself, Kunlun has backed companies that broadened distribution channels for its gaming titles. Other fundings appear more tangential. Here’s a taste of Kunlun’s lucrative portfolio:
Musical.ly: <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/musical-ly) Kunlun laid out $20 million for Musical.ly and cashed out $41.08 million when Bytedance acquired Musical.ly in 2017 (https://techcrunch.com/2017/11/09/chinas-toutiao-is-buying-musical-ly-in-a-deal-worth-800m-1b/), according to a filing (http://static.cninfo.com.cn/finalpage/2017-12-13/1204220633.PDF). Musical.ly is now part of (https://techcrunch.com/2018/08/02/musically-tiktok/) the popular short video app TikTok.
Inke: <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/inke) Back in 2016, Kunlun invested 68 million yuan ($10 million) in live streaming company Inke. By 2017 it had sold all its stakes in the startup and was poised to cash out a total of 824 million yuan ($123 million) after the transaction completed, according to a filing (http://static.cninfo.com.cn/finalpage/2017-09-05/1203931541.PDF). Inke is the currently third-largest live streaming app by monthly active devices in China, says data from iResearch (https://index.iresearch.com.cn/app).
Opera: Kunlun was part of a consortium that acquired the web browser in 2016 when it shelled out $600 million (https://techcrunch.com/2016/07/18/opera-renegotiates-its-1-2b-sale-down-to-600m-for-browser-privacy-apps-chinese-jv/) in investment. Through the consortium, Kunlun now owns a 48 percent stake in Opera, which floated on Nasdaq (https://techcrunch.com/2018/07/27/browser-maker-opera-successfully-begins-trading-on-nasdaq/) in 2018.
Grindr: <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/grindr) Kunlun paid $93 million (https://techcrunch.com/2016/01/11/chinese-gaming-firm-buys-60-of-gay-dating-app-grindr-for-93m/) for a 60 percent stake in Grindr, the popular dating app for gay, bisexual, transgender and queer users, back in 2016 and completed the buyout with $152 million (https://techcrunch.com/2018/01/09/chinas-kunlun-completes-full-buyout-of-grindr/) in fundings in 2018. Kunlun is reportedly looking to sell (https://techcrunch.com/2019/03/27/report-grindrs-chinese-owner-kunlun-is-selling-the-dating-app-after-cfius-raised-personal-data-concerns/) Grindr after the Committee on Foreign Investment in the United States decided its ownership of the dating app may threaten national security.
Qudian: Kunlun owned a 19.2 percent stake (https://www.sec.gov/Archives/edgar/data/1692705/000119312517287443/d282719df1.htm) in Qudian when the micro-lender became one of the first Chinese fintech companies to list on Nasdaq (https://www.reuters.com/article/us-qudian-ipo/chinese-fintech-firm-qudian-impresses-in-u-s-market-debut-idUSKBN1CN275). Kunlun has since been selling its stakes through a gradual exit and Zhou recently told (https://mp.weixin.qq.com/s/HOVfZ9QffcK1zEQsih3rVA) analysts that his firm was expected to make around 2 billion yuan ($300 million) in profit from the Qudian investment.
</p>
Source link (http://feedproxy.google.com/~r/Techcrunch/~3/tU2neEi75rQ/)
More (http://ahlam1399.i234.me:8888/m/2019/04/12/backer-of-musical-ly-grindr-and-opera-to-invest-50m-in-self-driving-startup-pony-ai-techcrunch/)