Sequoia and Tencent join forces to vote for the “Godfather of DJI”

The “Godfather of Entrepreneurship” Li Zexiang, Tencent, and Sequoia have jointly established an equity investment fund.

Tianyancha shows that recently, Dongguan Qingshuiwan Phase II Venture Capital Partnership (Limited Partnership) was officially established. The LP lineup has assembled Hong Kong University of Science and Technology Professor Li Zexiang, Tencent Industrial Investment Fund, Sequoia Jingyao (Xiamen) Equity Investment Partnership (Limited). Partnership) and Dongguan Financial Holdings. The executive partner of the fund is Zhuhai Yuewan Huasheng Fund Management Co., Ltd., with a registered capital of 536 million yuan. Currently, there is no record information in the China Foundation Association.

Not long ago, Li Zexiang, Tencent and Sequoia also had an intersection in the investment of the Yunjing Smart project.

Tianyancha shows that on August 12, Yunjing Intelligent Technology (Dongguan) Co., Ltd. underwent an industrial and commercial change, adding a new shareholder, Guangxi Tencent Venture Capital Co., Ltd. Yunjing Intelligence is a sweeping robot entrepreneurial project incubated and invested by Li Zexiang in 2017, and Sequoia China led the C round of financing for the project in June 2020.

An investor from a VC institution in Shenzhen told a reporter from Venture Capital Daily, “Li Zexiang, Tencent, and Sequoia can be said to be the head representatives of different roles in the venture capital circle. Tencent and Sequoia have become the LPs of Li Zexiang’s helm of the fund. It provides the most direct financial support for the transformation of scientific research results. On the other hand, as investment in the primary market is becoming more and more difficult today, Tencent and Sequoia, as the leading CVCs and VCs in the TMT and new consumption fields in the past, also You can use this to discover hard technology investment targets from the source.”

The Godfather of Entrepreneurship Re-establishes Incubation Fund

According to Tianyancha, Li Zexiang holds a 1.87% stake in the Dongguan Qingshuiwan Phase II Fund and is the actual controller of the fund. The shareholding ratio and capital contribution of other LPs have not been publicly disclosed.

The deacon partner of the fund is Zhuhai Yuewan Huasheng Fund Management Co., Ltd. According to Tianyancha, the company was established in 2018 and is a member of Gu Hi-Tech. Gu Hi-Tech is also Li Zexiang’s entrepreneurial project. In order to combine production and research, he co-founded the company with professors Gao Bingqiang and Wu Hong in 1999. On August 17, Gotech conducted a review by the Listing Committee and planned to issue no less than 40.01 million shares and plan to raise 450 million yuan. If the meeting is successful, Gotech will become the first IPO in Li Zexiang’s life.

One of the most famous projects that Li Zexiang has incubated and invested in is undoubtedly DJI. After the success of DJI, it further expanded the transformation model of scientific research achievements. Together with Professor Gao Bingqiang, the former Dean of the Hong Kong University of Science and Technology, and Gan Jie, the Vice Dean of the Cheung Kong Graduate School of Business, and other entrepreneurial mentors, DJI founded an international company in Songshan Lake, Dongguan. Robot industry base, and established a related supporting incubation fund “Hong Kong Clear Water Bay Venture Fund” (later renamed XBOTPARK Fund) in the following year.

According to public information, XBOTPARK is an entrepreneurial incubation fund focusing on investment in robotics and intelligent hardware-related fields, focusing on industry 4.0, transportation/logistics, smart home, consumer hardware, big health and other directions. Round and A round are the main ones. In terms of LP, Sequoia China and Hillhouse Capital have all contributed.

According to Tianyancha, up to now, XBOTPARK Fund has made 45 shots, and has invested four times this year, involving projects including home appliance developer Fengling Technology, new flexible pressure sensor Moxian Technology and general equipment manufacturer Puwei Technology. Among them, Moxian Technology has successively obtained investment from the XBOTPARK Fund in the angel round and the Pre A round of financing.

Yunjing Intelligence, which has been funded by Sequoia China and Tencent successively, is one of the earliest incubation and investment projects of XBOTPARK Fund.

According to the founder Zhang Junbin in an interview with the media, he first submitted his resume to Li Zexiang on the official account, and successfully obtained an appointment with Li Zexiang, and his first entrepreneurial product was not a floor cleaning robot, but a guide for the blind. After a series of attempts such as appliances and robots for picking up golf balls failed in the market feasibility test, the entrepreneurial project of the floor cleaning robot was finally finalized.

Relevant persons said that at present, Cloud Whale Intelligence has become the darling of capital pursuit, and its valuation has risen year after year, and by June last year, it had risen to 5 billion US dollars.

The primary market is getting harder and harder

From successively investing in Yunjing Intelligence, to joining hands to become the investment incubation fund of Li Zexiang, an iconic figure in the transformation of scientific research achievements, the recent actions of CVCs and VCs in the venture capital circle all indicate that the investment in the primary market is becoming more and more hard-core. the trend of.

A leading VC investor in Shenzhen told the Venture Capital Daily reporter that he learned from his recent exchanges with US dollar fund counterparts in Shanghai and other places that the consumption of US dollar funds and the large downsizing of Internet teams have become common phenomena, and the investment direction has been greatly adjusted. The partner of the head agency that started with a dollar fund also told reporters that the projects he has been focusing on recently are also mainly new energy and semiconductors.

As the Internet leader, Tencent is also quietly changing its layout in the investment field. Venture capital data shows that since the beginning of this year, Tencent has made a total of 71 shots. Except for the cultural and media fields that are closely related to its own business, the frequency of shots is still high. Artificial intelligence, high-end manufacturing, and hard technologies represented by chip semiconductors have become The main focus of Tencent’s investment, accounting for more than half.

It is worth mentioning that among the few Internet-related projects that Tencent has invested in this year, overseas projects account for a large proportion, especially in the field of electronic payment and online games. It is an overseas company, and some of the projects in the game field are also invested in overseas projects.

At the same time as the investment shift, Tencent is also selling stakes in new economy companies, including a substantial reduction in its stake in JD.com, and the sale of a 2.6% stake in Singapore-based gaming and e-commerce company Donghai Group. The recent rumors of its liquidation and reduction of Meituan have also caused a lot of interpretation and speculation in the market.

Some investors in Shenzhen told the Venture Capital Daily reporter that the current primary market investment is turning to hard technology. The investment institutions and investors who were so comfortable in the Internet boom period may not be able to make the transition smoothly and fully adapt to the new investment trend. , “After all, compared with model innovation, there is still a certain threshold to understand technological innovation.”

By investing in funds like XBOTPARK and the second phase of Qingshuiwan, on the one hand, the incubation investment is handed over to university professors who have more resources for the transformation of scientific and technological achievements. Investable targets in the field of hard technology.