In the past 100 days, these 20 China companies have become unicorns.

Original IT Oranges IT Oranges are included in the topic # Unicorn 36

Source: IT orange

As a new economic venture capital database, IT Orange keeps track of the emergence and development of China Unicorn Company. We also found some unlisted companies with a current valuation of $1 billion after a new round of financing in Q2.

In Q2, 2021, 20 enterprises in China have become new unicorns with a valuation of more than $1 billion after financing.

Most of them were founded in 2012-2016, and they were born in the rise of the mobile Internet and gradually ran out in various fields; The oldest echelon has Riel Dentistry in 1997, Beisen and Dragonfly FM established in 2002, and the youngest is Fiture boiling technology, an intelligent fitness mirror, and Simou technology, an ——AI vision technology service provider, which was established in 2019. The financing has always been rapid, and the journey from its establishment to 1 billion US dollars has gone very fast.

From the perspective of industry classification, there are five medical/pharmaceutical-related enterprises, including Ruier Dentistry (clinic), Baiao Saitu (pharmaceutical company), Ruike Bio (pharmaceutical company), pharmacists’ gang (pharmaceutical marketing) and Dangdang Express Medicine (O2O distribution); There are five enterprise service industries, including Beisen (SaaS of human resources), Huizhang (fiscal and taxation services), Piaoyitong (SaaS of bills), Aibee (creating AI solutions for offline spaces such as airports, scenic spots, shopping malls, bank outlets, and automobile 4S shops) and Simou Technology (AI Vision); There are two related to automobile manufacturing, namely, Hesai Technology and Zongmu Technology; There are also two blockchain projects, namely Amber Group and Fun Chain Technology.

Some new unicorn cases are interpreted as follows:

Extreme Rabbit Express: The Express Industry "showstopper"

Extreme Rabbit Express originated in Indonesia and was founded in 2015 by Li Jie, founder and former CEO of OPPO Indonesia. In Indonesia and Southeast Asia, J&T Express started with e-commerce express, and OPPO is also one of its biggest customers. In just two years, J&T ranked second in the Southeast Asian market and first in the Indonesian express delivery industry.

In March 2020, Polar Rabbit Express announced its entry into the China market. Through Long Bang Express, an established domestic express delivery company, Extreme Rabbit Express obtained the qualification to engage in domestic express delivery business. With the help of the national distribution network system of OPPO and VIVO mobile phones, Extreme Rabbit Express has rapidly developed into a franchise agent in provinces and cities all over the country, and has become the official recommended courier partner of Pinduoduo, an e-commerce giant in the sinking market in China. Pinduoduo’s community group purchase "Buy more vegetables" distribution business was handed over to Polar Rabbit.

As a new entrant, Extreme Rabbit entered the market at a low price, which disturbed the price order in the express delivery market, opened the prelude to the price war in the e-commerce express delivery industry in China, and quickly won market share. It took only 10 months to get online, and the average daily business volume of Polar Rabbit exceeded 20 million. In January 2021, the daily order volume of Polar Rabbit was stable at 20-25 million. It took more than ten years for Tongda Department to achieve this goal.

Although it has won the scale and share, it is normal to lose money and burn money. Li Jie also said that he was prepared to lose money for two years. In order to cope with the loss, Extreme Rabbit began to strengthen cost control and optimize the financial model. In March this year, Extreme Rabbit gave up the previous business model of "self-management as the mainstay, supplemented by joining" and fully liberalized the scope of joining. At the same time, it actively introduced new employers. In April, Extreme Rabbit Express completed a financing of $1.8 billion, with Boyu Capital leading the investment of $580 million, Sequoia Capital and Gaoyao Capital simultaneously investing, and the company’s post-investment valuation reached $7.8 billion.

Beisen: Integrated HR SaaS Cloud Platform

Beisen was founded in 2002 and has been focusing on the human resources industry for nearly 20 years. At present, Beisen has the leading integrated HR SaaS and talent management platform iTalentX in China. The product modules mainly involve talent solutions (competency model, talent evaluation, etc.), basic human resources software (personnel files, salary, attendance, employee service), talent management modules (recruitment, employment, training, performance, succession, etc.) and PaaS cloud platform, which can provide customers with all-round, integrated and end-to-end overall solutions for the human resources industry.

According to IDC data, the domestic HR SaaS industry market is relatively scattered, with the top four industries accounting for about 50% of the market share, among which Beisen’s market share has ranked first for many years since 2016. Beisen has set up R&D centers in Beijing, Shanghai and Chengdu, and 17 molecular companies have spread all over the country, with more than 600 R&D personnel and more than 1,500 employees. The company’s customers cover finance, automobile, real estate, Internet, new retail and other industries, including more than 6,000 medium and large enterprises such as China Life Insurance, China Merchants Bank, Alibaba, JD.COM, Haier, Marriott and Chain Home.

In May 2021, Beisen announced the completion of the $260 million Series F financing, which is the largest financing amount of the HR SaaS track so far. This round of financing was jointly invested by Softbank Vision Fund Phase II, Goldman Sachs, Chunhua Capital and Fidelity International, and the old shareholders Jingwei China, sequoia capital china, Yuansheng Capital and Shenzhen Venture Capital followed suit. Beisen’s post-investment valuation reached US$ 2.08 billion, and it was successfully promoted to unicorn. The company is expected to go public next spring.

Ji Weiguo, co-founder and CEO of Beisen, believes that all aspects of business and data involved in the digital transformation of enterprise human resources are a long chain. Beisen focused on the polishing of integrated HR SaaS, and finally realized the unique value positioning and leading edge of "integrated × low code platform", breaking the long-standing situation of "separation" of HR single product software.

FITURE/ Boiling Technology: AI+ Hardware Empowers Family Fitness

FITURE, a science and technology fitness service company, was established in 2019. In the past two years, it has received four rounds of financing, the latest round of which was a $300 million Series B financing in April this year. The investors included Sequoia Capital China, Tencent Investment, Jinshajiang Venture Capital and many other first-line VC institutions. The company’s post-investment valuation is $1.5 billion, ranking among the new unicorns.

The three co-founders of FITURE have extraordinary qualifications. Tang Yuxi, a master’s degree in computer science from Harvard University, once served as the global strategy leader of PlusAI of Zhijia Technology and former Baidu AI algorithm engineer; Fu Qiang, co-founder and CTO, graduated from Tsinghua University with a master’s degree. He worked in foreign companies such as Google, Yahoo and Amazon, and then resigned from Tencent. CEO Tang Tianguang was the co-founder of the truck gang and the chairman of the technical committee of Manbang Group.

FITURE focuses on modern home intelligent fitness scenes. The core product of its research and development is an intelligent fitness mirror FITURE, which integrates fitness courses and AI interaction into the mirror through the combination of software and hardware, and is committed to using AI and visual recognition technology to assist and correct the user’s movement posture in real time, and to encourage users to stick to fitness by combining product design (such as visual mirror with self-psychological suggestion) and operation (gamification and socialization).

According to official website, FITURE has released the exclusive version and the flagship version of Magic Mirror, with market prices of 3,999 yuan and 7,800 yuan respectively. The official sales channels are Tmall, JD.COM and WeChat applet mall, all of which are e-commerce channels. At the same time, the company also introduced FITURE custom-made fitness accessories, including yoga mats, yoga bricks, elastic belt, etc., and the price is from 99 yuan to 399 yuan.

In addition, in order to better promote products, FITURE has successively opened 13 offline experience stores through cooperation with offline fitness equipment dealers and professional sportswear brand stores (such as Disante), covering cities including Beijing, Shijiazhuang (North China), Shanghai, Nanjing (East China), Changsha (Central China), Guangzhou (South China) and Chengdu (Southwest China).

The investment and financing analysis report of Q2 new economy in 2021 will be released tomorrow, so stay tuned!

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Original title: "In the past 100 days, these 20 China companies have become unicorns."

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