Asia news roundup: Sequoia sues Binance founder, WeWork lands in Jakarta, and more

Binance’s leadership team – Zhao Changpeng is third from right. / Photo credit: Binance

Here’s a wrap of the day’s news.

Blockchain and cryptocurrencies

Binance founder sued by Sequoia Capital over funding deal gone wrong (China). Zhao Changpeng, who founded the cryptocurrency exchange, has been sued in Hong Kong by US-based Sequoia over allegations that he violated his exclusivity agreements with the VC firm. Binance and Sequoia entered into investment talks last August, with the VC firm set to gain an 11 percent stake in a deal that would value the startup at US$80 million. Talks broke down in December after Zhao backed apparent shareholder concerns that the proposal undervalued the exchange. At the same time, San Francisco-based IDG Capital allegedly approached Binance and offered two rounds of funding that would’ve valued the startup at US$1 billion. (Bloomberg)

Transportation

Alibaba’s Tmall Genie voice assistant coming to cars soon (China). The company announced that Genie will be available on board Audi, Daimler, and Volvo vehicles in the near future. The move is part of  a US$15 billion investment that Alibaba is making into AI and related technologies. (TechCrunch)

SoftBank planning to move its US$20 billion ride-hailing investments to Vision Fund (Japan). SoftBank’s stakes in Didi, Grab, Ola, and Uber may be moved to its US$100 billion Vision Fund. The change in structure would enable the ride-hailing companies to access the fund’s resources. SoftBank had previously indicated that its investments into ride-hailing businesses would be made directly, rather than via the Vision Fund. (DealStreetAsia)

Ctrip and Boom Supersonic join forces (China). Shanghai-based travel services provider Ctrip has announced a strategic investment in American supersonic plane builder Boom. The Chinese company said the deal would bring faster-than-sound air travel to the country. The funding will help Boom speed up production of its Mach 2.2 airliner, which is two times faster than current passenger airplanes. The aircraft, which Boom plans to enter into service by mid-2020, is estimated to cut flights from Shanghai to Los Angeles to six hours. (Ctrip)

Delivery and logistics

Didi teams up with automakers for purpose-built cars (China). The ride-hailing giant plans to work with partners including GAC Motor and CHJ Automotive to design and manufacture a dedicated fleet of cars. Sources close to the company say it’s now assembling teams of engineers and designers to create the “purpose-built” cars. (Reuters)

Media and entertainment

Tencent goes into movie distribution (China). The Shenzhen-based tech giant has launched a film distribution subsidiary that will focus on movie production and sales. Tencent made the announcement at its UP2018 conference this week, right after striking a deal with China Everbright and Tang Media Partners to distribute up to 20 Hollywood movies a year in China. Tencent, which invested in US media company Skydance Media last January, will co-finance the next installment in The Terminator movie franchise. (China Money Network)

Robotics and drones

Robotics startup raises US$2 million in funding round (India). Emotix, which was founded by three Indian Institute of Technology Bombay graduates, received the investment from VC firms IDG Ventures India and YourNest. The startup is the creator of Miko, India’s first personal companion robot that focuses on education and children’s entertainment. The funds will be used for consumer robotics product development and research on artificial intelligence. (The Economic Times)

Property and real estate

WeWork expands to Jakarta (Indonesia). The US co-working and office space provider plans to establish itself in two upcoming locations at the Sudirman Central Business District in south Jakarta. WeWork has been pushing for expansion in the region as it faces off against Chinese rival Urcommune. (WeWork)

Investors, incubators, and accelerators

Eight Roads Ventures launches US$275 million fund for Chinese tech startups (China). The VC firm, part of Fidelity International, will support the next generation of technology entrepreneurs to grow financial and consumer tech in the country. This latest move follows the launch in September 2017 of a dedicated Eight Roads China healthcare fund. (DealStreetAsia)

Y Combinator to launch in Beijing (China). The company has made the announcement and put out a call for all startups in any phase of development to join its programs. Y Combinator China is set to launch at Beijing’s Tsinghua University on May 19. The Silicon Valley-based firm has invested in more than 1,400 companies since 2005. (TechNode)

Robotics startup raises $2 million in funding round. (India). Emotix, which was founded by three Indian Institute of Technology Bombay graduates, received the investment from VC firms IDG Ventures India and YourNest. The startup is the creator of Miko, India’s first personal companion robot that focuses on education and children’s entertainment. The funds will go towards consumer robotics product development and research focusing on artificial intelligence. (The Economic Times)

Sinovation Ventures closes new $500 million fund (China). The Beijing-based VC firm announced the close of its US$500 million Fund IV, which will invest in early-stage US and Chinese companies. Sinovation is also starting its fundraising for a third Chinese institutional fund with a target of US$396 million. (China Money Network)

This post Asia news roundup: Sequoia sues Binance founder, WeWork lands in Jakarta, and more appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/apac-news-25-04-2018
via IFTTT