Qiming Venture Wu Jing: Investment Opportunities Of Consumption Internet Investment Brought By "New Technology + New Scenario"

In the equity investment market in 2019, "traffic dividend disappears" has become a key word. Investors are rushing to invest in To B for a time.

In December this year, the economic report reporters in twenty-first Century interviewed Wu Jing, a partner in Qiming venture capital in Beijing, and listened to her about the investment logic of Qiming venture investment. In her view, innovation in the consumer Internet sector persists. Investors need to find opportunities at different stages. More importantly, despite the gradual decline of mobile Internet traffic dividends, the new dividend of core technology is still improving.

Wu Jing entered the VC industry in 2008, and began his career in Qiming venture capital in 2014. Wu Jing's representative cases include online classification information platform Ganji network, online travel enterprise rental car rental, Internet access project APUS, mobile entertainment interactive platform most right, mobile audio content platform Castbox, fashion second-hand business platform red brin Plum and so on.

Kuang Ziping, a founding partner of Qiming venture capital, once introduced an interview with the economic news reporters in twenty-first Century. "We want to constantly examine the future trend, some of which have become our investment strategy for the industry in the coming years. Based on anticipation of the future, we will take the initiative to find a good early team.

The important change of Qiming venture in 2019 is also reflected in team play. Qiming venture capital has merged the two fields of information technology, Internet and consumption into a large TMT sector. Wu Jingji is one of the investors in the TMT sector.

From mobile Internet dividends to core technology dividends

Wu Jing's VC career began in 2008, when she served in Shanda, and witnessed the sprouting and rapid development of China Mobile Internet. Today, despite the gradual decline of mobile Internet traffic dividends, the new dividend of core technology is still improving.

"If we follow the static thinking of To C and To B, it seems that (To C) goes to the bottleneck state. If we can take the technology driven perspective, we will see deeper changes in the areas of e-commerce, retail and new retail. "

The main logic of Qiming venture investment in the consumer internet field is "technology driven".

In October 2017, the audio aggregated distribution platform CastBox completed the A round financing of 12 million 800 thousand US dollars, which was jointly led by Qiming venture capital and IDG capital.

The label that the market gives CastBox is "audio version YouTube". The team is a typical sea going project. After the A round of financing, the US market was quickly laid. One of the important reasons for Qiming venture to launch this project is its attribute of "technology driven consumption Internet". Specifically, the team is leading in voice technology.

Also based on the logic of technology driven consumption Internet, Qiming venture invested in the "most right" social mobile community in 2015, and the content recommendation algorithm of the team is the key.

New technologies + new scenarios bring new opportunities.

From a technology driven perspective, new technology brings more investment opportunities to the landing of new scenes.

Frontier technology has always been the focus area of Qiming venture capital. The speech recognition technology and the most right recommendation algorithm of CastBox are based on AI technology, and also based on AI technology, as well as the voice recognition and semantic understanding technology in the leading position in the world.

Wu Jing analysis shows that the landing application of AI technology in different industries has brought more new investment opportunities, including anti fraud in the financial sector, intelligent wind control, user service in the education field and upgrading of the underlying efficiency.

She further cited investment opportunities in the retail field as an example to show that more technological applications of upstream enterprises in the consumer domain will bring about new changes in the whole industry. As the market presents more investment opportunities for empowerment projects, Qiming venture group is looking for a new technology driven investment target along the industrial development and technological development route.

In addition to AI technology, Qiming venture invested considerable effort in block chain technology research in 2019. Since October this year, block chain investment has once again become a hot spot in the VC industry. It is understood that Qiming venture group has been tracking technology development and entrepreneurial team since 2016.

We are all looking at the underlying technology and landing applications. Wu Jing said that although it is too early to talk about the large-scale commercial application of block chaining, there are signs that the application of block chain application is coming.

The B face of "cold winter"

In 2019, the capital market in China's equity market lasted for a long time. The total investment in the first 11 months was almost 30% lower than that in the previous three or four months. The financing of start-up companies has been extended to 6-9 months from the past three or four months.

A number of respondents told reporters that under the current market environment, start-ups should grasp the rhythm of financing, set aside longer time for financing cycles, rationally handle changes in company valuation, and complete financing transactions as soon as possible when meeting suitable investors.

Wu Jing gave similar financing proposals to start-ups in an interview. She also said that "cold winter" is a good opportunity for rapid development of enterprises with better hematopoietic capabilities and good operation models.

In June this year, Qiming ventures and Jingwei ventures jointly invested in the B round financing of children's online art project. In November, la la la completed the B+ round of financing. "Companies with strong hematopoietic capabilities can enter and retreat, but as long as the company's UE (unit economy) model is healthy, investors are more willing to invest in the current capital environment." Wu Jing said.

From this year's investment situation, "capital cold winter" has not brought too much impact to the overall investment rhythm of Qiming venture capital. "This is a good time to invest. Last year was also a good time to invest. Next year is still a good time to invest," Kuang Ziping said at the opening of the annual meeting of the Qing Dynasty at the beginning of this month.

It is reported that in the past 12 months, the team returned more than US $1 billion 400 million in cash to LP, and the preparatory work for the new fund was launched in November.