Redpoint China promotes Kyle Liu to partner
Redpoint China Ventures has promoted Kyle Liu, who focuses on early-stage enterprise services and cutting-edge technology investments, to partner level.
Liu, who joined the firm in 2015, covers areas such as big data, software-as-a-service (SaaS), artificial intelligence (AI), autonomous driving, and smart manufacturing. Portfolio companies include data analytics business Kyligence, big data player DataCanvas, AI-powered 3D animation service provider Deepmotion, and intelligent manufacturer H Visions.
Luke Han, founder of Kyligence, told AVCJ in a previous interview that he struggled to get traction with VCs on launching his business in 2015. Redpoint was one of few that understood the value of the enterprise software business model. It provided initial funding in 2016 and has re-upped in all subsequent rounds. The VC firm also helped Kyligence enter the US market, which now represents about 40% of sales.
“None of our founding team had an overseas background. Kyle connected us with local recruitment firms, investors, and other useful resources. Every time I go to the US, I catch up with Tomasz Tunguz [a partner at Redpoint Ventures who was involved in the Snowflake investment] and other partners of Redpoint Ventures. They have made multiple helpful suggestions on our business model and how to operate in the US,” said Han.
Founded in 1999, Redpoint opened its China office in 2005 and spun out from its US parent in 2016. On achieving independence, the team closed a debut China fund of $180 million. A renminbi-denominated vehicle of RMB700 million ($110 million) was raised two years later. In 2019, a second US dollar fund closed at $400 million, comprising a $300 million core early-stage vehicle and a $100 million opportunity fund for growth deals.
Redpoint China currently manages about $1 billion and has invested in over 60 projects. Its headcount has grown to 20, including 12 investment professionals, based in Shanghai, Beijing and Shenzhen. Two-thirds of the team (pictured above) focuses on enterprise software and technology and the rest on consumer-related start-ups.
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