Unicorn Companies in Shenzhen in 2024

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Shenzhen, known as the "Silicon Valley of China," is a city full of innovation and growth. It started its journey in 1980 as China’s first Special Economic Zone, attracting big tech companies like Huawei and ZTE. These companies helped build a strong foundation for new startups.

By 2024, Shenzhen is home to 17 unicorn companies, making it one of the top places for high-value startups in China. The city is famous for its strength in Hardware and IoT, with many new startups appearing every day. In the Nanshan district, many startups grow with help from big companies like Tencent and strong government support.

In this article, we'll look at Unicorn Companies in Shenzhen and see how they are driving the city's amazing technological progress.

Rundown

Serial Number
Name
Valuation
Unicorn Milestone Date
Industry
1
DJI Innovations
$15B
01-23-2015
Industrials
2
HEYTEA
$9.28B
01-07-2019
Consumer & Retail
3
Royole Corporation
$6B
08-18-2015
Industrials
4
Dadi Cinema
$3.24B
11-05-2016
Media & Entertainment
5
Tubatu.com
$2B
09-03-2015
Consumer & Retail
6
Xingyun Group
$2B
09-24-2020
Consumer & Retail
7
XtalPi
$2B
11-08-2021
Healthcare & Life Sciences
8
Cococa
$1.45B
03-16-2018
Media & Entertainment
9
Hive Box
$1.40B
01-23-2018
Consumer & Retail
10
Jaguar Microsystems
$1.34B
06-23-2022
Industrials
11
JMGO
$1.26B
03-15-2022
Industrials
12
SmartMore
$1.20B
06-24-2021
Industrials
13
Lamabang
$1B
06-03-2015
Consumer & Retail
14
iCarbonX
$1B
12-04-2016
Healthcare & Life Sciences
15
YH Global
$1B
09-21-2017
Industrials
16
EcoFlow
$1B
10-06-2021
Industrials
17
Xiaoe Tech
$1B
06-15-2021
Enterprise Tech

List of Unicorn Companies in Shenzhen

dji

DJI Innovations

  • Valuation: $15B
  • Industry: Industrials
  • Investors: Accel Partners, Sequoia Capital
  • Unicorn Milestone Date: 1/23/2015

About

DJI Innovations, also known as Da Jiang Innovations, is a Chinese technology company that has become a unicorn in the drone industry. Founded in 2006, DJI is the world's leading drone manufacturer, known for its innovative and versatile drone products. As one of the prominent unicorn companies in Shenzhen, DJI continues to lead the market with cutting-edge technology and groundbreaking advancements.

Target Audience

DJI's primary target audience includes:

  • Filmmakers and Videographers: DJI's drones are used extensively in the film and video production industry for aerial cinematography, aerial photography, and other applications.
  • Industrial and Commercial Users: DJI's drones are used in various industries such as construction, agriculture, and surveying for tasks like site inspections, crop monitoring, and mapping.
  • Recreational Users: DJI's drones are popular among hobbyists and enthusiasts who use them for recreational purposes such as aerial photography and videography.

Business Model

DJI's business model revolves around designing, manufacturing, and marketing innovative drone products. The company operates on a multi-channel strategy, selling its products through both online and offline channels. DJI's business model includes:

  • Product Development: DJI invests heavily in research and development to create cutting-edge drone technology, ensuring its products stay ahead of the competition.
  • Marketing and Sales: DJI uses a mix of online and offline marketing strategies to promote its products, including targeted advertising, social media campaigns, and partnerships with influencers and content creators.
  • Distribution and Retail: DJI sells its products through its own e-commerce platform, authorized retailers, and distributors worldwide.

Key Offerings

  • Phantom Series: DJI's flagship drone series, known for its high-quality cameras, advanced flight features, and user-friendly interfaces.
  • Matrice Series: DJI's professional-grade drones designed for heavy-duty use in industries such as construction, agriculture, and surveying.
  • Spark Series: DJI's compact and portable drones designed for recreational use and social media content creation.
  • Enterprise Solutions: DJI offers customized drone solutions for various industries, including filmmaking, construction, and agriculture.

Key Management

  • CEO: Frank Wang is the founder and CEO of DJI. He is an aerospace engineer and has been instrumental in shaping DJI's innovative approach to drone technology.

Investment Timeline

  • 2015: DJI raised $15 billion in valuation, marking its unicorn status.
  • 2021: DJI was blacklisted by the U.S. government, citing national security concerns.
  • 2023: DJI continues to dominate the global drone market, with a valuation of over $18 billion and a significant presence in various industries.
HEYTEA

HEYTEA

  • Valuation: $9.28B
  • Industry: Consumer & Retail
  • Investors: Sequoia Capital China, Tencent Investment, BA Capital
  • Unicorn Milestone Date: 1/7/2019

About

HEYTEA is a Chinese unicorn beverage startup known for its unique and trendy tea-based drinks. Founded in 2013, it operates primarily in the beverage industry and is headquartered in Shenzhen, Guangdong. As one of the thriving unicorn companies in Shenzhen, HEYTEA has gained popularity for its innovative flavours and high-quality ingredients, making it a favourite among tea enthusiasts.

Target Audience

HEYTEA primarily targets young adults, particularly in urban areas, who are looking for a modern and refreshing beverage experience. This includes individuals who are interested in trying new and unique flavors, as well as those who appreciate the convenience of online ordering and delivery.

Business Model

HEYTEA's business model revolves around offering a variety of tea-based drinks made with high-quality ingredients such as milk, fruit, and natural cane sugar. The company operates both online and offline, with a strong presence in the Tencent WeChat ecosystem and a network of physical stores. HEYTEA's business model includes:

  • Online Sales: HEYTEA offers its products through its own online platforms and through partnerships with third-party food delivery platforms like Meituan.
  • Offline Stores: The company operates a network of physical stores, which provide customers with a unique and immersive brand experience.
  • Franchise Partnerships: HEYTEA offers a franchise partnership program to expand its brand and tea culture, allowing other businesses to operate under the HEYTEA name.
  • Data-Driven Operations: HEYTEA leverages data generated from its membership system to analyze customer behavior and preferences, which helps in product innovation and inventory management.

Key Offerings

  • Cheese Tea: HEYTEA is known for its cheese-topped tea drinks, which have become a signature product.
  • Healthy Stevioside: The company introduced stevioside as a substitute for syrup, making it the first in the industry to do so.
  • Customized Customer Interface: HEYTEA's membership system provides users with a customized interface that recommends store locations, top drinks, and sales options based on individual preferences.

Key Management

  • Yiming Zhang: Founder of HEYTEA.
  • Xiaoqing Ren, Yang Pei, Yangtian Xu: Founders of Guangdong-based unicorn companies.

Investment Timeline

Series D Funding: HEYTEA raised a total of $579.23 million in its Series D funding round.

Royole Corporation

Royole Corporation

  • Valuation: $6B
  • Industry: Industrials
  • Investors: Warmsun Holding, IDG Capital Partners
  • Unicorn Milestone Date: 8/18/2015

About

Royole Corporation is a pioneering technology company founded in 2012 by Stanford engineering graduates. It specializes in the development and manufacturing of advanced flexible displays, flexible sensors, and smart devices. The company is recognized as a global leader in flexible technology, aiming to revolutionize human-machine interactions through its innovative products and solutions. Royole's headquarters are located in Shenzhen, China, with additional offices in Fremont, California, and Hong Kong.

Target Audience

  • Consumer Electronics Enthusiasts: Individuals interested in cutting-edge technology such as foldable smartphones and smart devices.
  • Automotive Industry: Companies looking for advanced flexible displays for car dashboards and other in-vehicle applications.
  • Fashion and Luxury Brands: Brands seeking innovative ways to integrate technology into their products, such as flexible displays in handbags.
  • Aviation and Transportation: Firms needing advanced inflight entertainment systems and other flexible display solutions.
  • Smart Home and Office Solutions: Consumers and businesses interested in integrating flexible technology into home and office environments.

Business Model

Royole Corporation operates on a business model that combines product manufacturing, intellectual property (IP) licensing, and tailored solutions for various industries. The company designs and produces its own flexible displays and sensors, which are then integrated into a range of consumer and industrial products. Additionally, Royole licenses its proprietary technology to other companies, allowing them to incorporate flexible electronics into their own products. This dual approach of product sales and IP licensing enables Royole to generate multiple revenue streams while fostering innovation across different sectors.

Key Offerings

  • Flexible Displays: Ultra-thin, fully flexible AMOLED displays used in various applications.
  • Flexible Sensors: Advanced sensors that can be integrated into smart devices and other products.
  • Foldable Smartphones: Including the FlexPai series, which features fully flexible displays.
  • Smart Writing Pads: Such as RoWrite, which uses flexible sensor technology.
  • Curved Car Dashboards: Based on flexible electronics for automotive applications.
  • Flexible Display Integration: In fashion items like Louis Vuitton handbags and other luxury products.

Key Management

Bill Liu: Founder and CEO, a Stanford engineering graduate who has led the company since its inception.

Dadi Cinema

Dadi Cinema

  • Valuation: $3.24B
  • Industry: Media & Entertainment
  • Investors: Alibaba Pictures Group
  • Unicorn Milestone Date: 11/5/2016

About

Dadi Cinema is one of China's largest cinema investment and management companies. Founded in 2006, it operates a nationwide chain of movie theatres across China, focusing on providing high-quality cinema experiences. The company has rapidly expanded through both organic growth and acquisitions to become the second-largest cinema chain in China. As one of the notable unicorn companies in Shenzhen, Dadi Cinema continues to enhance the entertainment industry with its state-of-the-art theatres and exceptional customer service.

Target Audience

Dadi Cinema primarily targets moviegoers in China, with a particular focus on audiences in second- to fifth-tier cities where there is strong demand for entertainment options.

Business Model

Dadi Cinema's business model revolves around operating and managing a large network of movie theatres across China. The company generates revenue primarily through ticket sales, concessions, and advertising. It has pursued an aggressive expansion strategy, both building new theatres and acquiring existing chains. Dadi has also embraced a "film plus" concept, integrating innovative retail, dining, and cultural experiences into its cinema offerings to diversify revenue streams.

Key Offerings

  • Movie screenings in modern multiplex theatres.
  • Premium viewing experiences (e.g. IMAX theatres).
  • Concessions and dining options.
  • Advertising services for brands.
  • Cultural events and live performances.
  • Loyalty programs and promotions.

Key Management

  • Yu Xin: CEO of Dadi Cinema Group

Investment Timeline

  • May 11, 2016: Received $154 million investment from Alibaba Pictures Group through convertible bonds.
  • January 25, 2017: Acquired Orange Sky Golden Harvest's cinema business in China for approximately RMB 3.387 billion.
Tubatu.com

Tubatu.com

  • Valuation: $2B
  • Industry: Consumer & Retail
  • Investors: Sequoia Capital China, Matrix Partners China, 58.com
  • Unicorn Milestone Date: 9/3/2015

About

Tubatu.com (also known as To8to) is a leading online home renovation and interior design platform based in China. Founded in 2008 and headquartered in Shenzhen, it achieved unicorn status in 2015 with a valuation of $2 billion. Tubatu operates as a collaborative platform connecting homeowners with decoration companies, designers, and construction material providers.

Target Audience

  • Homeowners: Individuals looking to renovate or decorate their homes.
  • Decoration Companies: Businesses specializing in home decoration and renovation services.
  • Designers: Professional interior designers and architects.
  • Construction Material Providers: Companies offering materials for home renovation and decoration.

Business Model

Tubatu operates as a service marketplace, generating revenue through multiple streams:

  • Commission fees: Tubatu charges a commission from professionals for projects they secure through the platform.
  • Advertising: The platform offers advertising opportunities for renovation companies and material suppliers.
  • Premium listings: Professionals can pay for enhanced visibility and featured placements on the platform.
  • Online services: The majority of Tubatu's revenue (99.94% in 2020) comes from online services, primarily matching homeowners with decoration companies.
  • Financial services: Tubatu partners with third-party financial institutions to provide supply chain financing services for renovation companies on its platform.

Key Offerings

  • Online marketplace connecting homeowners with renovation professionals.
  • Design inspiration and style browsing.
  • Cost estimation tools for renovation projects.
  • Tips and advice on choosing materials and finishes.
  • Project management and supervision services.
  • Zhuangxiubao: A payment app ensuring customers only pay after satisfactory completion of renovations.
  • 3D design tools for visualizing renovation projects.

Key Management

Wang Guobin: Founder and CEO

Investment Timeline

  • Founded in 2008
  • Achieved unicorn status in 2015 with a $2 billion valuation
  • Total funding raised: $216.5 million across three rounds
  • Latest funding round: $200 million Series C in 2015, led by Sequoia Capital, Matrix China, and 58.com
  • Filed for IPO on Shenzhen Stock Exchange's Growth Enterprise Market (GEM) in June 2021, aiming to raise approximately $108 million
Xingyun Group

Xingyun Group

  • Valuation: $2B
  • Industry: Consumer & Retail
  • Investors: Matrix Partners China, Eastern Bell Capital, Hongtai Capital Holdings
  • Unicorn Milestone Date: 9/24/2020

About

Xingyun Group, founded in 2015, is a leading global B2B e-commerce service platform that provides comprehensive cross-border supply chain solutions. The company became a unicorn in 2021 after a funding round that valued it at $1.4 billion. As one of the influential unicorn companies in Shenzhen, Xingyun Group has grown rapidly, with over 3,000 employees worldwide and subsidiaries in 72 countries. The company's innovative approach to e-commerce and supply chain management has made it a key player in the global market.

Target Audience

  • International Brands: Xingyun helps international brands expand their business in China by providing a comprehensive e-commerce and digital supply chain platform.
  • Small and Medium-sized Retailers: The company assists these retailers in increasing their sales and business value through partnerships and logistics services.
  • Consumers: Xingyun offers a wide range of products to domestic consumers, providing a convenient and efficient cross-border shopping experience.

Business Model

  • Xingyun Group operates a global e-commerce and digital supply chain platform. The company's business model involves the following key components:

    Partnerships: Xingyun establishes partnerships with international brands to help them achieve increases in sales and business value.
  • Logistics Services: The company provides cross-border logistics services from overseas suppliers to domestic consumers, ensuring efficient and reliable delivery.
  • Digital Supply Chain: Xingyun offers a digital supply chain platform that integrates all mainstream channels, providing a one-stop solution for cross-border supply chain operators.
  • Data Analysis: The company leverages data analysis to optimize supply chain operations and improve customer satisfaction.

Key Offerings

  • Comprehensive E-commerce Platform: Xingyun provides a platform for international brands to sell their products directly to Chinese consumers.
  • Cross-Border Logistics Services: The company offers logistics services that ensure timely and efficient delivery of products from overseas suppliers.
  • Digital Supply Chain Solutions: Xingyun provides a digital supply chain platform that integrates all mainstream channels, making it easier for cross-border operators to manage their supply chains.
  • Data Analysis and Optimization: The company uses data analysis to optimize supply chain operations and improve customer satisfaction.

Key Management

Billy Wang: Founder of Xingyun Group.

Investment Timeline

  • September 2020: Xingyun received $200 million in series C funding.
  • April 2021: The company raised $600 million in series C2 funding, making it a unicorn company.
  • August 2021: Xingyun expanded its operations to Kenya.
XtalPi

XtalPi

  • Valuation: $2B
  • Industry: Healthcare & Life Sciences
  • Investors: Tencent Holdings, 5Y Capital, Sequoia Capital China
  • Unicorn Milestone Date: 11/8/2021

About

XtalPi is a cutting-edge research platform company that leverages artificial intelligence (AI) and robotics to revolutionize drug discovery and development. Founded in 2015 by three postdoctoral physicists from MIT, XtalPi integrates quantum physics, AI, cloud computing, and large-scale robotics to provide innovative R&D solutions for the life sciences and materials sciences sectors. The company is headquartered in Shenzhen, China, with additional facilities in Boston, Shanghai, and Beijing.

Target Audience

XtalPi primarily serves pharmaceutical companies, biotechnology firms, and industries involved in renewable energy and advanced materials. Its clients include global pharmaceutical giants like Pfizer and Johnson & Johnson, as well as domestic Chinese companies such as Chia Tai-Tianqing Pharmaceutical Holdings.

Business Model

XtalPi operates on a B2B (business-to-business) model, offering a suite of AI-driven tools and services designed to enhance the efficiency and accuracy of drug discovery and development. The company combines computational and experimental approaches to provide comprehensive solutions, including:

  • AI and Quantum Physics Integration: Utilizing AI algorithms and quantum physics to predict molecular structures and properties, thereby accelerating the drug discovery process.
  • Cloud Computing: Leveraging cloud-based supercomputing to handle large-scale data analysis and simulations.
  • Robotics and Automation: Implementing automated laboratory systems to streamline experimental workflows and reduce human error.

Key Offerings

  • ID4 Platform: Integrated Digital Drug Discovery and Development platform that combines AI, quantum mechanics, and cloud computing.
  • XtalCSP: Crystal Structure Prediction platform for identifying stable crystal forms of drug compounds.
  • XtalGazer: AI-driven polymorph selection platform for solid-state research.
  • XtalDynamics: Laboratory automation solutions for various industries, including pharmaceuticals and chemical engineering.
  • Drug Discovery Services: Comprehensive services for small molecule and biologics drug discovery, including target identification, synthesis, and formulation.

Key Management

  • Wen Shuhao: Co-founder, Executive Director, and Chairman of the Board.
  • Ma Jian: Co-founder, Executive Director, and Chief Executive Officer.
  • Lai Lipeng: Co-founder, Executive Director, and Chief Innovation Officer.
coocaa

Coocaa

  • Valuation: $1.45B
  • Industry: Media & Entertainment
  • Investors: Baidu, Tencent Holdings
  • Unicorn Milestone Date: 3/16/2018

About

Coocaa is a China-based smart TV brand founded in 2006, also known as Kukai. It is owned by Shenzhen Skyworth-RGB Electronic Co., Ltd. and focuses on AIoTV technology. As one of the notable unicorn companies in Shenzhen, Coocaa leverages advanced artificial intelligence and internet of things (IoT) technology to enhance user experiences, solidifying its position in the competitive smart TV market.

Target Audience

  • General Consumers: Coocaa's smart TVs are designed for households seeking advanced features and AI-powered entertainment.
  • Gaming Enthusiasts: The brand's TVs cater to gamers who require high-quality displays and fast refresh rates.
  • Businesses: Coocaa's smart TVs are also used in commercial settings, such as hotels, restaurants, and public spaces, for their advanced features and ease of use.

Business Model

Coocaa operates on a hybrid business model, combining hardware and software offerings:

  • Hardware Sales: Coocaa manufactures and sells smart TVs with advanced features like Dolby Vision and full-screen displays.
  • Software Services: The brand offers its proprietary Coocaa OS, which integrates AI-powered features and streaming services.
  • Content Partnerships: Coocaa partners with major streaming platforms like iQIYI, Tencent, and Baidu to provide users with a wide range of content options.

Key Offerings

  • Smart TVs: Coocaa's TVs feature advanced technologies like AIoTV, Dolby Vision, and high refresh rates.
  • Coocaa OS: The proprietary operating system integrates AI-powered features and streaming services.
  • Content Partnerships: Access to a wide range of content from major streaming platforms.

Key Management

  • Xiaoqing Ren: Co-founder
  • Yang Pei: Co-founder
  • Yangtian Xu: Co-founder

Investment Timeline

  • June 2017: Tencent invested HK$344.28 million to acquire a 7.7% stake in Coocaa.
  • March 2018: Baidu invested $159.70 million to obtain an 11% stake in Coocaa.
Hive Box

Hive Box

  • Valuation: $1.40B
  • Industry: Consumer & Retail
  • Investors: Eastern Bell Capital, SF Holding Co, STO Express
  • Unicorn Milestone Date: 1/23/2018

About

Hive Box is a unicorn startup based in Shenzhen, China, specializing in the operation of self-service package drop-off and pick-up stations. Founded in 2015, Hive Box has grown to become the largest network of smart parcel lockers in China, with a significant presence in the last-mile delivery ecosystem. The company aims to address the challenges of failed deliveries and consumer concerns with home delivery by providing a secure and convenient storage solution for parcels.

Target Audience

  • E-commerce consumers: Individuals who frequently shop online and need a reliable way to receive packages.
  • Couriers and delivery services: Companies looking for efficient last-mile delivery solutions.
  • Residential and commercial property managers: Entities seeking to offer added convenience to residents and tenants.
  • Retailers and businesses: Companies that require secure and efficient parcel delivery and storage solutions.

Business Model

Hive Box operates on a multi-faceted business model that includes:

  • Subscription Fees: Consumers can subscribe to a membership program that allows them to store parcels in lockers for extended periods without additional charges. Membership costs are modest, with options like ¥5 per month or ¥12 for three months.
  • Usage Fees: Non-members are charged a fee for parcels stored in lockers beyond a certain period (e.g., 12 hours). This fee structure encourages quick parcel retrieval, optimizing locker availability.
  • Courier Fees: Delivery services pay a fee to use Hive Box lockers for dropping off parcels. This fee varies based on the size of the locker used.
  • Advertising Revenue: Hive Box generates additional income by selling advertising space on its lockers and through its digital platforms, such as the Hive Box app and WeChat account.
  • SaaS Solutions: Hive Box offers a comprehensive Software as a Service (SaaS) platform that includes hardware equipment access, software platforms, mobile terminals, and locker operation guidance. This service is aimed at businesses looking to implement their own parcel locker networks without significant upfront investment.

Key Offerings

  • Smart Parcel Lockers: Secure, automated lockers for parcel drop-off and pick-up.
  • Membership Program: Subscription service for extended locker usage without additional fees.
  • Advertising Services: Digital and physical advertising opportunities on lockers and associated platforms.
  • SaaS Platform: Comprehensive software solutions for businesses to manage their own locker networks.
  • Data Analytics: Insights and analytics to optimize delivery and storage operations.

Key Management

  • Xu Yubin: Founder and CEO of Hive Box. Xu has a background in logistics and delivery services, having worked his way up from a delivery driver to a senior management position at SF Express before founding Hive Box.

Investment Timeline

  • 2015: Hive Box was founded.
  • 2017: Acquired CIMC E-Commerce & Logistics Technology for $123 million, expanding its locker network significantly.
  • 2018: Original carrier shareholders, except SF Express, divested their shares. SF Express became the primary shareholder.
  • 2020: Acquired China Post’s locker system, increasing market share to 65%.
  • January 2021: Received $400 million in funding, bringing its market valuation to $3.4 billion.
  • 2024: Continues to expand its network and services, maintaining its position as a leading player in the smart locker industry.
Jaguar Microsystems

Jaguar Microsystems

  • Valuation: $1.34B
  • Industry: Industrials
  • Investors: Tencent Holdings, Glory Ventures, Shenzhen Capital Group
  • Unicorn Milestone Date: 6/23/2022

About

Jaguar Microsystems is a technology company founded in 2020 by Dr. Sunny Siu. It is a leading provider of cloud computing and data processing solutions for data centres, backed by Tencent Holdings. As one of the promising unicorn companies in Shenzhen, Jaguar Microsystems focuses on developing advanced data processing units (DPUs) and silicon solutions to enhance the efficiency and cost-effectiveness of cloud computing services. The company's innovative technology is pivotal in advancing the capabilities of modern data centres.

Target Audience

  • Cloud Platform Operators: Jaguar Microsystems targets cloud platform operators who manage large-scale data centers and require efficient data processing solutions to reduce costs and increase output.
  • Data Center Operators: The company also serves data center operators who need advanced silicon solutions to optimize their infrastructure and improve performance.

Business Model

Jaguar Microsystems operates on a business model that focuses on providing innovative DPUs and silicon solutions to the cloud computing and data center industries. The company aims to help cloud platform operators and data center operators reduce costs and increase efficiency by leveraging its advanced technology.

  • DPUs (Data Processing Units): Jaguar Microsystems develops DPUs that can handle various applications such as networking, storage, virtualization, and security, freeing up server CPUs to handle other workloads.
  • Silicon Solutions: The company offers advanced silicon solutions designed to optimize data center infrastructure, enhancing performance and reducing costs.

Key Offerings

  • Advanced DPUs: Programmable chips designed for servers in data centers to improve processing efficiency.
  • Silicon Solutions: Optimized silicon solutions for data center infrastructure to enhance performance and reduce costs.

Key Management

  • Dr. Sunny Siu: Founder and CEO of Jaguar Microsystems, with a Ph.D. from Stanford University and extensive experience in the semiconductor industry.
JMGO

JMGO

  • Valuation: $1.26B
  • Industry: Industrials
  • Investors: IDG Capital, Yuanda Venture Investment, Primitive Forest Holdings Group
  • Unicorn Milestone Date: 3/15/2022

About

JMGO is a technology company specializing in smart projectors and laser TVs. Founded in 2011 in Shenzhen, China, JMGO has become a unicorn startup valued at over $1 billion. The company focuses on research, development, and production of innovative home entertainment devices, particularly smart projectors with advanced features.

Target Audience

JMGO primarily targets tech-savvy consumers and home entertainment enthusiasts looking for high-quality, innovative projection solutions for their living spaces. Their products appeal to individuals who desire immersive viewing experiences without the need for traditional large-screen TVs.

Business Model

JMGO operates on a hardware-based business model, focusing on the development, manufacturing, and sale of smart projectors and related accessories. The company leverages its in-house research and development capabilities to create cutting-edge projection technologies. JMGO sells its products through various channels, including:

  • Direct-to-consumer sales through its website and online platforms.
  • Partnerships with electronics retailers and e-commerce platforms.
  • International expansion to reach global markets.
  • Potential subscription-based services for content or software updates.

Key Offerings

  • MALC Triple Color Laser Optics: Enhances image quality with advanced technology and powerful performance.
  • Modularized Laser Stacking Technology: Increases efficiency by 15%.
  • Quad Layered Diffuser System: Achieves brightness uniformity over 95%.
  • Dynamic Light Speckle Reducer Technology (LSR): Reduces speckle by over 96%.
  • Gimbal Projectors: Offers flexible and immersive viewing experiences.

Key Management

Forrest Li: CEO of JMGO, responsible for driving the company's innovative momentum and commitment to user experience.

SmartMore

SmartMore

  • Valuation: $1.20B
  • Industry: Industrials
  • Investors: IDG Capital, ZhenFund, Sequoia Capital China
  • Unicorn Milestone Date: 6/24/2021

About

SmartMore is a fast-growing high-tech company founded in 2019 that specialises in providing comprehensive AI-powered products and solutions for smart manufacturing and digital innovation. The company develops and applies cutting-edge technologies like machine vision, deep learning, and artificial intelligence to optimize and automate manufacturing processes. As one of the innovative unicorn companies in Shenzhen, SmartMore achieved unicorn status in 2021 after raising $200 million in Series B funding, reaching a valuation of over $1 billion. The company's advancements are revolutionizing the manufacturing industry with enhanced efficiency and productivity.

Target Audience

SmartMore primarily serves manufacturing companies across various industries, including automotive, electronics, semiconductors, precision optics, and more. Its solutions cater to enterprises looking to achieve manufacturing optimization and automation through advanced AI and computer vision technologies.

Business Model

SmartMore operates on a B2B model, offering both software and hardware solutions to industrial clients. The company generates revenue through:

  • Sales of AI-powered visual inspection systems and integrated machines
  • Licensing of its smart industrial vision platform (SMore ViMo)
  • Customized solution development for specific manufacturing scenarios
  • Ongoing support and maintenance services

Key Offerings

  • SMore ViMo: Smart industrial vision platform for quality control and traceability
  • Smart Sensors: Full suite of sensor components for visual inspection
  • Integrated Machines: Over 60 all-in-one solutions for specialized industrial scenarios
  • Digital Solutions: Digital Twin and Business insight platforms
  • Industry-GPT: Industrial large language model for manufacturing applications

Key Management

  • Jia Jiaya: Founder and Chairman

Investment Timeline

  • 2019: Company founded, angel investment secured
  • 2020: Completed Series A financing, becoming a quasi-unicorn
  • June 2021: Raised $200 million in Series B funding, achieving unicorn status
  • June 2024: Received investment from Hong Kong Investment Corporation (HKIC)
lamabang

Lamabang

  • Valuation: $1B
  • Industry: Consumer & Retail
  • Investors: 5Y Capital, Matrix Partners China, K2VC
  • Unicorn Milestone Date: 6/3/2015

About

Lamabang is a Chinese social e-commerce platform focused on products and services for mothers and babies. Founded in 2013 in Shenzhen, it has grown to become one of China's leading maternity and parenting-focused online communities and e-commerce sites. Lamabang achieved unicorn status in 2017 with a valuation over $1 billion.

Target Audience

Lamabang primarily targets expectant mothers, new mothers, and parents of young children in China. Its user base consists mainly of millennial mothers looking for parenting advice, products, and a supportive online community.

Business Model

Lamabang operates on a social e-commerce model that combines elements of social networking and online retail:

  • Community Platform: At its core, Lamabang is a social network where mothers can connect, share experiences, and seek advice on parenting topics. This builds user engagement and loyalty.
  • E-commerce Integration: The platform seamlessly integrates e-commerce, allowing users to purchase baby and maternity products directly through the app or website.
  • Content Marketing: Lamabang produces and curates parenting-related content, which drives user engagement and indirectly promotes products.
  • Data-Driven Personalization: By analyzing user data and interactions, Lamabang can offer personalized product recommendations and targeted advertising.
  • Affiliate Marketing: The platform likely earns commissions by directing users to external e-commerce sites for certain products.
  • Advertising Revenue: Brands targeting mothers and families can advertise on the platform to reach Lamabang's engaged user base.

Key Offerings

  • Social networking features for mothers to connect and share experiences
  • E-commerce platform for baby and maternity products
  • Parenting advice and educational content
  • Q&A forums on pregnancy and childcare topics
  • Personalized product recommendation
  • Baby development tracking tools

Key Management

  • Jin Zan: Founder and CEO
icarbonx

iCarbonX

  • Valuation: $1B
  • Industry: Healthcare & Life Sciences
  • Investors: Tencent, Vcanbio
  • Unicorn Milestone Date: 12/4/2016

About

iCarbonX is a biotechnology startup based in Shenzhen, China, founded in 2015 by Jun Wang, a former CEO of the Beijing Genomics Institute (BGI). The company aims to revolutionize health management by integrating genomics, biological data, and artificial intelligence (AI) to create a comprehensive digital life ecosystem. As one of the forward-thinking unicorn companies in Shenzhen, iCarbonX focuses on digitizing, analyzing, and understanding life to provide personalized health solutions and improve overall well-being. The company's innovative approach is transforming the way health is managed, making personalized healthcare more accessible and effective.

Target Audience

iCarbonX primarily targets individuals interested in personalized health management, including those with chronic conditions, healthcare providers, clinical researchers, and the broader health tech industry. The company's services are designed to help users make informed decisions about their health and lifestyle.

Business Model

iCarbonX operates on a data-driven business model that leverages AI and big data to offer personalized health insights and solutions. The company collects and analyzes vast amounts of biological and behavioral data from users, which is then processed using machine learning algorithms to provide tailored health recommendations. iCarbonX's platform is designed to integrate various data sources, including genomics, metabolites, and lifestyle factors, to create a holistic view of an individual's health. The company generates revenue through partnerships with healthcare providers, pharmaceutical companies, and insurers, as well as through the sale of personalized health products and services.

Key Offerings

  • Digital Life Platform: A comprehensive health management platform that integrates multi-omics data and AI to provide personalized health insights.
  • Meum: A digital health management application that offers personalized health recommendations based on user data.
  • Partnerships and Alliances: Collaborations with various companies and institutions to enhance health data analysis and application, including the Digital Life Alliance.

Key Management

  • Jun Wang: Founder and CEO, former CEO of Beijing Genomics Institute (BGI), with extensive experience in genomics and AI.
  • Chun Wu: Partner, holds a Ph.D. in genetics from Yale University.
  • Qiang Yang: Partner, a fellow of the Association for the Advancement of Artificial Intelligence (AAAI) with a Ph.D. in artificial intelligence.

Investment Timeline

  • 2015: iCarbonX was founded by Jun Wang.
  • 2016: Acquired Imagu Vision Technologies to establish an R&D center in Israel.
  • 2017: Announced the Digital Life Alliance and launched the Meum platform. Raised $200 million from Tencent Holdings and Zhongyuan Union Cell & Gene Engineering Corp, achieving unicorn status with a valuation over $1 billion.
  • 2017: Raised an additional $155 million in Series A funding.
  • 2023: Secured $45 million from China Bridge Capital to further develop precision medicine offerings.
YH Global

YH Global

  • Valuation: $1B
  • Industry: Industrials
  • Investors: Co-Energy Finance, Grandland
  • Unicorn Milestone Date: 9/21/2017

About

YH Global is a logistics unicorn based in Shenzhen, China. It provides comprehensive logistics services, including transport distribution, international freight forwarding, and commerce logistics.

Target Audience

YH Global primarily serves businesses and organizations involved in international trade, commerce, and logistics. This includes manufacturers, importers, exporters, and distributors across various industries.

Business Model

YH Global operates on a business-to-business (B2B) model, focusing on providing efficient and cost-effective logistics solutions to its clients. The company leverages its extensive network and advanced technology to streamline the logistics process, ensuring timely and secure delivery of goods. This includes:

  • Transport Distribution: YH Global manages the movement of goods from the point of origin to the destination, utilizing a range of transportation modes such as air, land, and sea.
  • International Freight Forwarding: The company handles the coordination and execution of international shipments, including customs clearance, documentation, and insurance.
  • Commerce Logistics: YH Global offers specialized logistics services tailored to the needs of e-commerce businesses, including order management, inventory management, and last-mile delivery.

Key Offerings

  • Global Network: YH Global has an extensive network of logistics hubs and partners worldwide, enabling efficient and reliable delivery.
  • Technology Integration: The company utilizes advanced technology to track shipments, manage inventory, and optimize logistics operations.
  • Customized Solutions: YH Global offers tailored logistics solutions to meet the specific needs of its clients, including specialized handling and storage requirements.
EcoFlow

EcoFlow

  • Valuation: $1B
  • Industry: Industrials
  • Investors: Co-Energy Finance, Grandland
  • Unicorn Milestone Date: 9/21/2017

About

EcoFlow is a portable power and renewable energy solutions company founded in 2017 and based in Shenzhen, China. It achieved unicorn status in 2021 after raising over $100 million in Series B funding at a valuation of over $1 billion. As one of the innovative unicorn companies in Shenzhen, EcoFlow develops and manufactures portable power stations, solar panels, and smart home energy solutions aimed at providing clean, reliable power for both outdoor and emergency use. The company's commitment to sustainable energy solutions is driving advancements in portable and renewable power technologies.

Target Audience

EcoFlow's products cater to several key audiences:

  • Outdoor enthusiasts and campers
  • Homeowners seeking backup power solutions
  • Off-grid living enthusiasts
  • Emergency preparedness consumers
  • Professionals working in remote locations

Business Model

EcoFlow operates on a direct-to-consumer model, selling its products through its website, as well as through major retailers and e-commerce platforms. The company focuses on product innovation and leverages its proprietary technologies to create high-performance, fast-charging portable power solutions. EcoFlow also utilizes crowdfunding platforms like Kickstarter to launch new products, which helps gauge market interest and secure pre-orders. Additionally, the company is expanding into the smart home energy market, offering integrated solutions for residential power management and backup.

Key Offerings

  • DELTA series portable power stations (high-capacity).
  • RIVER series portable power stations (compact).
  • Portable solar panels.
  • Smart generators.
  • Smart home panels for whole-home backup power.
  • Portable air conditioners and refrigerators.

Key Management

  • Lei Wang - Founder and CEO
  • Hannah Sieber - Co-founder and President

Investment Timeline

  • 2017 - Founded.
  • 2019 - Raised undisclosed amount in Series A funding.
  • 2021 - Raised over $100 million in Series B funding led by Sequoia Capital China, achieving unicorn status.
  • 2022 - Raised $200 million in Series C funding.
Xiaoe Tech

Xiaoe Tech

  • Valuation: $1B
  • Industry: Enterprise Tech
  • Investors: GGV Capital, Hillhouse Capital Management, IDG Capital
  • Unicorn Milestone Date: 6/15/2021

About

Xiaoe Tech is a software-as-a-service (SaaS) company founded in 2015, headquartered in Shenzhen, Guangdong, China. It focuses on providing solutions in the knowledge payment and private domain operation industry, serving content creators, businesses, and educators.

Target Audience

  • Content Creators: Xiaoe Tech offers tools for content monetization and live streaming.
  • Businesses: It provides services for brand marketing, business monetization, and user operation.
  • Educators: The platform assists in building refined operation systems and transforming traffic from public to private.

Business Model

Xiaoe Tech operates on a multi-faceted model:

  • Content Monetization: The platform offers a knowledge shop for content creators to monetize their content.
  • Live Streaming Tools: It provides tools for live streaming and content delivery.
  • Private Domain Community Assistance: Xiaoe Tech helps build private domain communities for users.
  • CRM for Customer Management: The platform offers customer relationship management (CRM) tools for merchants.

Key Offerings

  • Knowledge Shop: For content monetization.
  • Live Streaming Tools: For content delivery.
  • Private Domain Community Assistance: For building private domain communities.
  • CRM for Customer Management: For merchant customer management.

Key Management

  • Bao Chunjian: Founder and CEO of Xiaoe Tech.