Matrix Partners Renames India and China Units to Stress Their Independence

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Matrix Partners, established in 1977 and headquartered in Boston and San Francisco, entered the Chinese market in 2008.

American venture capital firm Matrix Partners is rebranding its India unit to DZ47 while its China arm, Matrix Partners China, will be renamed MPC, effective July 1.

The rebranding is to highlight the local operational strategies and organizational independence of each regional unit, the company said.

The Chinese arm of Matrix Partners told Caixin Monday that its operation and decision-making process have been independent since its inception. The unit, which will still operate under its existing Chinese name, said the logo change does not affect its structure or operations.

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Matrix Partners is rebranding its India and China units to DZ47 and MPC respectively, effective July 1 for local operational strategies.
The Chinese unit, independent since inception, manages over 70 billion yuan ($9.63 billion) and has invested in over 800 companies.
Rebranding aligns with a trend of venture capital firms splitting Chinese and U.S. operations or refocusing Asia strategies amid rising U.S. scrutiny on Chinese tech investments.

AI generated, for reference only

Who’s Who

Matrix Partners: Matrix Partners, founded in 1977 and based in Boston and San Francisco, is a leading early-stage venture capital firm. Notable investments include Apple, FedEx, and Oculus. The firm is rebranding its India arm to DZ47 and its China arm to MPC from July 1, emphasizing local strategies and independence. Matrix Partners China was established in 2008 and manages over 70 billion yuan, investing in companies like XPeng Motors, Li Auto, Ele.me, and SemiDrive Technology.

XPeng Motors: XPeng Motors is a Chinese electric vehicle maker that has received investment from Matrix Partners' China unit, which manages over 70 billion yuan ($9.63 billion). The investment is part of Matrix Partners China's portfolio, which includes over 800 companies.

Li Auto: Li Auto is a Chinese electric vehicle maker that has received investment from Matrix Partners China, which will be rebranding to MPC effective July 1. The Chinese unit of Matrix Partners manages over 70 billion yuan and has invested in over 800 companies, with Li Auto being one of them.

Ele.me: Ele.me is the food delivery unit of Alibaba. It benefited from investment by Matrix Partners' China unit, which has managed over 70 billion yuan and invested in more than 800 companies.

SemiDrive Technology: SemiDrive Technology is a vehicle chip maker that has received investment from Matrix Partners China, now rebranding to MPC. The Chinese unit of Matrix Partners manages over 70 billion yuan and has invested in over 800 companies, including SemiDrive Technology.

Sequoia Capital: Sequoia Capital, a leading venture capital firm, split its Chinese and American operations three months before GGV Capital's similar division. This move reflects a broader trend among multinational VC firms to adapt to geopolitical challenges and regulatory scrutiny, particularly regarding investments in China.

Sequoia Capital China: Sequoia Capital China separated from its U.S. operations three months before GGV Capital's split. Part of a growing trend among global venture capital firms, this move aims to adapt to the evolving geopolitical landscape and increasing scrutiny, particularly on investments in sensitive Chinese industries.

Sequoia Capital America: Sequoia Capital split its Chinese and American operations in response to geopolitical tensions. This was part of a broader trend among venture capital firms to adapt to evolving geopolitical landscapes and increasing U.S. scrutiny on investments in sensitive industries in China.

GGV Capital: GGV Capital, based in California, faced scrutiny from a U.S. congressional committee in July 2023 over investments in Chinese technology sectors. In response, GGV announced in September it would split into two independent businesses focused on Asia and the U.S. This split comes amid increasing geopolitical tensions and follows a similar move by Sequoia Capital.

GSR Ventures Management: The article briefly mentions GSR Ventures Management in the context of a U.S. congressional investigation into venture capital firms investing in Chinese technology companies. The investigation focuses on areas such as artificial intelligence, semiconductors, and quantum computing, and seeks information on whether these firms' Chinese portfolio companies received government subsidies.

Walden International: The article mentions that Walden International is one of four venture capital firms being investigated by a U.S. congressional committee regarding their investments in Chinese technology companies. The inquiry focuses on areas like artificial intelligence, semiconductors, and quantum computing, and seeks information on whether the Chinese companies involved received government subsidies. Beyond this, the article does not provide additional details about Walden International.

Qualcomm Ventures: Qualcomm Ventures was mentioned as one of the venture capital firms under investigation by a U.S. congressional committee for its investments in Chinese technology companies. The investigation focuses on their investments in sectors such as artificial intelligence, machine learning, semiconductors, and quantum computing.

AI generated, for reference only

What Happened When

July 2023：: A United States congressional committee launched an investigation into four venture capital firms over their investment in Chinese technology companies.

August 1, 2023：: GGV Capital, GSR Ventures Management, Walden International and Qualcomm Ventures were asked to provide information by this date regarding their investments in China.