Cybernaut founder Zhu: a Silicon Valley Zhejiang business venture Investment Road

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Cybernaut founder Zhu

Once the "Sanmo" Zhu, founded in 1996 in the United States WebEx Company, listed in 2000 in Nasdaq, March 2007 to 3.2 billion U.S. dollars sold to Cisco.

In the past, as the founder and chairman of Cybernaut, his practice in the field of venture capital is equally instructive.


The sum of each person's life forms a history.

Zhu was born in Ningbo, Zhejiang Province in 1948. As a reflection of the influence of the Times, in 1969 he went to the outskirts of Ningbo Dongxiang queue. "I am a 67-year high school graduate, my wife Xu Yuqing is 68 session." ”

At that time positioning is to take root in the countryside, married with children. I have been living in the city before, "My ability to do farm work is not comparable with those of my peers in rural areas." ”

At the beginning of the 70 's, the social team enterprises all over Zhejiang began to shoot up, Zhu cut the village also set up a family. Zhu is a technical director because of the recognition of "brain activating".

This is the eve of the planned economy breaking ice, that period important one durable consumer goods is sewing machine, Zhu Run to Shanghai forwarders some parts processing business. There are two problems, namely technology and raw materials.

Zhu found some of the people who were dismissed as personal problems by the sewing machine factory as a technical guide. As for the required copper, Zhu has been found in Gansu's copper mines. There is not sell, a set of close, Zhu put forward can provide Zhoushan's cutlass. So the mine posted a poster: Want to eat a fish to work overtime. Weekend production for Zhu overtime.

Zhu did not continue this trajectory, in 1976, he returned to Ningbo. The reason is, son Zhu Lei already six years old, Zhu Hope he has the opportunity of better education. So he became a construction worker of Ningbo Machinery Bureau Construction team.

The housing problem existed at that time, but in 1974 the family added another daughter. Zhu found an old house, four walls collapsed after the remaining old pavilion, covers an area of 64 square meters, the landlord is not willing to deal with Zhu, think he big, finally Xu Yuqing Horse bought down, the price is 450 yuan.

Zhu borrowed 500 yuan money, demolition Pavilion sold the old material sold 500 yuan, with 500 yuan built two houses, one of them sold 500 yuan, this account count down, Zhu White got a room, also earn 50 yuan.

1977 to resume the college entrance examination, the original life has calmed down the Zhu, "I think I can not give up." Both mother and Xu Yuqing expressed support. During the preparation, the day to work, the evening has been very tired, in order not to let themselves fall asleep, "often side seeds, while reading."

"Your admission notice has arrived." "This time, Zhu is on the 20 meters elevated."

Zhu is a professional in tractor design and manufacture in Zhejiang Agricultural University. After graduation, assign to Ningbo refrigerator factory. 1982 graduate from Zhejiang University of Industrial Management. He graduated in 1984 and was the first group of students to study at Stanford University in the United States. "TOEFL abroad, more than 20,000 words are memorized." He was 36 years old. "I feel like my life has been going well since then, and it has been going well," he said. ”

Zhu (Min Zhu) Abroad The second year, the 14-year-old Zhu Lei admitted to Tsinghua University class. At this time, Zhu decided to move the family to the United States. In the first year of Zhu, the course was completed with the aim of working in the second year. The tutor is about the same age as he is, probably more tolerant.

Economic pressure is self-evident, Zhu found a live management apartment, a total of 16 apartments, the landlord to provide Zhu a set of free living apartments, while the Zhu is responsible for him to manage the other 15 sets.

Next, there is a piece of the story, Zhu saw IBM and the school cooperation project recruit, research artificial intelligence, technical staff soon, lack of a project manager. The problem is that he does not know the computer, hesitate to try and find the professor, "he said, we are waiting for the project's head, is you." "The reason is Zhu Outstanding academic achievement. Of course, no one at Stanford knows anything about computers.

However, he has a Gao Shen, is to enter Stanford, learning computer Zhu Lei. In the running-in, Zhu familiar with this field.

A company called AFK found Zhu, since he was a professional. "Because I'm from IBM, people believe I know computers," he said. "What they do is ERP, so Zhu is involved in a whole new field."

The important thing is that the company was subsequently acquired, which inspired the Zhu of the year's perplexed. #p # subtitle #e#

Born entrepreneur

Zhu, a computer expert, has been given positions in institutions such as PWC, but entrepreneurs are different people.

In the early 90, Zhu had a gradual and clear idea: He encouraged his son and daughter to connect a local area network at home, and two computers could work together to modify the file, which he called "multi-point data collaboration."

Zhu, an industrial systems control software company, met a Singaporean who had worked for Hewlett-Packard and became a partner in Zhu.

1991, Future Labs was founded. Zhu possesses 30%. This is a typical Silicon Valley story, and the difference is that Zhu was the first Chinese student to do so. His subsequent performance was important to this group.

Soon Zhu found that IBM was involved in similar products, but it is not good, this affirms the trend of industrial development, an angel investors came to the door, investment 1 million dollars, accounted for 25% of the equity.

It was not expected that soon after Intel announced the development of this area and invested 100 million of dollars. How can 1 million dollars compete with 100 million dollars? They are hard to calm down, the partner said, advertising to push the market up. The money soon boiled over. The market is not up, investors are disappointed, the stakes are not.

Behind every successful man is a woman. Xu Yuqing think, or domestic have similar demand. But after the rush, she did not get the order, but another opportunity is that many domestic software engineers willing to work in the United States. This set up the outsourcing company silver. February 1996, received the first engineer, after a succession of more than 30 engineers arrived in the United States, the business is to contract some large companies work.

Future Labs in the first few years after relying on sporadic financing, the dotcom boom swept through Silicon Valley. "I did not understand that this software needs the Internet to support, I was walking in front of the Internet." "In 1996, Future Labs sold to Quarterdeck company for 13 million dollars.

As part of the deal, Zhu needs to work in this company for a year. He and the manager in charge of integration after the merger, Indian Subra-Eya (Subrah Iyar), has communicated, Zhu Long he nine years old, Subra once worked in Apple, they found each other's advantage, become partners.

Zhu's technical advantage and Subra's business expertise, the Chinese and Indians, correspond to a word that Silicon Valley often talks about, that is, IC, the new starting point for their entrepreneurship is to change its name to WebEx Silver, the Internet.

Zhu points out that over time, the internet is just a static web of pages, and eventually it will be fully integrated with communication.

Fierce competition in the market, Quarterdeck defeated by Microsoft, so they repurchase future labs intellectual property rights. The entrepreneurial process is actually a process of defining the market. Originally, Zhu developed a product terminal based on Microsoft NetMeeting. But the direction to be determined is enterprise-class network applications.

July 1998, won the first round of 7 million dollar venture capital. Investors Baan is engaged in ERP, in this field, face-to-face communication requires a high cost.

Zhu is president and chief technology Officer and Subra is CEO. Positioning in services has made the start-up firm a critical step in Zhu Computing, where services are five times times more profitable than sales.

"At first we were more like a software company, and later evolved into a telecoms service enterprise, and then evolved into a business that was integrated by telecom services and software services," Xu Yuqing later said in an interview with "Chinese entrepreneur". ”

A computer that can surf the internet and a phone, do not need to download the client, that is, can real-time demo, modify, share files, plays are, you can also hold video conferencing. Just the right application, but also evolved into a working language: let us network news.

The second round was 30 million dollars led by NEA, and the third round was Tibco, Yahoo, SAP and 30 million dollars. July 28, 2000, WebEx listed on the Nasdaq, the issue price of 14 U.S. dollars, the first day closing 33 U.S. dollars.

Listing is only an important node, then the impact of the dotcom bubble appears, not only is the stock price weakening, high cost, while insufficient income.

For innovation companies, income growth is the key, and cost-cutting will hurt growth. is both a financial issue and a psychological problem. Zhu's way is to fire only one person, a distribution of e-mail assistants, the company all to the front desk to collect, after this move, everyone felt the market pressure. Zhu then examines each department's reimbursement invoices. The process is unpleasant, but the change is rapid, the cost is lower and the income is growing.

Zhu later in an interview with "Global Entrepreneur", he candidly recalled the venture, thinking he missed some important opportunities, such as the acquisition of Macromedia Company with Flash technology, and the combination of flash and WebEx technology to become multimedia interactive technology.

"WebEx is destined not to be a great company. I am 48 years old to start a business, I think I am certainly no second chance to start a business, so I must make money in this time. "#p # subtitle #e#


Soon after the company went public, "I ushered in two people in Zhejiang province, they persuaded me to invest in environmental protection industry, the well-known Internet of things today." ”

Concentrating technology is engaged in analysis and testing of instruments and equipment, including environmental testing, industrial process testing. These two are Wang Jian, Yanna, Yanna was the head of Alibaba American company, chairman and chief engineer Wang Jian successively at Zhejiang University and Stanford University to obtain a doctorate.

"I listened to their thoughts and said maybe you could." So he invested 600,000 dollars. This demand is in fact increasingly conventional, so Zhu consider a new position on their own.

At the same time, WebEx is competing with Microsoft. Before, the free promotion of NetMeeting hit the future Labs, but WebEx has new logic.

Zhu found Boeing in Seattle with Microsoft, asking a question, net meeting is free, so what is the late input of the year? The other answer is 2 million dollars. So good, WebEx only need 1 million dollars, can provide all support.

Boeing has its own understanding, external contact with WebEx, internal also with NetMeeting, later staff found WebEx effect is good, so asked why a company to use two sets of systems? March 2007 Zhu Acceptance of the 21st century Economic report Interview review: We almost robbed the best customers of NetMeeting, such as Microsoft's neighbour Boeing, and finally Microsoft itself began to use the Internet news software and services. 2002, Microsoft shut down the NetMeeting business.

Of course, Ballmer is not easy to give up the people, Microsoft bought PlaceWare, competition continues.

Nea Scott-Sender is WebEx's investor, Zhu briefed him on the show, and NEA soon invested 20 million of dollars.

Zhu joined NEA in March 2004. "To help NEA successfully invested in SMIC, the exhibition technology, red children, such as a group of independent innovation-oriented enterprises, laid a good foundation for NEA Investment in China." ”

New Enterprise Associates is America's largest venture capital company, NEA currently manages more than $9 billion trillion in capital. Since its inception in 1978, has invested more than 500 enterprises, of which 152 successfully listed, 211 mergers and acquisitions.

Zhu resigned as chief technology officer in August 2005. Subra initially wanted him to take care of it, and then they explored the company's future, and the sale could be an ideal choice.

This year, Zhu phase of Hangzhou's repeatedly technology, "for mobile users to provide ' air recharge ' services," the individual investment of 2.5 million U.S. dollars, and then NEA involved in follow-on financing.

2006, NEA and Zhu Joint venture, Cybernaut (China) venture Capital Management Co., Ltd. was established, Cybernaut. As for "Cybernaut", Zhu stressed that positioning is to find someone to do the project, rather than looking for a good project to invest, is the process of looking for a maxima.

Zhu moved his office from Shanghai Zhangjiang to Hangzhou. This is closer to the market, followed by a "two-hour venture" concept, the investment enterprises from Hangzhou in two hours drive.

"2006, Chint Group joined hands with world-renowned photovoltaic expert team to create brand new Chint solar." "The introduction points out that the company not only has a mature leading generation of crystalline silicon solar cell manufacturing technology, but also has a second generation of poly-amorphous silicon thin film cell technology core technology." Zhu introduced, the professor is one of his classmates, they start from zero investment, support the start-up company.

"We are different from ordinary financial investors, in addition to investment money, to provide entrepreneurs with a variety of value-added services to help them formulate development strategies, human resources integration, mergers and acquisitions." Later, in an interview with the Southeast Morning Post, Zhu summed up the story.

March 14, 2007, Cisco announced a 3.2 billion-dollar cash acquisition of the WebEx Network, the acquisition price of about 57 U.S. dollars, compared to the net March 14 closing price of 46.20 U.S. dollars higher than 23%. The acquisition has a price-to-earnings ratio of about 60 times times.

From the perspective of company development, now WebEx can have more opportunities to enter the big company market.

Shenzhen Silicon Silver guarantee Investment Co., Ltd. is by Cybernaut and Shenzhen Nine Investment Co., Ltd. jointly founded, the first registered capital of 18 million U.S. dollars, 2008 increase of 50 million U.S. dollars, so that the company registered capital of 68 million U.S. dollars.

Cybernaut's limited partner Group (Partners Group) was established in Switzerland in 1996, managing a total asset value of more than 25 billion U.S. dollars and investing in more than 250 investment management companies. The company also has invested in direct investment with the fund, for example, with Cybernaut investment in the education of the Hai Rui.

At the end of 2008, Zhu, 60, first entered the Forbes China's best venture capital list.

The list, already familiar with the Western capital context of the Zhu this year set up a 250 million-dollar foreign currency fund and 400 million Yuan fund, 60-year-old He is determined to start learning the rules of Chinese capital market game.

Focus on Cybernaut founder Zhu: a Silicon Valley Zhejiang business venture Investment Road

Print articles join the investment Community Collection review [0] 2012-7-23 9:51:00 Tencent Finance Li Xiao reading: 485

Related industries: Investment industry involved people: Ballmer, Zhu, Xuanyu, Chen Bin

Related enterprises: TCL, Alibaba, SMIC, Lenovo Group related institutions: Sequoia, the group, Cybernaut

As the rice wine of Jiangsu and Zhejiang, long brew is alcohol, we notice, Sanmo Zhu accumulated experience, understanding of life, as a kind of accumulation is in his career show out. Importantly, this kind of presentation seems to have just begun. #p # subtitle #e#

The father and the child

"Taobao is one of our biggest customers. In November 2009, Zhu Lei received an interview with the Qianjiang Evening News, Taobao has more than 10 online training every day, teaching merchant E-commerce courses. The report revealed that Sequoia Tree was established in 2006, 2008-year income reached 40 million, the profit of 5 million.

Zhu Lei is a co-founder and chairman of the Executive Committee of Sequoia Information Technology Co., Ltd., responsible for overall strategic planning and technology development. The chairman is Zhu. President and CEO Guikingsong, responsible for the company's operations and management work, he once served in Lenovo Group.

Zhu Lei obtained a master's degree in Computer science and electronic Engineering from Stanford University at the age of 19.

Zhu Lei recalled that when young, the clothes were made by the mother herself. Finish your homework every day and practice ping-pong on the table. After graduating from high school, his sister also entered Stanford.

Zhu recalls, "I told her that in order to support the family, you have to sacrifice some to do a part-time job." This is a mistake. She should have gone to school and had a good job ... "Xu Yuqing has been in charge of the business of Chinese companies," Zhu said, although it is not very good for couples to be in a company, but he has the responsibility to take his lover to a higher level in his career.

Xu Yu established a research and development team, the company in China, the number of employees about One-third, the office in Hefei, Suzhou, Hangzhou.

After graduating, Zhu Lei entered Sun Company and developed three-dimensional image system. He recalled that he had confidence in technology, but that communication and speech were inferior to others, "I was too introverted at the time."

Zhu Lei started his own business in 1998 and founded a software company. 2001, because a few days to solve the WebEx company faced with the technical problems, and began to serve as WebEx Company's chief architect: led the technical team successfully developed a WebEx interactive network, interactive platform, interactive services, such as a series of online services platform.

Zhu points out, "the network is equivalent to videophone, but no workflow application." "Sequoia Tree Company introduced, the new development of the Chinese customer needs for the Infowarelab Unified communications platform."

With WebEx, Redwood trees integrate communication software and management software. In the company case, the Bank of Hangzhou provides the enterprise Unified Communication Platform solution based on the strict control intranet. including integrated bank OA system, integrated network video conferencing.

"The general enterprises do a better job is to sign a customer information management, and for potential customers to dig and cultivate the poor do, this is the value of Sequoia tree." Zhu Lei in an interview with Economics report 21st century.

The company case pointed out, 2009, Taobao uses the Redwood Tree Network video conference system to open Wan Dang Academy, through the training form promotion its various products, for example, Taobao through train.

June 2008 Zhejiang Cybernaut Investment Management Co., Ltd. was established as the RMB fund management agency invested by Cybernaut (China), which is responsible for the initiation and management of RMB funds. Two funds were subsequently established.

Hangzhou Qianjiang Cybernaut Venture capital fund, is with the Hangzhou Municipal Guidance Fund Cooperation, the fund scale of 400 million yuan, the first phase of 100 million yuan. Cybernaut was identified as the first group of partners to set up a fund. Shaoxing Longshan Cybernaut Venture capital fund, the scale is 250 million yuan.

Also set up a special energy conservation and Environmental Protection Growth Fund, Hangzhou race-chi Venture Capital Co., Ltd., the size of 108 million yuan.

Chen is the president of Zhejiang Cybernaut Investment Management Co., Ltd., who has served in TCL Group for many years, and has been a deputy general manager of TCL Network Company.

In 2009, the media noted that Zhu invested in ECOtality, the electric Vehicle technology company, which was bidding for the US Department of Energy orders.

Zhu later introduced: "This is what we do now, the new Energy Vehicle Network, the company is an American company, it is the largest electric car in the United States, the United States Department of Energy to give him more than 100 million dollars, the network hopes in the new energy vehicle as the terminal of energy, finally even a very good network

Chery and Cybernaut signed a strategic cooperation agreement at the 25th session of the World Electric Vehicle conference in November 2010. The two sides will jointly carry out demonstration and promotion of pure electric vehicles, while exploring the promotion of Chery new energy vehicles overseas sales work. #p # subtitle #e#

Local VC 2.0

April 15, 2011, Concentrator Technology (Hangzhou) Co., Ltd. landed in the Shenzhen gem, raised 353 million yuan.

Later, in Ningbo, Zhejiang, "Spring Back to swallow" 2011 Summit Zhu Revealed:

"These enterprises are related to the wisdom of the Earth, concentrating technology founder is also the Ningbo Fellow, 01 years to them 5 million yuan, this time in the gem listing to bring us 300 times times the return." "This is to say that initial investment, 2009 also added investment."

Here he talked about the wisdom of the Earth, he enumerated a succession of science and technology, secondary Education Network, red Cedar information. The relay network provides online tutorials for more than 1 million of teachers. Zhu also introduced: Another key project is the Intelligent Energy City Network, it can be the cloud computing network, cloud computing applications, and finally the cloud needs a lot of energy problems to solve.

September "Ningbo Green Cloud computing Industry Base Project" signed, this project is one of Ningbo's 16 intelligent city cooperation projects. Project by Ningbo Telecom, Yinzhou District government, cybernaut investment Fund joint Construction, the first phase of planning 20,000 square meters, can accommodate the standard cabinet 2,500, put 40,000 servers.

Cybernaut investment companies also include the Great Wall film and television, as well as ABC logistics. The works of the Great Wall film and television include "The New Black Longshan", "Independent column" and so on. corresponding to the rapid development of the network business, in December 2007, ABC Logistics began to fully shift to the market segment cod (collecting money) field. The provision includes collecting money, warehousing, packaging, simple processing, and even financial support services.

One of the characteristics of Zhejiang economy is "massive economy", that is, each region has its own industrial cluster. Behind the cluster is the leading enterprises and local industrial planning.

February 2012, senior partner Xuanyu in the "China Business newspaper (micro-blog)" Interview, introduced the "three-dimensional interactive mode" concept, namely the industrial Operation platform, Project Incubation Park, financial services system composed of three interactive mode.

Operating platform is the core enterprise, for example, from the perspective of Cybernaut, concentrating technology settled in Wuxi IoT Industrial Park, and industrial park corresponding to the Wuxi Internet industry Fund.

Traditionally, the industrial park is a place to draw a site, and then through the CMC, combined with preferential measures to attract investment. In the new financing environment, projects, funds, technical products and business models are imported from PE, if there is no industrial platform, or core enterprises, it can also be introduced from the field.

Similarly, the final listing can only be a small number of enterprises, but through the industrial chain upstream and downstream construction, and the core enterprise financing opportunities, can be restructured and integrated to achieve value.

Xuanyu points out that PE can now be combined from the infrastructure and planning stages to help local construction of the park. There are a lot of new ideas, such as the blurring of the lines in the early stages, and the investment in the industrial chain rather than the broad vision.

In Zhejiang Province, Cybernaut has established a fund in cooperation with Hangzhou, Ningbo, Shaoxing and Quzhou. Chen in the "Zhejiang Investment and Financial" interview, introduced, from 2011 onwards, the fund to implement the Regional Fund cooperation strategy, plans in the remaining 7 cities, to raise the establishment of regional funds.

July press release pointed out that the Redwood tree President Room members met with chairman Zhu, Sequoia Communication as the Cybernaut's information technology platform, will be included in the Cybernaut Intelligent City Strategic system, for the intelligent city to provide the overall solution and technology platform.

Cybernaut company website points out, combined with Cybernaut advanced IT technology, for investment enterprises to provide comprehensive financing, capital operation, management consulting and talent Introduction to "Create value" as the core of a series of services.

Back to May 21, 2007, Zhu and his lover Xu Yuqing donated 10 million dollars to his alma mater, Zhejiang University.

Zhu talked about love, "she married me is not my beautiful," (of course, this is no doubt, the audience is smiling) "but because I have a dream." The reporter noticed that the meeting became quiet, and Xu Yuqing's tears welled up.


As the rice wine of Jiangsu and Zhejiang, long brew is alcohol, we notice, Sanmo Zhu accumulated experience, understanding of life, as a kind of accumulation is in his career show out. Importantly, this kind of presentation seems to have just begun.

As a generation, whenever entrepreneurs and venture capitalists, don't be busy with the handover, learning is very important.

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