High Light Technology In The Eyes Of Investors

Liu Meilin

From the early investors of Gaodeng to the B round of investment in 2019, CDH investment has almost witnessed the whole process of hi tech development.

The original intention of Gaodeng is to solve the long-standing invoice problem through a wechat small program that can be used as it goes. Based on this idea, Gaodeng technology was established by Tencent in May 2017. Since then, CDH investment has participated in round a and B financing of Gaodeng technology in 2018 and 2019 respectively.

As one of the first batch of high light technology investors, Wang Mingyu, senior partner of CDH investment innovation and growth fund, shared his investment logic and views on finance and taxation technology industry to 21st century economic reporter.

Feeding back to B end with C terminal

"At the time of initial investment, we mainly focused on the data attribute of e-invoice, and the service ability of Gaodeng technology as a lever to leverage Tencent users to quickly gather and transfer to provide e-invoice services." Wang Mingyu said frankly.

The reason why CDH investment continued to increase the high light technology also saw the continuous iteration ability of the high light team in the past three years. In just three years, Gaodeng technology has evolved from the earliest collection and transfer service based on electronic invoice to a transaction authentication platform covering etc, individual income tax declaration for free employment, and social e-commerce services. At the same time, the number of employees has grown from 35 to nearly 1000.

Why can Gaodeng technology maintain such rapid iteration ability? Wang Mingyu believes that Gaodeng technology started from the demand of C terminal, and gradually entered the to B industry scene through different products and services. This is one of the core differences that distinguish it from traditional players.

"We have seen a lot of to B service enterprises. One of the biggest characteristics is that their development will be relatively slow. The reason is that they need to deeply plough in the industry, develop users little by little, and serve from one point to another." In Wang Mingyu's opinion, although enterprise services are usually within the enterprise, there are still some services like finance and taxation. In addition to data as the bottom layer, reimbursement and vat are highly related to C-end.

In other words, Gaodeng technology has the unique advantages of C-end, and knows how to leverage the C-end user dividend of wechat to feed back its service ability at b-end, so it has faster product iteration ability. In Wang Mingyu's eyes, this is the unique moat advantage of Gaodeng technology in the industry, and also the key to escape from traditional players.

Digital industry accelerates finance and taxation

From the perspective of the industry, finance and taxation technology also ushered in the first year of 2020.

On the one hand, in the past decade, China's Internet has developed very fast, and now it has basically built a large-scale cloud foundation. "Enterprises in the cloud, from it to digital, many leading enterprises have formed a very good foundation in the field of digital transformation and upgrading." Wang Mingyu said.

On the other hand, the new epidemic in 2020 will accelerate the development of online economy, and many industries are transforming to remote and cloud services, which is another macro change.

The finance and taxation industry itself is gradually becoming more and more scientific and technological. Wang Mingyu pointed out that China's C-terminal digitization is ahead of time, and all walks of life, including the finance and taxation industry, are making digital changes. "The support of e-invoice and e-file provided by the tax bureau, as well as the whole tax bureau, are providing remote services and online development. We can see that the digitization of Finance and taxation is accelerating. In the past two or three years, the third phase of the golden tax has been basically completed, and now the fourth phase is on the way. "

It is worth mentioning that foreign experience also shows that the typical trend of the development of the finance and taxation industry is from finance to taxation, and then to the integration of finance, taxation and industry. In this sense, China will usher in the first year of fiscal and Taxation Science and technology in 2020.

Based on the huge number of users and the vertical industry scene of deep ploughing into finance and taxation technology in the past three years, Gaodeng technology started from electronic invoice to solve the problems of etc electronic invoice, car owner service in the later stage of etc issuance, tax declaration and flexible employment matching service of free employment platform, and then involved in enterprise travel related reimbursement services. Up to now, Gaodeng has served more than 100000 enterprise users, collected more than 1 billion e-invoices, collected more than 4 million e-invoices a day, and the scale of transaction authentication was nearly 80 billion yuan.

Gaodeng technology has also attracted more capital to catch up with its brilliant report card. In October 2019, the company completed more than RMB 1 billion round B financing, which is the largest single financing in the finance and taxation industry.