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LinkedIn’s China rival Maimai raises $200M ahead of planned US IPO

Editor’s note: This post originally appeared on TechNode , an editorial partner of TechCrunch based in China. Maimai , China’s biggest rival to LinkedIn, has revealed today that it received a $200 million D Series investment back in April in what the company claims to be the largest investment in the professional networking market. That’s surprising but correct: LinkedIn went public in 2011 and was bought by Microsoft for $26 million in 2016 , but it raised just over $150 million from investors as a private company. Global venture capital DST led the round for Maimai which include participation from existing investors of IDG, Morningside Venture Capital, and DCM. The new capital takes Maimai to $300 million raised from investors, according to Crunchbase .  Caixin reports that the valuation of the company is more than $1 billion which would see the firm enter the global unicorn club. Beyond the fundraising, the firm said it plans to invest RMB 1 billion (around $150 million) over the next three years in a career planning program that it launched in partnership with over 1,000 companies. Those partners include global top-500 firm Cisco and Chinese companies such as Fashion Group and Focus Media. This investment could be the last time Maimai taps the private market for cash. That’s because the company is gearing up for a U.S. IPO and overseas expansion in the second half of 2019, according to the company founder and CEO Lin Fan. Launched in the fall of 2013, Maimai aims particularly at business people as a platform to connect professional workers and offer employment opportunities. The service now claims over 50 million users. As a Chinese counterpart of LinkedIn, Maimai has competed head-on with Chinese arm of the U.S

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WordPress updates its policy to prohibit "malicious publication" of images of minors, following backlash over failure to remove Sandy Hook…

Sarah Perez / TechCrunch : WordPress updates its policy to prohibit “malicious publication” of images of minors, following backlash over failure to remove Sandy Hook conspiracies   —  WordPress has taken down a handful alt-right blogs, according to several complaints from affected blog owners and readers …

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DHS says 36 of 50 US states have installed third-party hardware to let the federal government monitor voting systems ahead of the midterms to prevent…

Christopher Bing / Reuters : DHS says 36 of 50 US states have installed third-party hardware to let the federal government monitor voting systems ahead of the midterms to prevent hacking   —  WASHINGTON (Reuters) - A majority of U.S. states has adopted technology that allows the federal government to see inside state …

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Web Summit founder Paddy Cosgrave withdraws invitation to French far right politician Marine Le Pen after having defended it in a Medium post (David…

David Gorman / The Irish Times : Web Summit founder Paddy Cosgrave withdraws invitation to French far right politician Marine Le Pen after having defended it in a Medium post   —  Web Summit founder rows back on Le Pen invitation ‘based on advice’  —  Updated:  —  Web Summit founder Paddy Cosgrave has rescinded an invitation …

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Autonomous vehicle startup Nuro and Kroger begin testing a grocery delivery service in Scottsdale, Arizona, starting today (Megan Rose…

Megan Rose Dickey / TechCrunch : Autonomous vehicle startup Nuro and Kroger begin testing a grocery delivery service in Scottsdale, Arizona, starting today   —  Self-driving car startup Nuro is ready to put autonomous vehicles on the road in partnership with Kroger to deliver groceries in Scottsdale, Arizona.

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Unnamed Melbourne-based 16-year-old pleads guilty to repeatedly breaching Apple’s systems and downloading 90GB of sensitive files (Erin Pearson/The…

Erin Pearson / The Age : Unnamed Melbourne-based 16-year-old pleads guilty to repeatedly breaching Apple's systems and downloading 90GB of sensitive files   —  A Melbourne private schoolboy who repeatedly broke into Apple's secure computer systems is facing criminal charges after the technology giant called in the FBI.

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Current and former US officials say CIA’s communication system used for sources in China was compromised, leading to China executing ~30 US spies from…

Zach Dorfman / Foreign Policy : Current and former US officials say CIA's communication system used for sources in China was compromised, leading to China executing ~30 US spies from 2010-2012   —  The number of informants executed in the debacle is higher than initially thought.  —  It was considered one of the CIA's worst failures …

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Sources: President Trump has reversed classified Obama-era rules governing use of cyberweapons in an effort to loosen restrictions on such operations…

Dustin Volz / Wall Street Journal : Sources: President Trump has reversed classified Obama-era rules governing use of cyberweapons in an effort to loosen restrictions on such operations   —  It isn't clear what rules the president is adopting to replace the existing ones  —  President Trump has reversed an Obama-era memorandum governing …

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Two people, in their free time, have reported ~2,000 fake Facebook accounts posing as US military and are concerned about the company’s tools to catch…

Craig Silverman / BuzzFeed : Two people, in their free time, have reported ~2,000 fake Facebook accounts posing as US military and are concerned about the company's tools to catch others   —  “We know we have more work to do,” Facebook said in a statement to BuzzFeed News.  —  Kathy Kostrub-Waters and Bryan Denny estimate they've spent …

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A look at the Atlantic Council’s Digital Forensics Research Lab and its partnership with Facebook as it works to spot the origins of online…

Issie Lapowsky / Wired : A look at the Atlantic Council's Digital Forensics Research Lab and its partnership with Facebook as it works to spot the origins of online disinformation   —  IN LATE JULY, a group of high-ranking Facebook executives organized an emergency conference call with reporters across the country.

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Sources: Amazon is in talks to acquire Landmark Theatres, the indie-focused chain that operates 50+ theaters in the US, backed by Mark Cuban and Todd…

Bloomberg : Sources: Amazon is in talks to acquire Landmark Theatres, the indie-focused chain that operates 50+ theaters in the US, backed by Mark Cuban and Todd Wagner   —  - Move would mark latest incursion into brick-and-mortar world  — The indie-focused chain operates more than 50 theaters

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Facebook says it proactively identified 52% of hate speech in Myanmar it removed in Q2 2018 using AI, up from 13% in Q4 2017 (Sara Su/Facebook)

Sara Su / Facebook : Facebook says it proactively identified 52% of hate speech in Myanmar it removed in Q2 2018 using AI, up from 13% in Q4 2017   —  We have a responsibility to fight abuse on Facebook.  This is especially true in countries like Myanmar where many people are using the internet …

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