Hong Kong University of Science and Technology launches spinout fund –

Hong Kong University of Science and Technology (HKUST) has launched a fund to again spinouts from the college and assist them increase in worldwide markets.

The Gobi-Redbird Innovation Fund has been shaped in partnership with the federal government-owned Hong Kong Investment Corporation Limited and enterprise capital agency Gobi Partners, which is able to assist portfolio firms to increase their attain within the 16 Asian markets wherein it operates.

The fund, the dimensions of which was undisclosed, will goal startups in 4 areas: biotechnology, business 4.0, monetary expertise, and synthetic intelligence and robotics. The fund’s announcement made observe of a pipeline of promising HKUST startups together with automated lawnmower producer Lymow and fabless semiconductor designer Atom Semiconductor.

The newest fund is the successor to the prevailing Redbird Innovation Fund, shaped in April last year with HK$500m ($64m), which backs HKUST spinouts from seed to collection B stage.

HKUST, the third largest college in Hing Kong, has spun out 1,900 startups, together with 10 unicorns and had 17 exits by way of both inventory market listings or mergers and acquisitions.

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