Hong Kong X Technology Fund has backed six HK-based emerging technology companies as part of an accelerator programme. This coincides with the launch of its second X-LAB, a co-working space for technology companies, in Jordan on 12 August 2017. This will see several of the investee companies move into X-LAB, sponsored by publicly-listed Sino Group, one of Hong Kong’s property majors. The X-LAB will provide more working space for young entrepreneurs in Hong Kong.
Other startups that have been backed include NanoBioImaging, which is aiming to develop and commercialize advanced bio-imaging techniques in both research and clinical areas; PreciVax, a biotech startup developing vaccines for antimicrobial resistance (AMR); Seasonalife, an insurance-tech startup which provides a one-stop, web-based solution to quote, compare and illustrate insurance products across multiple insurers; and Hong Kong X Technology Fund is part of the Hong Kong X-Tech Startup Platform, jointly founded by Neil Shen, Founding and Managing Partner of Sequoia Capital China along with Prof. Zexiang Li of the Hong Kong University of Science and Technology and Prof. Guanhua Chen of the University of Hong Kong. The six investee companies selected to participate in the Hong Kong X accelerator programme originate from a diverse array of sectors, ranging from biotechnology to information technology and medical technology.
Some of these firms are: BacMuno, a pharma biotech company developing bacteria-based cancer immunotherapies for humans and animals; Efinix, an innovator in the programmable logic industry with EfinixTM Programmable Accelerator (EPA) technology; and eTopus, which develops ultra-high speed interfaces powering data centres designed for high performance computing, big data and AI applications; and SmartSens, a supplier of state-of-the-art CMOS imaging systems that has global R&D teams in Silicon Valley, Hong Kong and Shanghai. Also Read: Foxconn unit FIT Hon Teng jumps in Hong Kong debut Chinese Internet majors compete to dominate ASEAN tech ecosystem While each investee company is at a different stage of development, all have managed to establish strong local R&D capabilities and substantial operations, and have grown to the point where they could attract institutional funding. The platform aims to promote an entrepreneurial culture and to accelerate the pace of technological innovation in Hong Kong, providing seamless support via financial funding, mentoring support and community building.
Shen, who serves as the chairman of Hong Kong X and is the founding and Managing Partner of Sequoia Capital China, said, “This is our first round of investments into early stage companies in Hong Kong. We see tremendous growth opportunities for these high-tech start-ups which have been nurtured by local academia, overseas returnees and governmental incubation programs like Hong Kong Science and Technology Parks and Cyberport.” Hong Kong X mentors come from a variety of professional backgrounds, from “Super Professors” at local universities to entrepreneurs and venture capitalists. Investees will benefit from Hong Kong X mentors in the fields of robotics, artificial intelligence, big data, pharma, medical services, electronics and fintech.
Read more at: https://www.dealstreetasia.com/stories/hong-kong-x-technology-fund-backs-six-startups-expands-to-jordan-80231/