Hong Kong X Technology Fund Invests in 6 Rising Hong Kong Technology Companiesby Fintech News Hong Kong August 29, 2017
Hong Kong X Technology Fund has announced its first investment into six rising Hong Kong-based technology companies as part of an accelerator program, along with the launch of its second X-LAB, a co-working space for technology companies, in Jordan. Several of the investee companies will move into X-LAB.
Sponsored by Sino Group, one of Hong Kong’s leading property companies in Hong Kong, the X-LAB will provide more working space for young entrepreneurs in Hong Kong. Mr Nicholas W. Yang, GBS, JP,Secretary for Innovation and Technology of the HKSAR attended the opening ceremony as the officiating guest.
Hong Kong X Technology Fund is part of the Hong Kong X-Tech Startup Platform, which was 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 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
Neil Shen, Chairman of Hong Kong X and 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. We are more confident than ever in the entrepreneurial spirit of Hong Kong.”
“Hong Kong X’s connections with professors from top universities make it a unique platform designed to fully tap the entrepreneurialism of Hong Kong’s younger generation. The performance of the six portfolio companies selected for the accelerator program is encouraging and proves the significant potential of Hong Kong-based technology start-ups.”
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.
The six investee companies selected to participate in the Hong Kong X accelerator program are:
Efinix, an innovator in the programmable logic industry with EfinixTM Programmable Accelerator (EPA) technology.
eTopus, a leader in ultra-high speed interfaces powering Next Gen Data Centers designed for high-performance computing, big data, and AI applications;
Seasonalife, an insurance-tech startup founded by a team of actuaries which provides a one-stop web-based solution to quote, compare and illustrate insurance products across multiple insurers for licensed advisors in Hong Kong.
SmartSens, a leading supplier of state-of-the-art CMOS imaging systems, that has global R&D teams in Silicon Valley, Hong Kong and Shanghai.
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 at which early-stage
investment is merited.
“This is a great start for both Hong Kong X and for our city more broadly,”
said Prof. Zexiang Li, co-founder of Hong Kong X.
“There were a number of draws to our investment in these companies. First, we were impressed by their very passionate teams, who demonstrate determination and commitment to improving lives and changing the world. Secondly, they are all technology-rich start-ups in-line with our platform focus.”
“Finally, we knew that our platform and our mentors’ expertise could add tailored value to each individual team, addressing the specific needs of each start-up teams and giving them the tools they need to compete in the open market. We are excited that these entrepreneurs are becoming new role models in Hong Kong, inspiring more young talent to go into technology.”
Prof. Guanhua Chen, Co-founder of Hong Kong X, also commented:
“Hong Kong is on the verge of becoming a technology innovation hub and we are extremely proud to be part of this effort. We are confident that Hong Kong X will bring real value to local entrepreneurs.”