The university has partnered with the Hong Kong government and VC firm Gobi Partners for Gobi-Redbird Innovation Fund to take spinouts international.
Hong Kong University of Science and Technology (HKUST) has launched a fund to back spinouts from the university and help them expand in international markets.
The Gobi-Redbird Innovation Fund has been formed in partnership with the government-owned Hong Kong Investment Corporation and venture capital firm Gobi Partners, which will help portfolio companies to expand their reach in the 16 Asian markets in which it operates.
The fund, the size of which was undisclosed, will target startups in four areas: biotechnology, industry 4.0, financial technology, and artificial intelligence and robotics. The fund’s announcement made note of a pipeline of promising HKUST startups including automated lawnmower producer Lymow and fabless semiconductor designer Atom Semiconductor.
The latest fund is the successor to the existing Redbird Innovation Fund, formed in April last year with HK$500m ($64m), which backs HKUST spinouts from seed to series B stage.
HKUST, the third largest university in Hong Kong, has spun out 1,900 startups, including 10 unicorns and had 17 exits through either stock market listings or mergers and acquisitions.
If you invest in university spinouts, we would love your input in GUV’s University Venture Funds survey.
Gain valuable insights into the performance of university-affiliated funds globally. Compare your fund’s structure and performance with your peers. Take the survey here.
