The Redbird Innovation Fund will fund spinouts emerging from the Hong Kong university.
The Hong Kong University of Science and Technology (HKUST) is inviting investment managers to co-establish venture investment funds with the launch of a HK$500m ($64m) venture initiative.
The university has committed HK$200m as the first tranche of its Redbird Innovation Fund, which will support spinouts coming out of its university research. It is seeking to collaborate with investment partners to create multiple venture investment funds worth HK$2bn.
The new fund will support startups launched by the university’s staff, students and alumni. Hong Kong University of Science and Technology supports early-stage and growth-stage startups in areas such as AI, semiconductors and robotics.
The new fund “will play a pivotal role in strengthening the university’s status as a nurturing ground for the most innovative, advanced and creative enterprises worldwide,” according to a press release.
In 2019, the university created a so-called Entrepreneurship Fund, which manages HK$100m for seed and early-stage startups. This fund has 19 portfolio companies.
