Sino-American accelerator InnoSpring, backed by Tsinghua, is aiming to raise $5m for its new fund.

InnoSpring, a Sino-American accelerator based in Silicon Valley, plans to raise $5m for its second fund. The accelerator is also making a personnel change, with Eugene Zhang stepping down from being part-time CEO, and Xiao Wang stepping up as full-time chief executive.

The accelerator previously raised $1.5m for its InnoSpring Seed Fund I, which has been spread across 19 portfolio companies. Talks with existing investors to support the second fund are ongoing. These investors include Kleiner Perkins Caufield & Byers, Northern Light, GSR Ventures, China Broadband Capital and the TEEC Angel Fund.

InnoSpring was founded in 2012 by Tsinghua University Science Park, Silicon Valley Bank, Shui On Group, a property developer and construction company, and Northern Light Venture Capital. It was inspired by Y Combinator and Andreessen Horowitz, and has grown to a network of some 80 mentors, to make sure startups can gain professional advice alongside an investment.

InnoSpring’s two biggest success to date are DewMobile, a mobile app developer which raised $20m in June 2014 from Northern Light and IDG Capital Partners, and Trustgo Mobile, which was acquired by Baidu in 2013 for $36m.

Xiao Wang, chief executive, said: “We have budgeted ourselves five years to learn the business model that works for us. It will not be identical to anything that exists, and it has to be evolving.”