The 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 community building.
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 HKSTP and Cyberport. We are more confident than ever in the entrepreneurial spirit of Hong Kong.”
“Through the connection with professors from top universities, Hong Kong X is a unique platform designed to fully tap the entrepreneurialism (sic) 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 startups.”
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:
- BacMuno, a pharmaceutical biotechnology company developing bacteria-based cancer immuno-therapies for humans and animals through the use of unique Salmonella based technology.
- Efinix, an innovator in the programmable logic industry with Efinix 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;
- PreciVax, a biotech startup dedicated to developing innovative vaccines for antimicrobial resistance(AMR);
- 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;
Hong Kong X Technology Fund also announced the opening of its second X-LAB, a co-working space for technology companies, in Jordan (an area in the Yau Tsim Mong District). 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.