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HKIC, Gobi Partners and HKU team up for fund backing university research start-ups
Gobi-HKU Fund I makes first bets at launch, investing in robotics and AI drug design spin-offs born from university research breakthroughs
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Hong Kong Investment Corporation (HKIC), the government’s investment arm, has teamed up with venture capital firm Gobi Partners and the University of Hong Kong (HKU) to launch a fund on Tuesday to invest in technology start-ups spun off from the university’s research breakthroughs, according to an HKIC statement.
Gobi-HKU Fund I made two investments at its launch: Manifold Tech, which develops spatial intelligence for robotics, and AilsynBio, which focuses on artificial intelligence-driven drug design and recovery.
“The launch of Gobi-HKU Fund I, along with its swift and substantive deployment of capital, demonstrates the HKIC’s steadfast determination to foster synergy among the core sectors of innovation and technology – namely investment, industry, academia, research and government,” said HKIC CEO Clara Chan Ka-chai.
Chan told the South China Morning Post that the fund used a milestone approach, meaning it would invest a small amount in individual projects initially. When projects met predefined targets such as commercialisation, HKIC and partners could quickly top up from the pool of capital earmarked in the fund.
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