Innovation Works, the mainland start-up fund established by former Google Greater China president Lee Kai-fu, will soon add more investors and boost its venture capital for creating new Chinese high-technology companies.
Lee said Innovation Works, which has US$115 million in financing capital, was in talks with a number of potential strategic partners and investors who had approached the fund soon after it was introduced on September 7.
'We've received inquiries from fund of funds and investment companies on the mainland, in Hong Kong and Taiwan. We've also received inquiries from a major US technology company and a hi-tech luminary,' Lee said last week.
Innovation Works is funded by a select group of venture-capital firms and investors, including YouTube co-founder Steve Chen Shih, Taiwanese electronics contract manufacturer Foxconn Technology Group, mainland educational services provider New Oriental Education & Technology Group and Legend Holdings, the parent company of computer maker Lenovo Group.
WI Harper Group, which manages Greater China-focused funds, is the lead venture-capital investor for Innovation Works, which aims to develop early-stage mainland firms involved in mobile internet, e-commerce and so-called cloud computing technology projects.
Peter Liu, the founder and chairman of WI Harper, said: 'Every year, Innovation Works will spin off three to five companies.'
