Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.

Hong Kong Government Fund Partners with Beijing Biotech Startup in $8 Billion Deal

Discover how Hong Kong's $8 billion government fund teams up with Biomap to boost tech innovation and attract global investments
June 25, 2024

The Hong Kong Investment Corporation (HKIC), managing HK$62 billion (US$8 billion) in assets, has forged a significant partnership with Biomap, a biotechnology firm co-founded by Robin Li Yanhong, founder of Baidu. This move marks HKIC's second public initiative as Hong Kong intensifies efforts to bolster its technology sector.

Under this collaboration, Biomap will establish BioMap InnoHub, an accelerator aimed at nurturing more than 50 early-stage R&D projects in cutting-edge life sciences. Priority will be given to projects recommended by Hong Kong's universities and ecosystem partners, signaling a strategic push towards fostering innovation within the city.

HKIC's involvement extends beyond mere investment; it will also lead Biomap's current financing round, thereby setting the stage for other investors. At a recent signing ceremony, HKIC CEO Clara Chan Ka-chai highlighted the fund's role in defining the terms of this round.

Hong Kong's Financial Secretary Paul Chan Mo-po emphasized the city's strong foundation in AI and life sciences, stressing the importance of advancing bio computing to secure a leading position in global innovation.

Biomap, established in 2020 by leaders from Baidu, specializes in providing AI models for accelerating drug discovery for pharmaceutical and healthcare sectors globally. CEO Wei Liu expressed confidence in Hong Kong's capabilities, citing its robust data and intellectual property protections as decisive factors in choosing the city for expansion.

The partnership with Biomap follows HKIC's earlier collaboration with SmartMore, underscoring Hong Kong's appeal as a preferred base for tech innovation and potential IPOs. Paul Chan affirmed Hong Kong's commitment to supporting companies like Biomap in leveraging the city's financial platforms for growth.

Looking ahead, Biomap plans to prioritize Hong Kong for its future IPO, aligning with the city's ambitions outlined in its I&T development blueprint, which targets health technology alongside data science, advanced manufacturing, and new energy.

More about:  | |

Last related articles

Defense AI Startup Helsing Raises $487M, Plans Baltic Expansion

Helsing, a pioneering Defense AI startup, has secured a monumental €450 million ($487 million) in its Series C funding

Exein Raises $15M to Safeguard Robotic Arms

Exein, a Rome-based startup specializing in IoT cybersecurity, has secured €15 million in a Series B funding round

Humane Execs Launch AI Fact-Checking Startup

Humane is marked by significant transitions as two key executives depart to embark on their entrepreneurial venture

Identity.vc Boosts Europe's LGBTQ+ Venture Landscape

Identity.vc, a Berlin-based venture firm founded by Til Klein & Jochen Beutgen, is pioneering LGBTQ+ entrepreneurs

Vonovia and Founders Factory Join Forces to Propel Affordable, Climate-Neutral Housing Tech

Vonovia and Founders Factory partner to launch a venture studio, accelerating tech innovations for affordable, climate-neutral housing

Norwegian Contech Startup Leasi Secures €1.1 Million Pre-Seed Funding to Revolutionize Machine Management

Norwegian contech startup Leasi secures €1.1 million in pre-seed funding to revolutionize construction machine management

SmartHR Raises $140M in Series E Round as HR Tech Demand Surges

SmartHR secures $140M in Series E funding to expand its cloud-based HR management solutions amidst rising global demand

Xurya Raises $55M to Accelerate Indonesia’s Solar Energy Transformation

Xurya secures $55M to advance solar energy adoption in Indonesia, driving a sustainable future with innovative rooftop solar rentals
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram