CityU awards 49 local start-ups up to HK$1million each under HK Tech 300 Angel Fund
HK Tech 300 was launched and announced the first batch of local start-ups that will receive investment funding
Bringing about positive changes in society through the transfer of new knowledge and technology
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The first batch of local start-ups to receive investment funding under the HK Tech 300 Angel Fund from City University of Hong Kong (CityU) has been announced on 26 April 2022. Altogether 49 start-ups specialising in bio and health technology, deep tech, information technology and artificial intelligence (AI), fintech and other areas have been selected to receive up to HK$1 million each. With funding worth over HK$46 million, CityU aims to enhance the business development of these start-ups and boost innovation technology in Hong Kong and beyond by encouraging practical applications of the University’s research and technology output.
In his opening remarks, Mr Lester Garson Huang, Chairman of the CityU Council, congratulated the start-ups on securing awards from the HK Tech 300 Angel Fund, and expressed his hope that their successful experience would inject new energy into the drive for innovation and technology in Hong Kong and beyond. “The investments are more than mere financial backing for these start-ups,” said Mr Huang, emphasising the fruitful achievements of the HK Tech 300 programme a year into its establishment. “They also signify CityU's determination to support young people in their quest for innovation and technology.”
President Way Kuo of CityU said that through its internationally acclaimed science and technology research projects, CityU had made a substantial contribution to the community. “CityU is committed to bringing about positive changes in society through the transfer of new knowledge and technology,” he said. President Kuo said he was proud of the students, researchers, alumni and other young people whose start-ups, with the backing of the HK Tech 300 programme, had advanced the application of technology developed by CityU in daily life. He said he hoped that the start-ups would achieve sustainable growth and become enterprises with unique strengths in the near future.
Professor Michael Yang Mengsu, Vice-President (Research and Technology), who chairs the HK Tech 300 Executive Committee, noted that for the fifth consecutive year, CityU had received the highest number of US utility patents among local universities plus 22 awards at the Inventions Geneva Evaluation Days 2022, the best achievement among local institutions for two years in a row. He said the HK Tech 300 programme would continue to translate CityU's research results and intellectual property into practical applications and provide support for young entrepreneurs at the beginning of their careers.
Mr Sunny Lee Wai-kwong, CityU Vice-President (Administration) and Managing Director of CityU Enterprises Limited, said the University had been cautious in its investment decisions. Each initiative must be approved by multiple panels, comprising representatives from CityU, investment professionals and experts from the start-up ecosystem, and only when the feasibility and the sustainability of the projects and their business models were deemed acceptable. The University has also developed a set of post-investment management measures for monitoring the performance of the start-ups that it has funded, and will offer guidance and support, as appropriate.
At the press conference, representatives from ITsci Company Limited, Super Bamboo Limited and Alpha AI Technology Limited shared their experience and future plans. These start-ups, which are supported by the HK Tech 300 Angel Fund, have utilised the University's patents in the areas of digital medical imaging technology, green material science, and artificial intelligence, respectively.
