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Fundraising, Venture Capital

China’s Kuang-Chi Launches $250 Global Tech Fund

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China's Kuang-Chi Group invested in Australia's Martin Jetpack, a single-person flying system

Shenzhen-based Chinese technology firm Kuang-Chi Group announced today the launch of a US$250 million fund to invest in global technology companies with the aim of helping them to enter and expand in China, according to an announcement.

The Global Community of Innovation Fund II will invest in start-ups globally, especially those in Israel, in the smart city, Internet-of-Things (IoT), artificial intelligence, virtual reality and robotics sectors.

Kuang-Chi will then support the development of these start-ups in a China-based incubator it established to help them enter and expand in the Chinese market.

At the same time, the company announced the opening of its Israel-based international innovation headquarters that will support this effort.

“We were able to quickly deploy the US$50 million Global Community of Innovation Fund I in exceptional companies that operate in sectors we know well and we’d like to build on this momentum with Fund II.” said Liu Ruopeng, chairman of Kuang-Chi. “Working with our partner in Israel, we’ve identified a wealth of opportunities to expand our portfolio and give our joint investment team an expanded strategic and financial mandate.”

Dorian Barak, a veteran Israeli venture investor and now the global strategy officer of Kuang-Chi, stated that Global Community of Innovation fund’s investment is “creating unique opportunities for start-ups, particularly those from Israel.”

“China represents a natural market for Israeli firms developing technology in the areas of smart cities, computer vision, connected home, artificial intelligence, and robotics,” he said.

Global Community of Innovation Fund I was established in 2016 with US$50 million. It has invested in several Israeli companies, including computer vision pioneer eyeSight, voice analytics developer Beyond Verbal, and video intelligence and analytics provider AgentVi.

The vehicle also invested in Norwegian biometric authorization innovator Zwipe and Canadian aviation company SkyX.

Within six months of its investment, Kuang-Chi and eyeSight jointly built a local team in China to provide markets with the most advanced embedded computer vision solutions currently available.

Kuang-Chi also helped Beyond Verbal sign its first cooperation agreement in China with the Second Affiliated Hospital Zhejiang University School of Medicine in Hangzhou last month.

Kuang-Chi previously invested in the aviation sector with investments in Canada-based company SolarShip and Australia’s Martin Jetpack, a single-person flying system. The company also has a significant investment in Southeast Asia telecommunications provider Hyalroute.

Founded in 2010 by a five-person team, Kuang-Chi has invested and operates in the sectors including communications, metamaterials, and space technology.

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