Hong Kong Biotech Deal: City’s Tech Hub Status Boosted as Fund Inks Deal with Start-Up

• Hong Kong Investment Corporation (HKIC) partners with biotech start-up Biomap to establish BioMap InnoHub accelerator for R&D projects
• HKIC to invest in Biomap and lead financing round, attracting interest from overseas investors
• Hong Kong aims to accelerate bio computing development to leverage AI and life science strengths
• Biomap, co-founded by Baidu’s Robin Li, specializes in AI models for pharmaceutical and healthcare industries
• Hong Kong government focuses on developing health technology and other industries in its I&T development blueprint

Hong Kong Biotech Deal: HKIC Partners with Biomap for Tech Innovation

In a significant move towards establishing Hong Kong as a tech hub, the Hong Kong Investment Corporation (HKIC) recently announced a strategic partnership with Biomap, a biotechnology start-up founded by Robin Li Yanhong, the visionary behind Chinese internet giant Baidu. This collaboration marks the HKIC’s second public initiative as the city endeavors to bolster its technology sector and foster innovation in cutting-edge industries.

Accelerating Tech Innovation: BioMap InnoHub

As part of the partnership, Biomap will establish an accelerator named BioMap InnoHub, aimed at supporting over 50 early-stage research and development projects in the field of life sciences. The focus will be on empowering projects recommended by universities and ecosystem partners in Hong Kong, showcasing the city’s commitment to nurturing local talent and fostering innovation within its borders.

At a recent signing ceremony, HKIC CEO Clara Chan Ka-chai highlighted the fund’s investment in Biomap and its leading role in the current financing round. This move underscores the government fund’s commitment to driving innovation and setting the stage for other investors to participate in the burgeoning biotech sector. While specific investment details were not disclosed, overseas institutional investors and companies have shown keen interest in Biomap’s new financing round.

Related Video

Published on: November 12, 2021 Description: [Paid Post: HKTDC] Many industries have struggled through the Covid-19 pandemic, but the global biotech sector is thriving, ...

What makes Hong Kong a key player in the biotech sector

Hong Kong’s Tech Ambitions: Embracing Bio Computing

Hong Kong’s Financial Secretary, Paul Chan Mo-po, emphasized the city’s strong foothold in artificial intelligence (AI) and life sciences, urging for a concerted effort to advance bio computing and secure a competitive edge in the global tech landscape. With a solid foundation in place, Hong Kong is poised to seize the first mover advantage and emerge as a key player in the burgeoning field of biotechnology.

Biomap, founded in 2020 by industry veterans Robin Li and Wei Liu, specializes in providing AI models to pharmaceutical and healthcare companies, expediting the discovery and development of life-saving drugs and innovative products. With a diverse clientele spanning across the US, Europe, mainland China, and Hong Kong, Biomap’s decision to set up base in Hong Kong was driven by the city’s exceptional talent pool in AI and life sciences, coupled with robust data and intellectual property protection mechanisms.

Driving Industry Growth: Hong Kong’s I&T Blueprint

The collaboration between HKIC and Biomap aligns with Hong Kong’s broader vision of transforming into an innovation and technology (I&T) hub, as outlined in the government’s industry blueprint. Health technology, along with data science, advanced manufacturing, and new energy, has been earmarked as a priority sector for development, underscoring the city’s commitment to fostering innovation and driving economic growth through strategic investments in cutting-edge industries.

With a comprehensive portfolio of funds, including the Co-Investment Fund, Hong Kong Growth Portfolio, Strategic Tech Fund, and Greater Bay Area Investment Fund, the HKIC is well-positioned to support emerging tech ventures and propel the city towards tech excellence. Led by a board of directors chaired by the Financial Secretary, the HKIC’s strategic investments and partnerships signal a new era of innovation and growth for Hong Kong’s burgeoning tech ecosystem.

The partnership between the HKIC and Biomap represents a pivotal moment in Hong Kong’s journey towards tech innovation and industry leadership. By leveraging the city’s strengths in AI, life sciences, and data protection, this collaboration sets the stage for transformative advancements in the biotech sector and underscores Hong Kong’s emergence as a key player in the global tech landscape.