Innovation Works, an incubator established by former Google China president Kai-Fu Lee, has seen its first project raise series A money from GSR Ventures, a China-based venture capital (VC) firm in partnership with US peer Mayfield.
FengLingChuangJing, which builds the internet smartphone operating system based on Android called Dianxin OS, known as Tapas or cookies, is the incubator’s first project to receive venture capital money. Dianxin OS has been pre-installed in the two Sharp products, SH8118U and SH8128U.
Innovation Works, established in September 2009, is an incubator and investment company with backing from VC firm WI Harper Group, Taiwan-based electronics maker Foxconn Technology Group, China-based computer group Legend, New Oriental Education & Technology Group and YouTube co-founder Steve Chen. Innovation Works has invested in 23 projects.
Lee previously told news provider China Business News that he expected about 10 projects to receive their first round of venture capital injections and spin-off into independent companies by the end of the year.
Separately, he told news provider Digitimes that Innovation Works would replicate its business model in Taiwan through establishing a joint venture, TMI-Labs, with US-based venture capital firm WI Harper and Taiwan government-sponsored Industrial Technology Research Institute (ITRI).