AliCloud, a subsidiary of China-based e-commerce group Alibaba, and Taiwan-based manufacturing services provider Foxconn jointly launched an incubator on Wednesday called Taofu Chengzhen, Technode has reported.
Taofu Chengzhen, which has been trialled by the companies over the past six months, will invest in small, medium and micro-sized enterprises.
AliCloud, which operates as Alibaba’s cloud computing subsidiary, will provide participating companies with cloud computing and big data support, while Foxconn will advise them on design, patenting and supply chain management.
Jian Wang, Alibaba’s chief technology officer, said: “Taofu Chengzhen can be described as a platform for startup innovation. When you have an idea, you need large scale growth to bring product to market quickly, serve to consumers quickly. Ultimately, we aim to help reduce the startup’s cycle for innovation.”
Startups to have received funding through Taofu Chegnzhen include Moov, the US-based developer of a wearable fitness tracker, which raised $3m in an October 2014 seed round led by Banyan Capital Partners.