Taiwan-based laptop and smartphone producer AsusTek Computer (Asus) formed a $50m fund in partnership with US-based venture capital firm Fenox Venture Capital yesterday.
The as-yet unnamed fund will invest in companies developing technologies in sectors hich rely on integration between software and hardware. such as the internet-of-things (IoT), big data, cloud, virtual and augmented reality.
Asus is particularly interested in portfolio companies that could benefit from strategic collaboration with it, with technology, design, manufacturing and post-sales partnerships in Asia all possibilities. The corporate is a relative newcomer to corporate venture investing.
Fenox’s investments include MindMeld, the artificial intelligence technology developer acquired by networking equipment maker Cisco for $125m in May 2017, and Japan-based app monetisation platform Metaps, which went public in 2015.
Jonney Shih, chairman of Asus, said: “Finding the right global partner was a key step in our search for cutting-edge technologies that will enhance the experience of our customers.
“Fenox Venture Capital is one of the best partners to assist Asus in our global outreach due to their innate understanding of the Asian business culture and unmatched access to North America, Europe and the broader Asian market.”