Taiwan-based venture capital firm Hive Ventures has reached a $13.5m final close of its debut fund with commitments from corporates Mitac-Synnex Group, Unitech Electronics and GMI Technology, DealStreetAsia reported yesterday.
Diversified conglomerate Mitac-Synnex Group, automation technology provider Unitech Electronics and electronic components distributor GMI Technology contributed to the fund through unnamed investment subsidiaries, while Taiwan’s National Development Fund is also a limited partner.
Hive Ventures has a particular interest in artificial intelligence technology developers but is also looking at the big data, internet-of-things and software-as-a-service sectors.
Fund I is expected to back about 20 early-stage startups, primarily located in Taiwan. It will initially invest between $100,000 and $500,000 per deal and has the capacity to provide up to $1m for follow-on investments.
The firm is already considering the launch of a sophomore vehicle, which would have a bigger focus on investment in the Southeast Asia region, in 2022, co-founder and managing partner Yan Lee told DealStreetAsia, though the details are yet to be finalised.