US-based acelerator Innospring, which is backed by a consortium of financial institutions including China-based property company Shui On Group, is raising a $5m second fund, according to the Wall Street Journal.
Innospring, which titles itself as Silicon Valley’s first US-China accelerator partnership, is also backed by Tsinghua University Science Park, venture firms Northern Light Venture, GSR Ventures , China Broadband Capital and Kleiner Perkins Caufield & Byers, debt and equity provider Silicon Valley Bank, and TEEC Angel Fund.
The incubator raised $1.5m for its InnoSpring Seed Fund I in 2012, which was invested across 19 companies. It recently appointed a new chief executive, Xiao Wang.