China-based incubator InnoSpring received a $10m investment from automotive parts manufacturer Wanxiang Group yesterday that will help it increase its portfolio with industrialisation and financial services technology startups.
Founded in 2012, InnoSpring operates an incubator aimed at mobile-first startups developing consumer, financial and healthcare technologies, as well as enterprise software.
InnoSpring, which is headquartered in China but oversees a Silicon Valley-based operation, particularly focuses on helping startups expand from the US into China and vice versa.
The incubator was set up by property development and construction group Shui On, Tsinghua University Science Park, venture capital firm Northern Light Venture Capital and venture finance provider Silicon Valley Bank.
InnoSpring closed its Seed Fund II at $5m in June this year following contributions from Legend Capital and Legend Star, two corporate venturing subsidiaries of conglomerate Legend Holdings.
SoftBank China Capital, the China-based corporate venturing division of telecommunications firm SoftBank, and IDG Capital Partners, a VC affiliate of media company IDG, also invested in the fund, as did Chinese Software Developer Network and several executives from internet company Tencent.
Xiao Wang, general manager of InnoSpring in Silicon Valley, said: “By collaborating with Wanxiang Group, InnoSpring will be able to greatly improve our capability to provide portfolio companies with technological expertise, development help, resources and opportunities that they need to scale rapidly.
“And with Wanxiang’s strength in the financial industry, our startups can look forward to leveraging expanded financial services throughout their zero-to-IPO lifecycles.”