HKUST Launches Redbird Innovation Fund, Partners for HK$2 Billion Venture Investment to Support Start-ups
The Hong Kong University of Science and Technology (HKUST) today announced the launch of HKUST Redbird Innovation Fund (RIF), a HK$500 million initiative to create multiple Venture Investment Fund (VIFs) worth HK$2 billion in collaboration with investment partners, to support HKUST start-ups.
HKUST committed HK$200 million as the first tranche of RIF and is now inviting investment managers to match and co-establish multiple venture investment funds (VIFs) in support of the HKUST start-up ecosystem, covering companies from the early stage to the scaling phase in key deep tech domains such as artificial intelligence, semiconductors and robotics, new materials, energy and sustainability, biomedical and healthcare.
One of the RIF’s core objectives is to support start-ups established by HKUST staff, students and alumni, and companies that commercialize HKUST intellectual properties or are incubated by HKUST. It will play a pivotal role in strengthening the University’s status as a nurturing ground for the most innovative, advanced and creative enterprises worldwide. A management board comprising HKUST members will be set up to devise investment strategies and the fund’s application criteria with selected fund managers.
HKUST has continuously demonstrated strong leadership in innovation and entrepreneurship development, ranking No. 1 in China under the patent influence metric of the Nature Index in 2022, and No. 2 in China for deep tech unicorns incubation capability by New Fortune in 2022. Nearly one third of HKUST’s patents were utilized by third parties as of early 2024, a very high proportion in line with that of top global research institutions.
Officiating guests at the RIF launch ceremony today include HKUST Treasurer and Council member Mr. Stephen YIU Kin-Wah, Council members Ms. Edith SHIH, HKUST Vice-President for Research and Development Prof. Tim CHENG, HKUST Associate Vice-President for Research and Development (Knowledge Transfer) Dr. KIM Shin-Cheul and other HKUST senior leadership and management.
“We wish to work with capable partners to create multiple investment funds of multi-billion dollar pools by leveraging the Redbird Innovation Fund,” said Mr. Stephen Yiu in his welcome remarks. “This initiative perfectly aligns with the strategic focus outlined in HKUST’s Vision Plan 3.0, aiming to foster strategic collaboration with universities and businesses in the Greater Bay Area, supporting Hong Kong’s integration into the overall national development and expanding connections with regional and global enterprises.
Prof. Tim Cheng added, “We recognize that the commercialization and industrialization of scientific achievements are key drivers of economic progress. That is precisely why we are launching the Redbird Innovation Fund today – a dedicated initiative that aims at catalyzing innovation, empowering entrepreneurs, and accelerating breakthrough solutions.”
HKUST offers a wide range of strategically designed funding programs to start-ups of different development stages. For example, the University established the Entrepreneurship Fund (E-Fund) in 2019, currently managing HK$100 million for seed to early-stage start-ups. As of April 2024, E-Fund has invested in 19 portfolio companies, which have attracted over HK$400 million in subsequent rounds and have a total aggregate valuation of over HK$2 billion.