49 local start-ups awarded up to HK$1million each from the CityU HK Tech 300 Angel Fund
The first batch of local start-ups to receive investment funding under the HK Tech 300 Angel Fund from City University of Hong Kong (CityU) was announced on 26 April 2022. Altogether 49 start-ups specialising in biotech and health technology, deep tech, information and communications technology, artificial intelligence (AI), fintech and other areas were selected to receive angel funding of up to HK$1 million each. With funding worth over HK$46 million, CityU aims to enhance the business development of these start-ups and boost innovation technology in Hong Kong and beyond by encouraging practical applications of the University’s research and technology output.
In his opening remarks, Mr Lester Garson Huang, Chairman of the CityU Council, congratulated the start-ups on securing awards from the HK Tech 300 Angel Fund, and expressed his hope that their successful experience would inject new energy into the drive for innovation and technology in Hong Kong and beyond. “The investments are more than mere financial backing for these start-ups,” said Mr Huang, emphasising the fruitful achievements of the HK Tech 300 programme a year into its establishment. “They also signify CityU's determination to support young people in their quest for innovation and technology.”
Excellent achievements in 1st year of HK Tech 300 programme
President Way Kuo of CityU said that through its internationally acclaimed science and technology research projects, CityU had made a substantial contribution to the community. “CityU is committed to bringing about positive changes in society through the transfer of new knowledge and technology,” he said. President Kuo said he was proud of the students, researchers, alumni and other young people whose start-ups, with the backing of the HK Tech 300 programme, had advanced the application of technology developed by CityU in daily life. He said he hoped that the start-ups would achieve sustainable growth and become enterprises with unique strengths in the near future.
Professor Michael Yang Mengsu, Vice-President (Research and Technology), who chairs the HK Tech 300 Executive Committee, noted that for the fifth consecutive year, CityU had received the highest number of US utility patents among local universities, along with 22 awards at the Inventions Geneva Evaluation Days 2022, which was the best achievement among local institutions for two years in a row. He said the HK Tech 300 programme would continue to translate CityU's research results and intellectual property into practical applications and provide support for young entrepreneurs at the beginning of their careers.
Professor Yang described HK Tech 300 as “energising” Hong Kong’s start-up ecosystem over the past year. “We organised six cohorts of entrepreneurship training courses, with over 1,000 participants. So far, 302 start-up teams have been awarded the HK Tech 300 Seed Fund of HK$100,000 each; and 192 of them were also selected by the IDEATION programme of the Hong Kong Science and Technology Parks,” he said. “Today we are very pleased to announce that 49 start-up companies have received HK Tech 300 Angel Fund investment of up to HK$1 million, including start-ups established by the general public that use CityU technology,” he added.
He said that HK Tech 300 is planning to organise a national innovation and entrepreneurship competition in mainland China in the second half of 2022, so that innovation and technology projects with potential from mainland China and Hong Kong can be put into practice and become commercialised. CityU alumni, researchers students and the general public utilising CityU technology and intellectual property are all welcomed to apply for the competition.
Cautious investment and risk management for start-ups
Mr Sunny Lee Wai-kwong, CityU Vice-President (Administration) and Managing Director of CityU Enterprises Limited, said the University had been cautious in its investment decisions. The decision to invest in the 49 start-ups was approved by multiple panels, comprising representatives from CityU, investment professionals and experts from the start-up ecosystem, only when the feasibility and the sustainability of the projects and their business models were deemed acceptable.
The other selection criteria included targeted market size and growth, the innovation and technology content of the business, the experience and capability of the team, and the potential social and community impact of the company’s business.
Mr Lee pointed out that the University has also developed a set of post-investment management measures for monitoring the performance of the start-ups that it has funded, for example, requiring the start-ups to submit development and financial reports, and CityU will offer guidance and support, as appropriate.
CityU start-ups share project plans
At the press conference, representatives from ITsci Company Limited, Super Bamboo Limited and Alpha AI Technology Limited shared their experience and future plans. These start-ups, which are supported by the HK Tech 300 Angel Fund, have utilised the University's patents in the areas of digital medical imaging technology, green material science, and artificial intelligence, respectively.
AI medical imaging technology for rapidly identifying animal tumour cells – ITsci Company Limited
ITsci Company Limited is a technology start-up developing artificial intelligence (AI) pathology solutions. Miss Cherry Chan, one of the founders, introduced their product which combines artificial intelligence and digital medical imaging technology developed by CityU researchers to help veterinarians rapidly identify tumour cells in pets.
“ITsci’s AIstain technology generates virtual immunostaining results faster than the traditional antibody immunostain technology currently used in the market, which helps veterinarians make a diagnosis. This will greatly shorten the waiting time for both the vet and the concerned pet owners. We expect the technology to be widely used in the market,” said Cherry, an alumna of CityU’s Department of Physics.
She pointed out that ITsci’s first AIstain product will be used in the CityU Veterinary Diagnostic Laboratory (VDL) for cat and dog lymphoma diagnosis. She said the Angel Fund will be used to purchase equipment and recruit talent to join their research team.
Bamboo that is stronger than steel and greener than wood – Super Bamboo Limited
Super Bamboo Limited, a green material science start-up, which designs advanced augmented bamboo materials with innovative engineering, also received HK Tech 300 Angel Fund investment.
The mission to reach net-zero carbon emissions by 2050 and tackle other environmental issues means that there will be strong demand for new, innovative high-performance materials that are cost-effective and eco-friendly. Mr Andy Ong, one of the founders of the start-up, introduced their award-winning main material, Super Bamboo™, which is three times stronger than normal bamboo. Its specific strength, i.e. the material’s strength divided by its density, is even stronger than that of industrial steel and titanium alloys.
“Compared to existing bamboo materials, Super Bamboo™ has superior dimensional stability, and it is both water-resistant and fire-retardant. Super Bamboo™ uses a breakthrough manufacturing method, which does not require glue, and does not emit formaldehyde or other toxic chemicals,” added Dr Fan Rong, another founder of Super Bamboo and Visiting Assistant Professor in the CityU’s Department of Mechanical Engineering.
Super Bamboo™ has great potential and can be used in applications such as furniture, construction, automobiles, and even the space industry in the future.
Apart from the funding support, Andy thanked HK Tech 300 for matching their team with a mentor, and helping them build a network with various experts in the bamboo material industry.
Revolutionising the car insurance claim process – Alpha AI Technology
One of the characteristics of HK Tech 300 is that in addition to CityU students and alumni, other members of the general public who utilise CityU IP or technology in their start-ups are welcomed to join. Alpha AI Technology is an example of this. By applying CityU technology, Alpha AI joined HK Tech 300, received the $100,000 Seed Fund, and has now been awarded the HK$1 million Angel Fund.
The company’s AI-driven mobile app enables drivers to have the damage to their cars after the accident accessed through an app, which makes the insurance claim process easy and efficient. “By assessing the photos uploaded by the drivers to our app, our computer vision application can locate damage, such as scratches or dents in each car body part, assess the degree of damage, and generate an inspection report with the repair cost estimate within a minute. Our system can also provide repair quotations from repair centres at different locations,”said Mr Desmond Ho, one of the founders of Alpha AI Technology Limited.
He added that the mobile app provides a private settlement agreement for drivers to “e-sign”, allowing car owners to settle traffic-related disputes quickly and easily. They utilised CityU’s blockchain technology to ensure data privacy. Desmond said they expected the app to be launched in May and that they are eyeing the Southeast Asia and mainland China markets.
Full list of 49 start-ups and details of HK Tech 300, please click here: https://www.cityu.edu.hk/hktech300/start-ups/angel-fund-start-ups