A company producing "Super Bamboo" is one of 49 local start-ups that received HK$1 million in investment funding from the HK Tech 300 Angel Fund, an entrepreneurship program set up by the City University of Hong Kong.
Super Bamboo is lightweight but three times stronger than naturally growing bamboo.
The founders - mechanical engineering undergrad Andy Ong, PhD student James Utama Surjadi, visiting assistant professor Fan Rong and materials science and engineering professor Lu Yang - of the eponymous firm said Super Bamboo has advanced benefits has higher dimensional stability, better water resistance and is flame-retardant.
It emits less pollution and can be used in fields like car making and aerospace, as well as in furniture and house construction, Ong said.
The start-up aims to collaborate with a local bamboo products firm to commercialize Super Bamboo, and wants to establish a factory in the mainland to target markets in Hong Kong, the United States and Europe.
The plan is to use the HK$1 million funding to upgrade laboratory facilities and recruit research and design talents.
Two other start-ups - ITsci and Alpha AI Technology - were also granted funds.
ITsci has combined artificial intelligence and digital medical imaging technology so veterinarians can analyze cancer cells in animals at the early diagnosis stage, while Alpha AI is attempting to revolutionize the car insurance claims process by enabling drivers to inspect the damage to their vehicles by using a mobile application.
Sunny Lee Wai-kwong, CityU vice-president (administration) and managing director of CityU Enterprises, said the start-ups understand market needs and their products make social contributions.
HK Tech 300 was launched last year, and yesterday announced the first batch of local start-ups that will receive investment funding.
A total of 49 start-ups specializing in bio and health technology, deep technology, information technology, AI, financial technology and other areas will receive up to HK$1 million each.
