Spinouts from China-based Tsinghua University’s X-lab incubator are set to gain access to £30m ($40m) in funding from UK-based innovation platform Future Planet Capital (FPC), City AM reported on Wednesday.
Tsinghua’s X-Lab was formed in 2013 to promote creativity among students, faculty and entrepreneurs, and has so far supported 1,190 projects and spun off 480 businesses. FPC will target spinouts working in sectors such as education, health and security technology.
Founded in 2015, FPC aims to secure tie-ups with what it regards as top-tier university programs across Asia, Europe and the US. FPC backed the $756m third close for Oxford Science Innovation, University of Oxford’s venture fund, in December 2016.
FPC’s Tsinghua budget forms part of a partnership agreement signed during the UK-China Economic and Financial Dialogue conference last month, aimed at strengthening trade ties between the two countries.
Stephen Barclay, the UK’s economic secretary to the Treasury, said: “I am incredibly proud of what our two countries have achieved together so far, and I am excited to build on our growing partnership to build economies of the future.”
FPC’s portfolio investments include UK-based genomics developer Congenica, which closed an undisclosed amount of series B funding from investors including FPC, genomics developer BGI Genomics and healthcare firm Healthlink in May 2017.
FPC’s Tsinghua budget forms part of a partnership agreement signed during the UK-China Economic and Financial Dialogue conference aimed at strengthening trade ties between the two countries.
Stephen Barclay, Economic Secretary to the Treasury for the UK government, said: “I am incredibly proud of what our two countries have achieved together so far, and I am excited to build on our growing partnership to build economies of the future.”
