Taiwan's National Development Fund targets tech investments
Taiwan’s National Development Fund has committed NT$1.15 billion ($38 million) to local polysilicon maker Powertec Energy Corporation and a biomedical-focused fund owned by China Development Industrial Bank (CDIB).
According to a statement, Powertec will receive NT$700 million in government funding. The investment aims to increase local manufacturers' ability to produce polysilicon and reduce its reliance on importing materials from overseas.
Powertec was founded in 2010 and produces silicon crystals for solar and semiconductor companies.
Meanwhile, the National Development Fund committed NT$450 million CDIB Biotech Venture Capital Fund, taking a 30% stake. The fund, which is looking to raise NT$1.5 billion, is managed by China Venture Management, a wholly-owned subsidiary of CDIB.
It will invest in traditional Chinese medicine (TCM), medical devices and medical services. Over one third of the fund will support early-stage companies, the statement said.
Set up in 1985, China Venture Management provides consulting services to the venture capital and technology industries in Taiwan. It manages around NT$7.13 billion across three funds.
The Taiwan government has pledged to support the domestic VC industry. Kuan Chung-Ming, minister of Taiwan's National Development Council, told Bloomberg last week that his agency would launch a $400 million fund to invest in start-ups focusing on technologies for smart phones and tablets.
The fund will match capital raised from outside venture capital investors, with an aim of attracting foreign VCs to Taiwan.
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