Asus launches $50m cross-border VC fund
Taiwan-based hardware giant Asus has launched a $50 million VC fund aimed at helping US start-ups expand in Asia.
Silicon Valley-based VC firm Fenox Venture Capital will manage the vehicle, according to a release. It will target start-ups in various technological sectors, including artificial intelligence, augmented reality (AR) and virtual reality (VR), the internet-of-things, big data, and cloud computing. Particular consideration will be given to technologies that rely on hardware and software integration and that can benefit from collaboration with Asus.
Asus will partner with investee companies to help with design, manufacturing, and expansion of their sales and services in Asia and other global markets. The company is one of the world’s top consumer laptop makers and also produces the Zenfone line of smartphones. In addition, it is developing AR and VR products along with IoT and robotics devices.
“Finding the right global partner was a key step in our search for cutting-edge technologies that will enhance the experience of our customers,” said Jonney Shih, chairman of Asus. “Fenox Venture Capital is one of the best partners to assist Asus in our global outreach due to their innate understanding of the Asian business culture and unmatched access to North America, Europe and the broader Asian market.”
Fenox’s partnership with Asus is similar to one established last year by the VC firm with Taiwanese hardware maker Wistron. Under that arrangement, Fenox will manage Wistron’s $20 million fund aimed at start-ups in hardware-reliant fields such as IoT, robotics, AR and VR, with the hardware maker providing manufacturing, design and prototyping know-how as well as Asian networking channels.
The firm claims to have backed more than 100 companies across the US, Asia, Europe and the Middle East in a wide range of technological sectors. Recent Asia deals include a $6.4 million funding round for Japanese global outsourcing service developer Monstar Lab and an $11 million Series A round for Thailand-based online fashion retailer Pomelo.
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