Haiyin Capital, NCET2 form Sino-US VC fund
China's Haiyin Capital and the US-based National Council of Entrepreneurial Tech Transfer (NCET2) have jointly launched a VC fund to provide capital to start-ups formed at American universities.
Washington-based NCET2 was founded by Tony Stanco, who was previously an attorney with the US Securities & Exchange Commission. It organizes demo day events every six months for start-ups incubated at US universities.
Under the agreement, the new vehicle - the American-Chinese University Growth Fund - will syndicate capital from China to invest at least $1 billion into these start-ups over the next 10 years. NCET2 said it will work closely with US government agencies in order to protect US strategic technologies and ensure that the deals are mainly for financial returns.
Beijing-headquartered Haiyin was founded by Yuquan Wang, founder of Chinese healthcare communication services company Consultech. It claims to have invested in more than a dozen high-tech companies in the US, mostly university spin-offs. They include medical devices manufacturers Wicab, Cerevast and MC10, robotics companies Soft Robotics and Hanson Robotics, and energy specialists WiTricity and 1366 Tech.
"As a private investment fund getting money from institutional investors and private business sectors in China, Haiyin Capital believes that our investments in US high-tech startups by partnering with NCET2 will bring consistently high returns to our investors, and should at the same time help the US start-ups become successful,” Wang said.
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