Beyond backs Hong Kong electric motor company
Hong Kong-based Beyond Ventures has joined a $10 million round for ePropulsion Innovation, a domestic technology developer focused on electric motors for recreational boating.
Brizan Investments, an entity associated with Ping Ko, a former dean at the engineering school at Hong Kong University of Science & Technology (HKUST), also participated. The capital will be used to establish the company as a global brand with an emphasis on broader applications of electric propulsion technology, including environmental science.
"Visuals and data captured by our newly-launched underwater drone will transform the world's understanding of our oceans, while delivering insights into issues such as fish populations, acidification and climate change – matters that will affect every single person on the planet,” Danny Tao, CEO at ePropulsion, said in a statement.
Founded in 2012 by a team of then-postgraduate students at HKUST, ePropulsion markets a range of clean and quiet electric on-board boating motors and underwater propeller systems. Additional products include ancillary equipment such as lithium battery changers, communication cables, and skegs. The current customer base spans Hong Kong, Taiwan, the US, and several European countries.
Beyond was established last year by technology-focused VC firm eGarden Ventures and a group of local serial entrepreneurs. It operates in partnership with China-based Hony Capital but maintains a strong investment focus on the Hong Kong start-up ecosystem. Recent activity includes a $9 million investment in Insight Robotics alongside Brizan.
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