Eminent Venture Capital raises $34m cleantech fund
Eminent Venture Capital, an investment arm of TaiAn Technologies, has raised over NT$1 billion ($33.5 million) for its new biotechnology and green energy fund.
The fund is expected to close in late June and start operating as early as July, subject to regulatory approval, according to local media. China Steel Corporation (CSC) has invested NT$500 million, while National Development Fund and Taiwan Fertilizer have contributed NT$260million and NT$200 million, respectively. Oriental Union Chemical committed a further NT$60 million.
Eminent Venture Capital is managed by TaiAn Technologies, which was founded in 2002. Its shareholders include domestic conglomerates China Steel Corporation, Far Eastern Group, TECO Group, Taiwan Fertilizer, China Steel Chemicals and Mega International Commercial Bank.
In October 2004, TaiAn expanded into venture capital and subsequently launched its Eminent Life Science Technology Venture Capital Fund in May 2005, raising $30 million. The firm also manages a government tender side fund.
TaiAn's investments focus on pharmaceuticals, medical devices, diagnostic products and medical instruments.
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