Intel Capital, the giant chip maker’s global investment company has announced it investing $67 million in eight Chinese startups that include 99cloud, Blubank, Hampoo, Ninebot, Nuovo Film, PraFly and AWcloud. Financial terms of the deal were not disclosed.
The investment marks as a celebration for its 30th anniversary in China. Arvind Sodhani, executive vice president of Intel and president of Intel Capital said, “Intel Capital plays a key role in Intel’s engagement and collaboration with local Chinese startups and entrepreneurs, and has helped usher in the development of leading edge technologies and products.” He also added, “These companies now have the opportunity to leverage Intel Capital’s business development programs, global network, technology expertise and brand capital to support their development and drive innovation across exciting next-generation technology categories.”
Intel has been functioning for 30 years in China and has four investment funds so far, focused on the Asia’s largest economy. On August this year, the company funded $60 million for a Chinese drone company Yuneec. Around a year ago, it bought a 20% stake in state-owned chipmaker Tsinghua Unigroup for $1.5 billion.
Ian Yang, corporate VP at Intel and President of Intel China said, “Our investments, new products and collaborations in China support the government’s national initiative to uplift its innovation economy and continue Intel’s long-term commitment to accelerating CTE development in China and driving global innovation and entrepreneurship.”
The eight newly funded tech startups focus on wide spectrum of the industry that includes IoT, robotics, cloud and data business and hardware manufacturing. Details of the startups are mentioned below:
99cloud – Based in Shanghai, this OpenStack company offers support for front-end, back-end and core framework optimization.
AWcloud – Beijing-based an enterprise cloud company with 30,000 OpenStack instances.
PraFly – Robotics company producing control systems for energy management, unmanned driving training.
Telelink – A semiconductor firm that produces low-power chips for Internet of Things (IoT) devices.
Bluebank – A digital manufacturing company that develops software and hardware with a specific focus on mobile devices in China.
Hampoo – A Shenzhen-based company that builds components for other companies to make smart internet-connected devices.
Ninebot – A company known for its short-distance personal transportation equipment like unicycles. It acquired Segway, its peer company last year.
Nuovo Film – Suzhou-based company, the makes silver nanowire film that can be used for smartphones, tablets, iOT manufacturing and wearable smart devices.