The fund is targetting global startups working in the areas of IoT, robotics, AR/VR technologies, and many more
Silicon Valley-based venture capital firm Fenox Venture Capital (Fenox VC), together with Wistron Corporation, today launched a new US$20 million fund to work with tech startups from “around the world.”
Wistron claimed to be one of the world’s largest original design manufacturer (ODM) companies. Based in Taipei with offices in Asia, North America, and Europe, it develops tech solutions in the field of areas of green recycling, cloud, and display vertical integration. The company is listed in Taiwan Stock Exchange with reported revenue of US$18.8 billion in 2015.
Wistron will serve as a partner that can meet global startups’ need for a reliable and experienced design, manufacturing, and post-sales partner in Asia. It can also help startups expand in Asia through its network, while also ensuring the fulfillment of their intellectual property (IP) rights.
Through the new fund, the company aims to fulfill its goal of collaborating with “world-class IT startups” and giving them access to the greater Asian market.
“Finding the right global partner was a key step in our search for cutting-edge technologies that would enhance the experience of our customers,” said Simon Lin, Chairman of Wistron Corporation, in a press statement.
“Fenox VC is an excellent partner to assist Wistron in our global outreach due to their innate understanding of the Asian business culture and unbridled access to North America, Europe, and broader Asian market,” he added.
The new fund will be directed towards startups working in the field of IoT, robotics, AR/VR technologies, and others that require hardware-software collaboration with reliable manufacturing. It will look into both early and late stage investments.
In an e-mail to e27, Fenox VC General Partner and CEO Anis Uzzaman explained the characteristics of the startups they are looking to invest in.
“We will look for startups who are not only expecting capital, but also looking for a technology partner like Wistron who can help them with reliable manufacturing and business expansion around the world. Overall, the target startup has to have great product and technology that have great synergy with the Wistron’s product line and technology,” he wrote.
Uzzaman also stated that they are going to be “flexible” with the total amount they are going to invest in 2017, and that each startup will receive “between a few hundred dollars to a few million dollars” depending on the round.
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