InnoSpring Launches Seed Fund

InnoSpring, a Silicon Valley US-China technology startup incubator, has launched welcoming its first 12 technology startup companies to its new 13,500-square-feet facilities in Santa Clara, CA.

Created by a partnership between Tsinghua University Science Park (TusPark), Shui On Group (Shui On), Northern Light Venture Capital (NLVC) and Silicon Valley Bank (SVB), InnoSpring focuses on supporting American and Chinese startups to expand beyond their home countries.

Led by president Eugene Zhang, the incubator provides:
– Office space that can accommodate up to 40 startups;
– Startup capital, as well as access to venture capitalists and angel investors
– Mentoring from executives and entrepreneurs
– Business plan and funding advice
– Entrepreneurial workshops, team building and recruiting assistance
– In-house resources like bookkeeping/accounting and paralegal services
– Referrals to professional services for U.S. and Chinese startups interested in cross-border development
– Access to Chinese public agencies to facilitate US startups’ China expansion.

First incubatees represent a broad range of sectors, including hardware, software, clean technology and the life sciences.
These include:
– Accusilicon, a semiconductor company
– Dewmobile, mobile-to-mobile communication company
– Hillion Tech, an interactive video technology company
– Hillstone Networks, network security solution
– Mugeda, a HTML5 animation platform
– Narvelous, a social game company
– Peaya, software for the second brain
– QuestBid, a virtual assistant and online bid system
– SecuredInside, a software (SaaS) security company
– Sunube, a clean technology company focused on greening data centers
– Trusper, a stealth social network company
– Weaver Mobile, PhotoBox for Facebook

The incubator also launched InnoSpring Seed Fund, a fund designed to provide seed capital for select startups who have gained entry into its Seed Program, a 6-month boot camp for entrepreneurs who aim to complete their prototype, to build a complete core team and conduct initial customer feedback and validation.

It is funded by Kleiner Perkins Caufield Byers (KPCB), Northern Light Venture Capital (NLVC), GSR Ventures, China Broadband Capital (CBC Capital) and TEEC Angel Fund. As an anchor partner of InnoSpring, TEEC Angel Fund will also screen and evaluate the applications.
In the incubator’s first year, up to 15 startups will be selected to receive $25k each upon admission into InnoSpring’s Seed Program. Select startups will also have the opportunity to receive an additional influx of up to $250k in capital from TEEC Angel Fund, bringing the maximum initial investment amount up to $275k.



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