InnoSpring (IS), a Silicon Valley US-China technology incubator platform, raised $5m for its second fund.
New limited partners included Legend Capital, IDG Capital Partners, Softbank China Capital, Legend Star Fund by Legend Holdings, The Chinese Software Developer Network (CSDN), as well senior executives from China internet giant Tencent. Fund I investors included Kleiner Perkins Caufield Byers (KPCB) US and China funds, Northern Light Venture Capital (NLVC), GSR Ventures, China Broadband Capital and TEEC Angel Fund.
InnoSpring Seed Fund II (ISF II) will focus on mobile first consumer technology, enterprise software, FinTech and HealthTech startups.
Founded in 2012 by Dr. Xiao Wang, chief executive officer, InnoSpring has invested in mobile security firm TrustGo, which was acquired by search giant Baidu; law analytics platform Lex Machina and Dew Mobile, which built Zapya, a file-transfer platform.
The firm, a joint project between Tsinghua University Science Park (TusPark), Shui On Group (Shui On), Northern Light Venture Capital (NLVC) and Silicon Valley Bank (SVB), has also expanded its presence from its Santa Clara facility to include a San Francisco office.