InnoSpring, the Shanghai, China-based holding company of InnoSpring Silicon Valley, a Santa Clara, CA-based technology incubator platform focused on US-China startups, closed $10m in strategic investment.
Wanxiang Group, a Chinese automotive components manufacturer and a financial services enterprise, made the investment.
The capital infusion will enable InnoSpring to improve its industrialization and financial services capabilities, to further expand its portfolio of startups, and to increase services to entrepreneurs.
Led by Wanfeng Liu, Chairman and CEO, InnoSpring is an innovation service provider for startups with global influence owned and operated by Shanghai Chuangyuan (InnoSpring) Tech Development Inc. It provides office space, innovative services and investment management. It currently has science parks and incubators in Shanghai, Silicon Valley, San Francisco, Nantong, and Kunshan.
Led by Dr. Xiao Wang, Genernal Manager, InnoSpring (SV) is a joint project between InnoSpring Holding (Shanghai), Tsinghua University Science Park (TusPark), Shui On Group (Shui On), Northern Light Venture Capital (NLVC) and Silicon Valley Bank (SVB). It has invested in startups that are worth $500 million in valuations, including technology mentoring platform HackHands, which was acquired by Pluralsight, and 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 with 200 million users worldwide.