China has Silicon Valley and New York very much in its sights when it comes to becoming the world’s leading location for startup activity.
In the summer, Chinese AI startup, Malong Technologies, shone on the international stage when it collected gold at the ‘Olympics of Startups’ in Berlin, part of the G20 Young Entrepreneurs’ Alliance event.
While a private bank, opened earlier this year in Zhongguancun, a tech hub situated in a district of Beijing, is providing major financial support to science and technology startups. Beijing was listed in fourth place internationally, in the 2017 Global Startup Ecosystem Report (GSER) from Startup Genome and GEN.
Now Shanghai, eighth in the GSER, is strengthening its local ecosystem with the launch of a new investment fund, which has attracted national and international backers. China Oriental International is one of those funding the platform, which aims to establish an investment pot of over 750 million dollars. It is targeted at startups and early growth companies working in areas including new energy, advanced manufacturing, biomedicine and technology.