Chinese accelerator programme COMB+ and the Beijing Institute of Collaborative Innovation (BICI) have launched a new €65 million fund to invest in artificial intelligence startups that are trying to enter the Chinese market.
The fund was announced today at the Slush conference in Helsinki at the Sino Track Goes Slush event. The fund will operate out of Helsinki and will invest in European startups but will also back young companies around the world.
“We are very happy to announce our new fund with the Beijing Institute of Collaborative Innovation as part of the Sino Track program,” said Leo Zhu, CEO of COMB+. “We see Helsinki, Beijing’s sister city, as the best place in the world to launch our fund.”
He added, “Our ambitions are global and we are today opening the Sino Track program to all exceptional technology and cultural startup aspiring to enter the Chinese market.”
The fund is part of the COMB+ Sino Track accelerator program. It has previously worked with 19 Nordic startups including Finland’s Flexound, an acoustic tech startup, which has since opened sales channels in China through a partnership with electronics retailer GOME.
“China is the number one country for Flexound,” said CEO Mervi Heinaro. “Besides the great market potential, we also appreciate the speed at which things get done. In our minds, China is the best place to go global.”