Hive Ventures has successfully closed $13.5 million in its inaugural seed fund to boost the adoption of AI innovations across Taiwan and Asia.
Hive Ventures, the global venture capital firm committed to accelerating technological advancements from Taiwan to the world, has successfully closed $13.5 million in its inaugural seed fund to boost the adoption of artificial intelligence (AI) innovations across Taiwan and Asia.
The fund’s prominent investors include the National Development Fund (NDF) of Taiwan, the investment arms of MITAC-SYNNEX Group, Unitech Electronics, and GMI Technology, as well as family offices of semiconductor businesses and technopreneurs from Taiwan, Southeast Asia, Europe and the US. Other notable investors include: Wufu Chen (Silicon Valley investor and Founding Partner of Acorn Campus Ventures) and Hong Lu (Co-Founder of UTStarcom and Founding Chairman of Softbank China Venture Capital).
Hive Ventures will utilize the fund to invest in nearly 20 early-stage AI and data startups and incubate them through partnerships with leading Taiwanese semiconductor, high tech manufacturing groups and enterprises. These efforts are aimed at developing real-world, enterprise-focused AI innovations and applications across Asia—especially for emerging sectors like smart manufacturing and smart enterprises, which stand to benefit the most with AI adoption.
“The strong participation in our inaugural fund attests to our firm’s and the LPs’ commitment to build a world-class AI innovation ecosystem in Taiwan. Through it, we aim to help realise the innate potential of Taiwanese solutions, which will be crucial in ushering a new age of technological innovation in Taiwan—which will then be used as a platform to drive through more innovation in the region beyond,” said Yan Lee, Founding Partner, Hive Ventures.
As highlighted in Hive Ventures’ recent State of Taiwan Enterprise AI 2021 report, while AI/ Software-As-A-Service (SAAS) adoption started from more revenue generating functions such as sales and marketing, AI adoption is expected to grow aggressively and include other functions including logistics, warehouse automation. Supported by this increased recognition of the value of AI, Hive Ventures will further enable and assist founders and their startups to scale into the global market, with a focus on Southeast Asia and Japan, through the venture capital firm’s global expertise and networks.
One of the fund’s key participants, the NDF was established by Taiwan’s National Development Council to boost value-added industrial innovation, and further drive economic transformation and national development. The NDF’s latest investment into Hive Ventures continues the collaborations by both organizations in supporting Taiwanese technological and entrepreneurial talent.
Previously, Hive Ventures has invested alongside NDF’s Business Angel Investment Program—which helps fund startups based in Taiwan or with strong links to Taiwan—for its portfolio companies such as enterprise data virtualization provider Canner, social data company PicSee, as well as technology, online coding and AI learning platform ALPHA Camp.
Early investments by Hive Ventures besides Canner, PicSee and ALPHA Camp include beverage automation solution provider Botrista, Lifestyle-as-A-Service firm ROEHL, digital design software company Phase, enterprise networking platform Avesha, machine learning platform company InfuseAI, and ProfetAI that offers an Automated Machine Learning (AutoML) platform.