Hong Kong Ramps Up Innovation Push with Investment in AI Startup BioMap

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BioMap was founded in Silicon Valley in 2020 by Baidu chairman Li and former Baidu Ventures CEO Liu Wei

The Hong Kong Investment Corporation (HKIC), an HK$62 billion ($7.9 billion) investment fund, is increasing its bet on artificial intelligence by investing BioMap, a biotech startup backed by Baidu’s Robin Li.

HKIC, which is backed by the Hong Kong government, said it will lead the new funding round of BioMap, a startup that offers AI models for the life sciences industry.

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The Hong Kong Investment Corporation (HKIC) is leading a new funding round for BioMap, an AI-driven biotech startup backed by Baidu's Robin Li.
BioMap will establish a BioMap InnoHub in Hong Kong, supporting over 50 early-stage R&D projects in life sciences over the next five years.
HKIC, with a fund of HK$62 billion, focuses on investments in hard technology, life sciences, and new energy, and recently partnered with AI unicorn SmartMore.

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Who’s Who

BioMap: BioMap is a biotech startup founded in Silicon Valley in 2020 by Baidu chairman Robin Li and former Baidu Ventures CEO Liu Wei. It integrates AI with biotechnology and offers the xTrimo platform for pharmaceutical companies and research institutions. BioMap is one of 19 companies invited to expand in Hong Kong and plans to establish the BioMap InnoHub to support R&D projects, host bio-computing conferences, train local talent, and prioritize Hong Kong for an IPO.

Baidu: Baidu, a Chinese technology company, is involved in the AI and biotech sectors. BioMap, a biotech startup founded by Baidu's chairman Robin Li and former Baidu Ventures CEO Liu Wei, integrates AI with biotechnology and serves pharmaceutical companies and other entities.

SmartMore: SmartMore is a Hong Kong-based AI unicorn specializing in machine vision, deep learning, and large intelligent model technologies, particularly focusing on industrial AI. Earlier this month, it announced a strategic partnership with the Hong Kong Investment Corporation (HKIC), which involved an undisclosed amount of investment.

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What Happened When

2020：: BioMap was founded in Silicon Valley by Baidu chairman Robin Li and former Baidu Ventures CEO Liu Wei.

By 2022：: John Lee, Hong Kong’s Chief Executive, proposed the formation of the Hong Kong Investment Corporation (HKIC) in his policy address.

Earlier this month, June 2024：: HKIC announced its first strategic partnership with Hong Kong-based AI unicorn SmartMore.

Monday, June 24, 2024：: HKIC signed a strategic partnership with BioMap, committing the firm to establish a BioMap InnoHub in Hong Kong.

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