InnoSpring, dubbed Silicon Valley’s first US-China technology incubator launched to encourage American and Chinese start-ups to expand beyond their borders, has launched a new seed fund in partnership with a host of venture capital heavyweights.
Founded this year, InnoSpring is a joint project between Tsinghua University Science Park, Shui On Group, Northern Light Venture Capital and Silicon Valley Bank.
The new incubator in Santa Clara, California has space for more than 40 start-ups, which will have access to capital, mentors and a slew of services such as accountants and paralegals.
The project was founded in partnership with Kleiner Perkins, GSR Ventures, China Broadband Capital, Northern Light Venture Capital, and the TEEC Angel Fund, which have agreed to pick 15 start-ups in 2012 to each receive $25,000 in seed funding.
A handful of chosen companies could also be in line for up to $250,000 of extra funding from TEEC. The companies will each receive a six-month accelerator programme as part of the package.
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