Westlake University, a VC, just invested in a team of scientists.
This stems from a humble financing news - last week, Nuoyi Meier (Suzhou) Medical Technology Co., Ltd. (referred to as "Nuoyi Meier") announced the completion of a 100 million yuan A++ round of financing. This round of financing is led by WestLake University Industrial Investment Fund, followed by investment institutions such as huiding investment, Su Gaoxin Venture Capital, Yiling Capital, Junmao Capital, baofu investment and other investment institutions.
The Westlake University Industrial Investment Fund has a lot to offer. The fund was established in August 2020 as an industrial investment fund initiated by Westlake University, Xitou Group and Hangshi Group. Westlake University behind it is even more famous - drawing on the scale of the California Institute of Technology and the educational philosophy of Stanford University, pointing to the world's cutting-edge science and technology, and the president is the famous scientist Shi Yigong.
At present, the tide of transformation of scientific and technological achievements has swept through, and more and more universities have begun to join hands with the VC circle. Also in October, Shenzhen Angel Fund of Funds reached a cooperation with Southern University of Science and Technology, and the two sides actively helped the transformation of Shenzhen's scientific and technological achievements. The historical background behind this is that the investment community is increasingly welcoming the technocratics, and an era of scientists and technologists is on the rise. With this, university VCs began to appear on the stage of China's venture capital history.
Westlake University starts VC:
This year, 5 startups have been invested intensively
Noy-Meyer, who was favored by the Westlake University Industrial Investment Fund, was followed by a team of scientists and entrepreneurs.
Zhang Wencai, co-founder, chairman and general manager of Nuoyi Meier, once worked for Zhenghai Biologics, a leading company in regenerative medicine. After leaving his job, he embarked on a journey of entrepreneurship. In 2017, Zhang Wencai went to Beijing, Shenzhen, Hangzhou and other places to choose a number of sites, and finally decided to settle in Suzhou. In his view, Suzhou has a unique regional advantage, "after settling down, I also found that the industrial ecology here is even more unique." ”
At the beginning of his business, Zhang Wencai introduced a team of top scientists from the University of Freiburg in Germany, and let them stay in the company's R&D center for a long time to overcome technical barriers. Among them, Dr. Harald App, co-founder of Noymayer, is a full-time senior scientist of German nationality and has been selected for the "Seagull Project" in Suzhou.
Since 2017, Noi Meier has laid out more than ten product pipelines covering clinical departments such as stomatology, ophthalmology, otolaryngology, surgery, medical aesthetics, reproductive medicine, sports medicine, etc., and is one of the providers of comprehensive solutions with complete tracks and advanced technology in the field of tissue engineering in China. Not only that, the company has been shortlisted for the list of potential unicorns and unicorn cultivation enterprises at the national and provincial, municipal and district levels.
Speaking of this round of investment, Zhang Fan, general manager of Westlake University (Hangzhou) Equity Investment Co., Ltd., said that Westlake University, as the first new research university in China organized by social forces and supported by the state, is committed to making outstanding contributions in basic scientific research, original technological innovation, and transformation of scientific and technological achievements. Westlake University Industrial Investment Fund has always been concerned about scientific and technological innovation and the transformation of scientific research achievements, and Noymaier is a leading enterprise in the field of tissue engineering and regenerative medicine, with good innovation ability and industrialization experience in the management and technical team.
In fact, this is not the first time that the Westlake University Industrial Investment Fund has sold. In February this year, the fund invested in a company focused on mass spectrometry precision medicine, Haosi Biologics. It is worth noting that Li Lin, founder and CEO of Haosi Biotech, has a long relationship with Shi Yigong, president of Westlake University.
The relationship between the two began in 2015, when Academician Shi Yigong, then vice president of Tsinghua University, brought Li Lin, who was jointly trained by Cambridge University and Vienna Medical University, back to China. Later, she established a basic research platform for clinical neurobiology at Tsinghua University and established the "Lilin Laboratory" in Tsinghua Medical College. Until 2016, Li Lin led the team and founded Haosi Biology. As of August this year, the company has completed multiple rounds of financing, gathering a number of well-known investment institutions such as Zhen Fund, Huachuang Capital, Qiming Venture Capital, Westlake University Industrial Investment Fund and so on.
Also in February this year, the Westlake University Industrial Investment Fund added a new piece of foreign investment, which was founded by westlake Omex, a special researcher from the School of Life Sciences of Westlake University. Subsequently, the company quickly announced a seed round of financing of tens of millions of yuan, jointly led by Chende Capital and Gaorong Capital, and followed by Hillhouse Venture Capital.
In addition, the Westlake University Industrial Investment Fund also invested in gene therapy drug research and development companies New Shoot Gene and Westlake Vetai. Among them, Dr. Chang Xing, one of the founders of Sprout Gene, works at Westlake University, and Westlake Vetai is a school enterprise founded by Professor Shi Hongjun of the Cardiac Development and Regeneration Laboratory of the College of Life Sciences of Westlake University.
Unconsciously, the industrial fund backed by the university has invested a large territory.
Shi Yigong, 54, is at the helm
The university set up a $400 million investment fund
Westlake University Industrial Investment Fund, what is the origin?
This should start with the famous scientist Shi Yigong founding Westlake University. Born in 1967 in Zhengzhou, Henan Province, Shi Yigong has had a talent for learning since childhood. At the age of 17, he won the first prize of the National High School Mathematics League, and was directly escorted to Tsinghua University, becoming the first undergraduate student after the resumption of the Biology Department of Tsinghua University. After graduating as an undergraduate, he went to Hopkins University in the United States for further study and obtained a doctorate, and conducted postdoctoral research at memorial Sloan Kettering Cancer Center in the United States. In the ten years from 1998 to 2008, Shi Yigong completed his teaching career in the United States.
In 2008, Shi Yigong declined the invitation of Howard Hughes Medical Center in the United States and returned to teach at Tsinghua University. In April 2013, he became a foreign member of the American Academy of Sciences and was re-elected to the Chinese Academy of Sciences in December. Two years later, Shi Yigong became vice president of Tsinghua University. However, Shi Yigong has always had a wish in his heart: he can start a university that trains researchers.
Ten years after returning to China, Shi Yigong requested to resign as vice president of Tsinghua University and began to prepare for the establishment of Westlake University. After obtaining the approval of the state, Shi Yigong consulted with his friends and decided to set the school location in Hangzhou. On April 16, 2018, Shi Yigong was elected as the first president of Westlake University, the famous scientist Yang Zhenning was appointed as the honorary chairman of the council of Westlake University, and Professor Qian Yingyi was the chairman of the board of trustees.
What is less well known is that there are nearly 100 well-known entrepreneurs lurking behind Westlake University. As of the end of March 2018, the founding donors of Westlake University have been: Ma Huateng Foundation Co., Ltd., Wang Donghui, Wang Jianlin, Deng Yinghou Quping and his wife, Deng Feng, Wu Yajun, Shen Yuehua, Zhang Lei, Chen Yidan Foundation, Lin Gang, Shenzhen Sino-Italian Group Co., Ltd., Baixiang Food Group, Ni Liangzheng, Xu Yiming, Zhejiang Dunhe Charity Foundation, Huang Changhua, Cao Ting, Gong Hongjia, Ge Hang, Kerry Group Guo Foundation (Hong Kong) Co., Ltd., etc. In April this year, the ninth meeting of the first board of directors of Westlake University was held in Hangzhou, and the meeting voted and approved the proposals of Shen Nanpeng, Feng Hailiang and Wang Xiaoan to be added to the board of directors.
In terms of educational model and governance philosophy, Westlake University draws on the scale of caltech and stanford University's educational philosophy, positioning itself as a "small but refined, research-oriented" non-profit new type of higher education, focusing on science, life and health, cutting-edge technology and other directions to set up first-level disciplines. This means that since its establishment, Westlake University has carried the mission and investment genes of the transformation of scientific and technological achievements.
In 2019, In order to promote the transformation of scientific and technological achievements, Westlake University established the Office of Achievement Transformation and Westlake University Development Co., Ltd. At the beginning of the scientific research project, the Westlake University Achievement Transformation Office began to screen and track, so that whether it is exploring commercial value or looking for market positioning, the school is much earlier and faster than other FA institutions on the market.
In August 2020, Westlake University Development Co., Ltd. invested in the establishment of Westlake University (Hangzhou) Equity Investment Co., Ltd. In February this year, the 405 million West Lake University (Hangzhou) Industrial Investment Fund Partnership (Limited Partnership) was established, with LPs such as the platform of the Hangzhou State-owned Assets Supervision and Administration Commission and the funds of Hangzhou West Lake District.
"Professionals do professional things", this model of Westlake University is very clear: from the moment the idea is proposed, to the assistance of later commercialization and the entry of capital, every step has the role of the school as an agent and gatekeeper. In addition to concentrating on scientific research, scientists do not need to focus their extra energy on how to set up a company.
Nowadays, the fund under Westlake University has begun to operate formally, escorting the transformation of scientists' subsequent scientific and technological achievements. In the near future, we may see more and more scientists with good projects out of the lab and onto the IPO bell ringing stage.
The tide of transformation of scientific and technological achievements has come
The university has joined hands with VCs to create a new army in the venture capital circle
Westlake University's investment attempts are not unique. With the original intention of transforming scientific and technological achievements, more and more universities have begun to join hands with the VC circle.
As early as 2018, relying on the Shenzhen University Science and Technology Innovation and Entrepreneurship Fund of Shenzhen University, it was established, which is the first equity investment fund with a university background in Shenzhen. At the beginning of its establishment, Shenzhen University Science and Technology Fund introduced four listed companies as strategic investors in the industry, and at the same time combined with the rapid development advantages of Shenzhen University and Longgang District, it pioneered the innovative model of "university + government + listed company + alumni enterprise" to support the development of alumni and other social enterprises through market-oriented means. By the end of 2020, the total management scale of the fund exceeded 300 million yuan, and the investment scale was about 100 million yuan.
Coincidentally, the Southern University of Science and Technology in Shenzhen has also stepped into the venture capital circle. Also in 2018, Shenzhen Investment Control Nanke Angel Venture Capital Partnership (Limited Partnership) (hereinafter referred to as: Shenzhen Investment Control Nanke Archangel Fund) was officially established. According to the data, the fund is an important platform for the cooperation between Shenzhen Investment Control and Southern University of Science and Technology. The fund, with a scale of 130 million yuan, will rely on the scientific research capabilities of southern university of science and technology to promote the industrialization of scientific and technological achievements in shenzhen's basic research.
In October this year, Shenzhen Angel Fund of Funds and Southern University of Science and Technology joined hands to cooperate, the two sides will carry out more in-depth exchanges and cooperation around the establishment of funds, space co-construction, expert sharing, practical training and employment, exchanges and cooperation, etc., promote the deep integration of the innovation chain and the industrial chain, actively help the transformation of Shenzhen's scientific and technological achievements, and continuously improve the innovation ecological chain of Shenzhen's whole process.
From South China to East China, such pioneering attempts continue to emerge. In September this year, the first domestic hard science and technology innovation fund jointly initiated by provinces, municipalities and universities was officially established in Hangzhou, Zhejiang. The fund will bring together the scientific and technological resources of Zhejiang Province, Hangzhou City and Zhejiang University, focus on the "high-tech, hard technology, black technology" industry, and lay out the "card neck" technology project.
This hard science and technology science and technology innovation fund is jointly managed by Jiuzhi Capital, Zhejiang University Youchuang and Hangshi Group, and jointly funded and established by Zhejiang Financial Holdings, Hangshi Group, Zhejiang University Holdings and Jiuzhi Capital, focusing on investing in major innovative projects and innovative enterprises that have obvious driving effects on China's economic and social development.
Among them, key projects include the core immersion system project of the domestic immersion lithography machine that ranks first in the "card neck" technology and ensures the breakthrough of China's "core"; the only domestic aircraft digital assembly project that breaks the international monopoly and has been applied to key models in China; the industrial software project that breaks through the international blockade and leads the innovative design of heavy equipment (spacecraft, nuclear industry, etc.) of major countries.
Why are universities so actively and deeply involved in venture capital? The reason behind this seems to be understandable. The transformation of scientific and technological achievements in colleges and universities has always been a pain point in the academic and industrial circles, and scientists hold cutting-edge scientific research results, but they do not know how to marketize them, and finally let the scientific research results shelve. In order to allow more original technologies to land, universities and VCs are a kind of innovative exploration.
At present, whether it is a startup or an investment institution, technology has become an important barrier. Looking back at China's venture capital history, perhaps there has never been such a thirst for "technology-based" investors and venture capital institutions as it is now. Just as the VC circles this year are talking about hard technology, an era of scientists and technicians is on the rise.