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Li Ka-shing leads funding round for Hong Kong fintech startup

Monday, January 6, 2020


(Nikkei Asian Review by Narayanan Soma Sungaram) - Tycoon Li Ka-shing the former chairman of CK Hutchison Holdings, has led a new funding round for MioTech, a Hong Kong-based startup that uses artificial intelligence to generate data for investors.

Li's investment company, Horizons Ventures, led MioTech's previous $7 million funding round in 2017.

It was joined this time by a publicly listed media company, said Jason Tu, co-founder and chief executive of MioTech. He declined to identify this investor. The new funding totals a multiple of the first round, but the company did not disclose the figure.

The Hong Kong magnate was an early backer of Facebook and Spotify through Horizons. The company's current investments include plant-based-meat maker Impossible Foods and The Boring Company, Elon Musk's infrastructure venture.

Tu said he expects MioTech to begin turning a net profit on a monthly basis later this year and to achieve a full year in the black in 2021.

 

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