WEDZ is a hotspot for science and technology innovation. [Photo/WeChat account: whkfq]
Wuhan Economic & Technological Development Zone (WEDZ) has launched its first Science and Technology Innovation Investment Fund, valued at 1 billion yuan ($137.60 million). This strategic initiative aims to establish a comprehensive financial support system to drive industrial transformation through technological innovation.
According to a local official, the fund will advance the WEDZ Industrial Innovation Corridor and create a leading zone for industry and technology integration in central China. The official highlighted that the fund will concentrate on the zone's modern industrial framework, particularly early-stage, small-scale, and difficult technology investments.
The primary focus will be on strategic emerging industries, including new energy and intelligent connected vehicles, hydrogen energy, new materials, integrated circuits, the low-altitude economy, and biotechnology.
The fund will also prioritize projects under the "WEDZ Talent" initiative and support the commercialization of technological advancements from academicians and universities, fostering an innovation ecosystem with unique WEDZ characteristics.
Authorities have committed to investing at least 60 percent of the fund's total allocation in seed-stage startups and talent-driven projects.
The fund will serve as a catalyst, attracting social capital towards promising sci-tech projects and enterprises. This will help cultivate a diversified investment landscape, enhance resource allocation efficiency, and broaden investment channels.
WEDZ has already established a comprehensive investment system with "angel, venture capital, industry, special, and parent funds", supporting over 160 projects. This initiative has nurtured 16 unicorn companies and nine listed enterprises.
By 2024, the zone had hosted over 2,000 high-tech enterprises, marking a fourfold increase over three years and achieving significant milestones in new energy, intelligent driving, and semiconductor materials.
