King Abdullah University of Science and Technology (KAUST), and Sinovation Ventures signed an MOU with the aim of technology venture building, and related consulting services..
Both parties highlighted that KAUST is the first university with whom Sinovation Ventures has signed an MoU, according to Saudi Gazette.
For the latest headlines, follow our Google News channel online or via the app.
Sinovation Ventures is a leading Chinese technology venture capital, started in 2009 by a team led by Dr. Kai-Fu Lee, with a presence in Beijing, Shanghai, Shenzhen, Nanjing, and Guangzhou.
Dr. Kai-Fu Lee is the Chairman and CEO of Sinovation Ventures and President of Sinovation Venture’s Artificial Intelligence Institute.
The organization currently manages more than $3 billion assets under management (AUM) between $10 billion and RMB funds in total, and over 400 portfolio companies across the technology spectrum in China.
KAUST President Tony Chan and Vice President of Innovation Kevin Cullen met with Sinovation CEO, Dr. Kai-Fu Lee, to formalize the agreement and discuss the dynamic opportunities to work together in areas including natural language processes technology for the Arabic language and venture-building possibilities.
Sinovation Ventures will meet with a number of KAUST start-ups in areas of interest, and a range of academics working in tech fields that Sinovation has identified as having commercial potential.
Chan said he was delighted to sign the MoU with Dr Kai-Fu Lee, whose career is legendary in computer science.
“Sinovation is one of the most successful venture capital companies in the world, with special expertise in AI-related startups in China,” Chan said. “As KAUST aims to expand its entrepreneurial activities and fulfil its mission and contribute to Vision 2030, this partnership with Sinovation will put us in a great position to achieve our goals.”
Sinovation Ventures CEO Dr. Kai-Fu Lee stated, “With this Memorandum of Understanding, we show our commitment to look for KAUST technologies and use our venture building expertise to perhaps look at the China market, and also later the Saudi market as a way to help the emerging product make an impact in both the China and Saudi markets.”
“We also have never made an MoU with any university, and it is our honor to do the first with KAUST. We look forward to a long and prosperous relationship and partnership with KAUST,” he added.
Sinovation Ventures mainly focuses on artificial intelligence and core technology, robotics and automation, chip/semiconductor, enterprise service software, healthcare tech, sustainability tech, and other fields, and on investing in early and middle-term high-growth stage high-tech technology enterprises.
New Saudi Aramco research center at KAUST to be ready in 2019The facility will allow Saudi Aramco to leverage its position within the R&D ecosystem to accelerate the implementation of the company’s Technology Strategy Technology
KAUST, SIDF to partner in upskilling Saudi industrial workforceKing Abdullah University of Science and Technology (KAUST) announced on Monday the signing of an Memorandum of Understanding (MoU) with the Saudi ... Economy
‘Work 3.0’: Workspace booking platform Hotdesk eyes Saudi Arabia expansionOn-demand workspace booking platform Hotdesk has announced its intention to expand into Saudi Arabia, following a year of growth in its services in ... Saudi Arabia
Saudi Arabia, Spain ink deal to build combat ships for Saudi NavySaudi Arabia’s Ministry of Defense has signed a memorandum of understanding (MOU) with Spanish company Navantia to build multi-mission combat ships ... Gulf
Saudi’s PIF-owned Badeel, ACWA Power to develop MENA’s largest solar energy plantThe Public Investment Fund (PIF)-owned Water and Electricity Holding Company (Badeel), and ACWA Power, signed on Wednesday power purchase agreements ... Energy