Seattle-based Ignition Partners is working with Duane Kuang, former Director of Intel Capital China, and Gary Rieschel, founder and former Managing Director of Mobius Venture Capital, to form a new investment firm in China called Qiming.
Together with Ignition, Qiming plans to invest US$200 million in early to expansion stage companies in high growth technology sectors servicing the large domestic market in China as well as the robust export sector.
While striving to be the investor of choice for entrepreneurs, Qiming will also work closely with other leading venture capital firms in China to deliver the investor value that young Chinese companies require.
Investors in the fund include current Ignition limited partners and will also include a select set of additional institutional investors.
"We were very impressed with the integrated team and approach that Qiming brings to this market," said Dan Feder, Managing Director at PRINCO, the investment arm of Princeton University, which is an investor in both Ignition and Qiming. "We are long term investors in China and we think that Qiming/Ignition's combination of operating leadership, local knowledge and real skin in the game are truly distinctive."
