Taiwanese electronics giant Asus has cooperated with Fenox Venture Capital in founding a USD50 million venture capital fund to promote emerging Silicon Valley start-ups that want to enter Asian markets.
Asus will focus on sectors like artificial intelligence, big data, AR/VR, Internet of Things, and enterprises that need integrated software and hardware.
Apart from providing guidance, the venture capital fund will also offer support in finance, manufacturing, and distribution channels to help start-ups with product localization and intellectual property protection.
Anis Uzzaman, chief executive officer of Fenox, said that Asus has invested from their balance sheet before, but they realized that they can take an aggressive steps in the venture capital area. This fund will enable Fenox to invest in start-ups that will benefit from collaboration with Asus, said Uzzaman.
Jonney Shih, chairman of Asus, said that Fenox is one of the best partners to assist Asus in their global outreach due to their innate understanding of the Asian business culture and unmatched access to North America, Europe, and the broader Asian market.