SOURCE: InnoSpring, Inc.

InnoSpring, Inc.

August 24, 2015 09:00 ET

InnoSpring Receives $10 Million Strategic Investment From China's Wanxiang Group Corporation

SANTA CLARA, CA--(Marketwired - Aug 24, 2015) - InnoSpring (Silicon Valley), Silicon Valley's first US-China technology incubator platform, announced today that its holding company InnoSpring (based in Shanghai, China) has closed $10 million in strategic investment from Wanxiang Group, China's largest automotive components manufacturer and one of China's largest financial services enterprises. Wanxiang's capital infusion will enable InnoSpring to bolster its industrialization and financial services capabilities, to further expand its portfolio of startups, and to increase services to entrepreneurs who are focused on leveraging US-China cross-border resources to develop products and technologies that could shape the way the world works in the next decade.

"InnoSpring's vision is to be the global launchpad for startups," said Wanfeng Liu, Chairman and CEO of InnoSpring. "We are honored to receive funding and to welcome as our strategic partner an industry giant with decades-long success spanning multiple industries, both in China and internationally. Wanxiang's investment in InnoSpring is a testament to their confidence in InnoSpring's platform, strategic plan and mission."

Wanxiang is one of China's top industrial corporations. In addition to auto parts manufacturing, Wanxiang's business covers financial, industrial and agricultural industries. Wanxiang America Corporation, based in Elgin, IL, has over 12,000 employees and has invested in companies including Suniva (the largest solar module manufacturer in US), Smith (the world's largest commercial electric vehicle supplier), A123 (Nasdaq-listed lithium batteries and energy storage systems company), and Fisker (luxury electric car manufacturer).

"By collaborating with Wanxiang Group, InnoSpring will be able to greatly improve our capability to provide portfolio companies with technological expertise, development help, resources and opportuinities that they need to scale rapidly," said Dr. Xiao Wang, Genernal Manager of InnoSpring (SV). "And with Wanxiang's strength in the financial industry, our startups can look forward to leveraging expanded financial services throughout their zero-to-IPO life cycles."

To date, InnoSpring has invested in a string of successful startups that are worth $500 million in valuations, including technology mentoring platform HackHands, which was acquired by Pluralsight, and mobile security firm TrustGo, which was acquired by search giant Baidu; law analytics platform Lex Machina and Dew Mobile, which built Zapya, a file-transfer platform with 200 million users worldwide.

"Wanxiang is proud to be a strategic investor, partner and resource for InnoSpring," said Feng Xiao, Vice Chairman & Executive Director of Wanxiang Holdings. "For US startups planning to expand to China and to the global markets, or Chinese companies looking to expand to US and internationally, choosing InnoSpring as their partner means getting an unparalleled entrée into these markets, and a strong network of support resources, of which Wanxiang Group is now a proud contributor."

About InnoSpring
InnoSpring is an innovation service provider for startups with global influence owned and operated by Shanghai Chuangyuan (InnoSpring) Tech Development Inc. InnoSpring provides three kinds of services: office space, innovative services and investment management. InnoSpring's Chinese name is "Chuangyuan". It means the source of innovation. InnoSpring was founded in 2012, and is now a global network of innovation services headquartered in Shanghai. Currently, InnoSpring has science parks and incubators in Shanghai, Silicon Valley, San Francisco, Nantong, and Kunshan. www.innospring.net

About InnoSpring Silicon Valley
Founded in 2012, InnoSpring Silicon Valley (SV) is the first US-China incubator platform for globally-minded startups. It is focused on encouraging startups to expand beyond their home countries to lead huge market opportunities in the US and China, and beyond. The company's proven track record is underpinned by its ecosystem of mentors, financing, and resources on both sides of the Pacific. InnoSpring SV is a joint project between InnoSpring Holding (Shanghai), Tsinghua University Science Park (TusPark), Shui On Group (Shui On), Northern Light Venture Capital (NLVC) and Silicon Valley Bank (SVB). InnoSpring SV is located in Santa Clara, California. www.innospringus.com

About Wanxiang Group Corporation
Founded in 1969, Wanxiang Group Corporation, together with its subsidiaries, is China's largest automotive components manufacturing company. It is also one of China's largest financial enterprise, offering a full range of financial services, insurance, asset management, trust investment, financial leasing, futures brokerage, online payment, banking, financial big data etc. The company is also in agricultural engineering, clean energy and international trade. The company employs more than 12,000 employees in the United States and serves customers in the United States, Canada, Latin and South America, and Europe. It is based in Hangzhou, China. Here are websites for Wanxiang Group China and Wanxiang America.

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