HKSTP Acceleration Programme Records 250% Boost in Valuation

(Hong Kong, 21 October 2022) – The Hong Kong Science and Technology Parks Corporation (HKSTP) celebrated the achievements from its Acceleration Programme at its Demo Day in what is set to be a record year. During the fiscal year 2021-2022, the total company valuation of startups on this programme grew over 250% while investment funds raised have doubled. Among them, SmartMore, a startup specialising in artificial intelligence for manufacturing, reached unicorn status. Since 2015, HKSTP Acceleration Programme has helped startups raise more than US$400 million in total funding. These achievements are a testament to the programme, reflecting the growth potential and quality of its participants.  

The programme selects mature, high-potential startups and SMEs, boosting their ability to ideate, commercialise and scale-up. Leveraging HKSTP’s ecosystem of over 70 leading corporate partners and 110 mentors from over 20 industries in the programme, past programme startups have expanded across the globe to reach more than 20 global markets, including Mainland China, the United States, the United Kingdom, Australia and Southeast Asia.

Kiki Wang, Head of Incubation and Acceleration Programmes, HKSTP, said: “The HKSTP Acceleration Programme Demo Day 2022 is a showcase of the most outstanding startups and has proven that Hong Kong’s I&T ecosystem is growing in strength each year. HKSTP’s expanding infrastructure and ecosystem across Hong Kong has sparked over 40% growth in over 1,100 startups and tech ventures from over 20 countries and regions. The diversity of start-ups is a recognition of Hong Kong’s role as an international I&T hub as well as springboard to the GBA and global markets.”

HKSTP held an Acceleration Programme Demo Day 2022 (“Demo Day”) to share the latest developments from the programme participants. A total of 21 startups shared their experience, insights and innovative concepts and solutions in deep tech, e-Commerce, enterprise solutions, health & medical, logistics, and PropTech at the venue.

Kiki added, “Our Acceleration Programme brings together outstanding startups in a comprehensive acceleration process with investment, business partnership, and incubation support designed to help entrepreneurs capture global success.”

One participant, Professor Jia Jiaya, Founder and Chairman, SmartMore Corporation Limited (SmartMore), specialising in in computer vision and advanced learning technologies,said, “With the support from HKSTP Acceleration Programme, SmartMore further established its brand in Hong Kong and expanded its global footprint with business centres in Japan and Singapore. We are forming an ecosystem with over 300 enterprise partners. By driving intelligent upgrading and transformation of local industries, we contribute to sustainable development and redefine the manufacturing industry.”

Within just three years since its inception, SmartMore has become one of the most notable, fastest growing unicorns in Hong Kong.

Another participant, Ivy Tse, Co-Founder and Co-Chief Executive Officer of FreightAmigo Services Limited (FreightAmigo), a one-stop supply chain finance eMarketPlace pioneer in Asia, said, “HKSTP Acceleration Programme provides us with all-round support, including tailor-made consulting services and business matching with industry leaders and investors worldwide. As of July 2022, our services cover over 250 markets with 1.2 million instant quotes per quarter.”

FreightAmigo was awarded “Winner of Digitising Trade Finance” in the TechChallenge held by the BIS Innovation Hub Centre in Hong Kong and the Hong Kong Monetary Authority.

CU Coding Limited (CU Coding), an advanced network coding solutions provider, also shared their positive feedback on the HKSTP Acceleration Programme. Aldous Ng, Chief Executive Officer, CU Coding, said, “Building on Network Coding technology, CU Coding has created a new ecosystem in the 5G Multi-access Edge Computing (MEC) market in Hong Kong and Foshan. HKSTP has helped us build new connections and accelerate our business development efforts.”

CU Coding has won several awards recognising its role in smart development across the Greater Bay Area and has been named in Gartner Hype Cycle Reports for three consecutive years.

The six new joiners of the Acceleration Programme presenting on the Demo Day:

• Altai Technologies Limited
• COD Payment Limited
• Infinity Technology Corporation Limited (DimOrder)
• Mojodomo Hong Kong Limited
• Remo Holdings Limited
• Varadise Limited 

The list of the other 15 programme participants showcasing their innovations on the Demo Day:

• Aerosim (HK) Limited
• Applied Technology Group Limited
• Avalon SteriTech Limited
• BioMed Technology Holdings Limited 
• Cloudstar Technology Limited
• Dayta AI Limited
• DeepTranslate Limited
• FreeD Group
• FreightAmigo Services Limited
• Infotronic Technology Limited
• Radica Systems Limited
• RaSpect Intelligence Inspection Limited
• Spaceship (HK) Limited
• Halo Energy Limited
• Vista Innotech Limited