HKSTP’s Startup BioMap Secured Funding from HKIC for AI and Biotech Development

Media OutReach Newswire – 24 June 2024 – Hong Kong Science Park Corporation (HKSTP) congratulates BioMap, a Park company, on its strategic partnership with the Hong Kong Investment Corporation Limited (HKIC) to jointly propel innovation across multiple sectors including biopharmaceuticals, green technology, and new industrialisation, further cementing Hong Kong’s position as an international hub for innovation and technology.

Clara Chan, CEO of HKIC (left), and Wei Liu, CEO of BioMap (right) signed the strategic partnership agreement, witnessed by Paul Chan, Financial Secretary of the Hong Kong SAR Government (centre).

BioMap, a pioneering company at the intersection of artificial intelligence and the life sciences sector, integrates cutting-edge AI with biotechnology to accelerate research and development and design novel proteins in areas such as pharmaceuticals and enzymes. Earlier this year, BioMap established its presence at the Science Park and will launch its inaugural BioMap Innovation Hub in Hong Kong, aimed at expanding their global operations. HKSTP continues to provide comprehensive infrastructure and professional services, enabling BioMap’s engagement with a diverse range of partners and investors.

Albert Wong, CEO of HKSTP (left) congratulates Wei Liu, CEO of BioMap on the company’s business expansion in Hong Kong and strategic partnership with HKIC.

Albert Wong, CEO of HKSTP (left) congratulates Wei Liu, CEO of BioMap on the company’s business expansion in Hong Kong and strategic partnership with HKIC.

The ceremony took place during the International Bio-Computing Innovation Summit where Clara Chan, CEO of HKIC, and Wei Liu, CEO of BioMap signed the strategic partnership agreement, witnessed by Paul Chan, Financial Secretary of the Hong Kong SAR Government.

Along with business expansion in Hong Kong, BioMap also launched its first Innovation Hub to attract innovators from around the world and nurture local I&T talent, boosting the building of an AI for life science ecosystem in Hong Kong. Distinguished guests including Wei Liu, CEO of BioMap; Gracie Ng, Chief of Staff of HKSTP; Professor Max Shen, Vice-President and Pro-Vice-Chancellor (Research) of the University of Hong Kong; Professor Wang Yang, Vice-President for Institutional Advancement of The Hong Kong University of Science and Technology; and Dr Rocky Cheng, CEO of Hong Kong Cyberport Management Company Limited, joined the “Light Up” ceremony.

Albert Wong, CEO of HKSTP, said, “We are extremely pleased to welcome BioMap to Science Park and to establish a strategic partnership with Hong Kong Investment Management Limited. Together, we are embarking on a new chapter. HKSTP is committed to providing diverse support to biotech companies, accelerating the commercialisation of scientific research, and serving as a ‘super-connector’ – linking local and international industry partners and investors. Our aim is to assist companies like BioMap to leverage Hong Kong’s exceptional scientific research capabilities, international reach, and strategic location in the Greater Bay Area to access global markets.”

Wei Liu, CEO of BioMap, said, “We set up our first bio-computing innovation hub in Hong Kong to leverage the city’s international status, liberal financial policies, and world-class intellectual property system and data governance to help BioMap gain the trust of more multinational customers in the global competition, maintaining its leading position in the industry. Furthermore, Hong Kong has ample AI and biotechnology talent resources and an excellent innovative academic atmosphere. We hope that the BioMap Innovation Hub will serve as a cultivating and testing ground for Hong Kong’s interdisciplinary talents in information and biotechnology to transform more innovative ideas into practical macromolecule solutions utilising our large language model for life sciences, whilst further amplifying the value of innovative products through our global manufacturing and business network as well as partners.”

To enhance its visibility and connect with the international industry, HKSTP, along with BioMap and other park companies, participated in the world’s largest biotech event, BIO 2024, earlier in June in the United States. Key activities included the APAC Summit session, showcasing the strengths and potential of Hong Kong’s biotechnology sector to a global audience.

BioMap, headquartered in the US, is one of the second batch of strategic enterprises signed by the Office for Attracting Strategic Enterprises (OASES) of the HKSAR Government to set up operations in Hong Kong. Combining AI and biotechnology, the company has developed the ‘xTrimo’ platform, a foundational large language model for life sciences based on protein language. Recently, BioMap secured a USD 1 billion partnership with multi-national pharmaceutical giant Sanofi and is collaborating with over 10 commercial partners and more than 200 academic institutions.

HKSTP is dedicated to nurturing the entrepreneurial skills of researchers and scientists, aiding them in translating research into viable products and fostering a thriving biotechnology ecosystem. Currently, the park is home to over 250 biotech companies.

As a government-owned organisation that manages HK$62 billion in fundings, HKIC announced two weeks ago its first partnership with another HKSTP company SmartMore, a homegrown AI unicorn, to make Hong Kong the base of SmartMore’s development and stock market listing.

Hashtag: #HKSTP

The issuer is solely responsible for the content of this announcement.

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