Kai-Fu Lee is the former head of Google China. Lee has raised $180 million for his startup incubator company founded two years ago known as Innovation Works. Innovation Works is an early-stage accelerator company.
Innovation Works provides funding, advisors, and support for start-up companies. ?Our unique ?incubation-plus-investment? model has not only produced a pipeline of high-quality projects but also enabled local early-stage startup teams to grow quickly with the help of our 360-degree mentoring services, in effect creating the entrepreneurial academy for Chinese startups,? stated Lee. Innovation Works incubated 34 companies thus far. Nine of the companies secured additional rounds of funding from third-party venture capital firms.
Investors in this round include WI Harper, Silicon Valley Bank, Sequoia Capital, IDG-Accel, Foundation Capital, Foxconn, SAP, Bertelsmann, Motorola, Autodesk, and pension funds in the U.S. and Canada. Ron Conway and Yuri Milner was also in this round of funding. Executives from Google, Facebook, YouTube, Amazon.com, and Yahoo! also participated in this round. The incubator previously raised $115 million.