Hon Hai Precision Industry Co., Ltd. (TPE:2317), also known as Foxconn Technology Group, is well-known for manufacturing Apple iPhones and iPads. Hon Hai is launching a new investment fund to finance companies that are focused on wearable computers, according to sources with Bloomberg.
Syntrend Creative Park Co., a division of Foxconn, will oversee the NT$200 million ($6.8 million) fund and decide the participants for a trial in the first quarter.
The incubator will provide offices and advisory services for startups. It will be opening at the end of next year to create wearable and connected technologies like smartwatches. Foxconn is also expanding beyond manufacturing services for their clients.
Syntrend will be overseen by the son of Hon Hai CEO Terry Gou, Gou Shou-cheng. The company will be opening the Taipei Information Park by the fourth quarter of next year.