The Hong Kong University of Science and Technology (HKUST) and Gobi Partners have joined hands to launch a strategic fund to focus on early-stage startups incubated at the university.
As the second venture investment fund under the HKUST’s Redbird Innovation Fund (RIF) framework, the Gobi-Redbird Innovation Fund (Gobi-RIF) aims to propel university-born technologies into global markets. The fund is dedicated to accelerating commercialisation across four industries, including biotechnology, Industry 4.0, artificial intelligence (AI) & robotics, and fintech.
It will combine HKUST’s world-class research capabilities and innovation ecosystem with Gobi’s pan-Asian expertise in venture capital (VC) operating across 16 locations.
The size of the Gobi-RIF Fund remains undisclosed. But this initiative is supported by the HK$62 billion ($8 billion) Hong Kong Investment Corporation Limited (HKIC) as part of the ‘Patient Capital Strategic Fund’, which was announced this May when the Hong Kong government-owned investment firm unveiled its plans to collaborate with Gobi and two other general partners (GPs), Lanchi Ventures and Gaw Capital.
HKIC’s plan with Gobi was to set up the “Patient Capital Strategic Fund” to groom next-generation I&T by leveraging more patient capital including sovereign wealth funds and matching with tertiary institutions in Hong Kong.
Managed by Gobi, the Gobi-RIF Fund will employ proactive investment strategies to enhance Hong Kong’s innovation impact across the Greater Bay Area in southern China and beyond.
This initiative is built on an existing partnership between Gobi and the HKUST since 2019, when Gobi became one of the first batch of co-investment partners of the HKUST Entrepreneurship Fund, or the “E-Fund,” which is tasked to invest in startups grown out of the university and write them the first funding cheque before they can secure external financing.
“Hong Kong is not just a world-leading financial hub. It is also the world’s best university town, with institutions like the HKUST climbing steadily up in the global [university] ranking,” said Thomas G. Tsao, co-founder and chairperson of Gobi, during a media conference in Hong Kong on October 13.
Just a few months into the new fund’s establishment, Gobi has already closed three investments, including Lymow, a developer of robotic lawn mowers; Atom Semiconductor, a fabless design house specialising in analog signal-chain integrated chips; and Stellerus Technology, a space-grade satellite solution provider on advanced AI meteorological technologies – all originating from HKUST.
Gobi has invested in 30 spinoffs from Hong Kong’s local universities with over $60 million in deployed capital, according to Tsao. “We want that trend to continue,” he said.
For the HKUST, the Gobi-RIF Fund marks its continued efforts in forging partnerships with GPs to further grow deeptech startups coming out of the university.
The HKUST participated in the new fund launch through its Redbird Innovation Fund (RIF), launched in April 2024 with HK$500 million ($64.3 million) committed by the university. Operating as a fund of funds (FOF), the RIF seeks to pool up to HK$2 billion ($257.2 million) by creating multiple venture investment funds in collaboration with GPs and invest in HKUST startups focusing on seed to Series A/B stages.
Its partnership with Gobi comes roughly seven months after the HKUST collaborated with Shanghai Industrial Investment (Holdings) Co Ltd (SIIC) in setting up the Hong Kong Biotechnology Fund to nurture healthcare technology startups from the HKUST and the broader industry.
As the first venture investment fund under the RIF framework, the Hong Kong Biotechnology Fund targeted a fund size of HK$600 million ($77.2 million).
The Gobi-RIF Fund “aligns well with the university’s mission of knowledge transfer,” said Edith Shih, HKUST council vice-chairperson and RIF chairperson, during the media conference. “Deep technology startup incubation is one of the most active modes of knowledge transfer, and our startups go out of the university to create novel business solutions that benefit society.”
Shih said that the RIF engages VCs to expedite innovation development, with their “core mission” being “providing patient capital to our startups from the early stage to scaling phase and in key deeptech domains.”
“By harnessing our academic excellence with these strategic partnerships, we will together nurture and drive transformative advancements that serve both local and international communities, solidifying Hong Kong’s role in the global arena and progressing towards a brighter and more prosperous future for all,” she said.
Ranked 19th globally in the Times Higher Education (THE) Impact Rankings 2025, the HKUST saw its members lead over 1,900 active startups, including 10 unicorns, as of July 2025.
Some of the renowned companies led by HKUST members include the world’s largest drone maker DJI, led by HKUST alumnus Frank Wang; and Googol Technology, a provider of innovative motion control solutions for manufacturing, co-founded by three HKUST professors.
