Venture capital firm AsiaTech Ventures changes Internet strategy
myinfoage.com
By Eddie Chan
Sep 11, 2000 04:57 AM
AsiaTech Ventures has unveiled plans to transform into a full scale strategic services network to support new and developing Internet businesses in Asia, according to Hanson Cheah, the company’s co-founder and executive director.
AsiaTech will be renamed AsiaTech Internet Group, to reflect the funding and supporting services platform that has been put in place for Internet companies in Greater China, South East Asia and the US, including Silicon Valley. The company now provides strategic venture investment, start-up and incubation support, together with Asia-focused e-consultancy and business management.
“This strategy is a natural evolution in AsiaTech’s ongoing Internet-focused venture capital business,” said Cheah. “As we have developed over the last few years into one of the major Asia-Pacific focused venture capital firms, we have recognized the need for integrated strategic services to support our portfolio companies.
AsiaTech has created an Asia-specialized e-consultancy and managerial arm, together with an incubation operation providing support services such as office facilities, legal, financial, marketing and management services.
Despite being labeled as a venture capital firm, Cheah said that AsiaTech’s change isn’t really all that drastic, but rather “formalizes and defines the management, e-consultancy and incubation roles that the company has been developing for a while on an ongoing basis for start-ups and mature e-businesses.”
With offices in Hong Kong, Singapore, Taipei and Silicon Valley, AsiaTech manages six venture funds including Asia Technology 1, Asia Technology 2, Asia Technology 3, the Hong Kong Applied Research Council Fund, the Cable & Wireless HKT Capital Fund and the Asia Java Fund. All told, the company manages over US$800 million in funds. |
