Shanghai incubator to invest in 100 startups
A GMore Tech office lobby in Shanghai's Baoshan District. The company is offering office space, IT resources and other support to incubate 100 startups in three years.
Shanghai-based GMore Tech plans to incubate 100 startups with a total investment of 3 billion yuan (US$422.5 million) in three years, such as offering Metaverse applications for tourist sites and using artificial intelligence to help stray pets.
The company's investment covers Metaverse, AI, big data, cloud, digital medical and financial technology, or fintech, which fits well with Shanghai's strategy to boost high-quality development by innovation and key industries like chips, AI and bio-medicine.
GMore now offers a space of 14,000 square meters in suburban Baoshan District in the northern part of Shanghai. Each case investment will range from 5 million yuan to 50 million yuan, with the total investment figure hitting 3 billion yuan, Yue Yi, GMore's partner and chief marketing officer, said on Tuesday.
Different from WeWork-like or other incubators, GMore also offers information infrastructure, such as a smart human resource system and an AI data center being built in Bama, south China's Guangxi Zhuang Autonomous Region, which can offer customized and online generative AI services.
GMore's ongoing cases include a startup to offer Metaverse service for over 300 tourism and culture venues nationwide. Another is Xunta, literally meaning "finding it" in Chinese, which provides smart techs for pet-related services like pet care, food safety and "AI housekeeper" for pets.
GMore currently employs 1,000 staff, 800 of them high-level research engineers.
A lady visits the office of Xunta, which provides smart techs for pet care, food safety and "AI housekeeper" for pets.
